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US Income Tax Deduction for Theft Losses

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Yaya
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US Income Tax Deduction for Theft Losses

Postby Yaya » Thu Feb 12, 2009 4:25 am

I hope I am not starting a thread that has been discussed before. I am trying to read all the posts, but it is taking a while. If I am repeating information, I apologize.
I was getting my tax papers together today. I usually do my own, but this year has seen a lot of changes for me so I am going to an accountant. On a whim I decided to call the IRS. I had kept all emails, IM's, WU receipts and had filed a report with local FBI office, Federal Trade commission and the IC3 website ( only written copy though was the IC3 report). I hesitantly revealed all the information of my scam to the person from the IRS and was connected to "another department". I live in the SouthEast United States so I spoke with the office in Atlanta GA.
Believe it or not, the person was very sympathetic ( I expected to be put on hold while they got their voice under control). They said I should not be embarassed, many people who are considered very good in business fall for scams every day.
I was told that if 1) you have all your documentation where the scammer told you they needed money, would pay you back and how you discovered they were not who they pretended to be 2) a copy of all of your WU or other payment receipts 3) had filed a report with the authorities and 4) itemize your deductions, you should be able to use your loss as a deduction. There are 2 different catagories that your loss could fall under. Either a non-business bad debt loss ( where you make someone a personal loan that does not get paid back) or a fraud/theft loss. These would be either a publication 547 or 550. I haven't spoken with anyone in my state income tax department and have no idea how it stands in other countries.
He said the best thing was to take your "police report" (or however you reported to authorities) and your receipts to your accountant and they should be able to decide what is the best route for you. I hope this helps someone, it makes me feel a little better.

US Income Tax Deduction for Theft Losses

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hazyspringta
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Re: US Income Tax Deduction for Theft Losses

Postby hazyspringta » Thu Feb 12, 2009 6:25 pm

US Income Tax Deduction for Theft Losses

If you have been a victim of 419 Scam, you might be entitled to a tax deduction, consult your tax professional. Here is an article that explains the rules and limitations: http://www.investopedia.com/articles/ta ... uction.asp

Here are a few key quotes from Investopedia:
How to deduct:
Casualty and theft losses are miscellaneous itemized deductions that are reported on IRS Form 4684, which carries over to the Schedule A, then to the 1040 form. Therefore, in order for any casualty or theft loss to be deductible, the taxpayer must be able to itemize deductions. If this is not possible, then no loss can be claimed.

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Re: The Healing Process

Postby FrumpyBB » Thu May 01, 2014 7:58 pm

Cited from a topic in Support+Advice from earlier today (1 May 2014)
For the monetary loss, I don't think we can get it back. However, we can deduct certain amount (losses -100- 10%*AGI) in us tax return. You can find details at IRS link http://www.irs.gov/taxtopics/tc515.html" onclick="window.open(this.href);return false;
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