rcarmarkcpa
Level 2

Taxpayer owned two classic cars that were stolen from him held as an Investment. They were worth close to $ 300 K each. He is not in the trade or business of classic cars or it would be hard to sustain that argument. Under the TCJA there is no deduction for theft and casualty losses not in a Federal Disaster Area. Is there anything that this taxpayer can do to obtain a deduction ?

 

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