Selling a Business – Page 5 – The Burns Firm – Advisors of Complex Financial Matters

When Can You Deduct Theft Losses?

December 21st, 2017|Categories: Accounting, Burns Firm, Business, Partnership, S Corporation, Selling a Business, Services, Tax, Tax Deductions, Tax Planning, Tax Preparation, Tax Return|Tags: Accounting, deductions, IRS, Loss, tax, tax credits, tax preparation, tax return, The Burns Firm|

The tax law allows you to deduct your personal losses resulting from casualties and thefts within certain limits. And a "theft" for tax purposes isn't strictly limited to house burglaries [...]