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On January 3, 2017, Carey discovers his diamond bracelet has been stolen. The bracelet had a fair market value and adjusted basis of $7,500. Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2017 is $45,000, calculate the amount of his theft loss deduction (after any limitations).

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jepessoa

Answer:

$2,900

Explanation:

Up to 2017 (since after the TC&JA, casualty and theft loss is only deductible if it results from a federally declared natural disaster) you could deduct:

casualty and theft loss for personal property deduction = asset's basis - $100 (per loss) - (AGI x 10%) = $7,500 - $100 - ($45,000 x 10%) = $7,400 - $4,500 = $2,900

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