Can I claim a deduction for losses that I’ve experienced due to theft or another kind of loss?

Yes. There are various events that can result in your losing money or having to spend money to make repairs. The IRS lets you claim deductions for your financial losses due to certain events, such as:

If your loss is from property used for personal purposes, the loss must exceed $100 per incident. In addition, you can claim only the loss for the portion that is not covered by insurance.

For example: There was a fire in your home and you lost furniture worth $1,000. Your insurance company reimbursed you $500. You can claim a loss of $400.

Another example: $300 in jewelry was stolen from your home. Your insurance company didn’t reimburse you for any of that loss. You can claim a $200 loss.

You enter theft and casualty losses on the Medical & Other Deductions tab.

Note: To take a deduction for personal property losses, the total of your losses must exceed 10% of your adjusted gross income.