singh
Level 7

My client is self-employed having security guard company under his name in California State.

His business uniforms, gun, badges etc. were stolen from his car. He has the police report as evidence.

Can he claim this theft as a loss? If so, where do I enter this theft loss on his Schedule C?

He will be using standard deduction instead of Itemise deduction.

In help is appreciated in advance.

0 Cheers
Just-Lisa-Now-
Level 15
Level 15

If these were business items/purchases, he would have already deducted those things at the time they were purchased, right?  You couldn't get a deduction for them again when they were lost or stolen.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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singh
Level 7

Thank you, Lisa. I should have thought about it before posting the question.

You are great.

sjrcpa
Level 15

This is not good advertising for his business.


Ex-AllStar