Last year someone stole my car and while I was able to recover it I am still missing 2 things:
My ice hockey equipment bag - gifted from my parents approximately 10 years ago
My car key(I have a backup, but the replacement cost is very high) - Car is a 2023
Since I am going to have to buy new equipment the hockey bag has a replacement cost of a bit over $1k. To get a new key from the dealership and program it to my car will cost somewhere around $500. I already spent $180 to have the key they took removed from the car.
I saw that I may be able to deduct theft from my tax returns but am having a hard time coming up with a cost basis for these goods.
I am already itemizing my taxes so this would just help with further deductions.
You seem to be a California resident, and if you are, you may be able to take an itemized deduction on your California return even though you can’t deduct it on your federal return because they aren’t related to a federally declared disaster.
You may wish to read Rev. Proc. 2018-08, specifically “SECTION 5. PERSONAL BELONGINGS SAFE HARBOR METHODS”. I don’t know off the top of my head whether those methods would satisfy the California FTB, but it may be a useful starting point.
Personal casualty losses are losses from casualty, disaster, and theft that are not connected to a trade or business, or a transaction entered into for profit.
…
For tax years 2018 through 2025, personal casualty losses are … not deductible.
If the loss is simply of personal property, it cannot be deducted.