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previous page Previous Page: Publication 17 - Your Federal Income Tax - Nonbusiness Casualty and Theft Losses
next page Next Page: Publication 17 - Your Federal Income Tax - Loss on Deposits
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taxmap/pub17/p17-137.htm#en_us_publink100034226

Theft(p168)


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A theft is the taking and removing of money or property with the intent to deprive the owner of it. The taking of property must be illegal under the laws of the state where it occurred and it must have been done with criminal intent.
Theft includes the taking of money or property by the following means.
The taking of money or property through fraud or misrepresentation is theft if it is illegal under state or local law.
taxmap/pub17/p17-137.htm#en_us_publink100034227

Decline in market value of stock.(p168)


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Decline in market value of stock.

You cannot deduct as a theft loss the decline in market value of stock acquired on the open market for investment if the decline is caused by disclosure of accounting fraud or other illegal misconduct by the officers or directors of the corporation that issued the stock. However, you can deduct as a capital loss the loss you sustain when you sell or exchange the stock or the stock becomes completely worthless. You report a capital loss on Schedule D (Form 1040). For more information about stock sales, worthless stock, and capital losses, see chapter 4 of Publication 550.
taxmap/pub17/p17-137.htm#en_us_publink100034228

Mislaid or lost property.(p168)


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Mislaid or lost property.

The simple disappearance of money or property is not a theft. However, an accidental loss or disappearance of property can qualify as a casualty if it results from an identifiable event that is sudden, unexpected, or unusual. Sudden, unexpected, and unusual events are defined earlier.
taxmap/pub17/p17-137.htm#en_us_publink100034229

Example.(p168)

A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. The diamond falls from the ring and is never found. The loss of the diamond is a casualty.
previous pagePrevious Page: Publication 17 - Your Federal Income Tax - Nonbusiness Casualty and Theft Losses
next pageNext Page: Publication 17 - Your Federal Income Tax - Loss on Deposits
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication