12 Tax Deductions You Probably Missed

3. Theft  

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If you lost money because of theft and cannot seek reimbursement from other sources, like your insurance company, you might be able to claim a deduction. The IRS includes these evil practices as theft: blackmail, embezzlement, extortion, kidnapping for ransom, burglary, and of course, theft of property. Calculate your total loss from each event (Hopefully it was only one event of theft.) and then subtract $100—the IRS’s automatic deductible. You can claim anything over 10% of your adjusted gross income. (If your adjusted gross income is $30,000, 10% is $3,000. You can deduct any losses over $3,000.)


4. Car Insurance

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If you were in a car accident and your insurance policy has a deductible, you can claim part of the deductible you paid as a loss. Like with theft, you first have to subtract $100 from the cost. You can claim the amount that exceeds 10% of your adjusted gross income. Even if you do not file an insurance claim, you can seek this deduction because your insurance would not reimburse you for the deductible anyway.