A theft loss is deductible in the year the theft is discovered,even if the theft occurred in a prior year.

Name: A theft loss is deductible in the year the theft is discovered,even if the theft occurred in a prior year.
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Quizplus · Accepted Answer

This is true. Theft losses can be deducted in the year they are discovered, even if the theft occurred in a prior year. However, the amount of the deduction may be limited based on several factors, such as the type of property stolen and the taxpayer's adjusted gross income.

A Theft Loss Is Deductible in the Year the Theft