Generally, you may claim an itemized deduction for any casualty and theft losses you suffered, relating to your home, household items, and vehicles. If your property was covered by insurance, you can deduct casualty and theft losses only if you filed a timely claim for reimbursement. Also, you must reduce the loss suffered, by the amount of any reimbursement you receive or expect to receive.

To be able to claim the deduction for the loss or damage to your property:

• You must first determine whether the loss has resulted from a casualty or theft under the IRS rules.
• You must complete Form 4684, Casualty and Thefts, to figure the amount of the loss, Read More