Theft Loss

09 Jan Reporting Casualties Under the New US Personal Income Tax Regimen – Thefts Not So Much

Posted at 00:00h in Theft Loss

The new Tax Cuts and Jobs Act (TCJA) amends Internal Revenue Code Section 165 further restricting our ability as individual taxpayers to write off CASUALTY LOSSES going forward solely to 'disaster areas' as declared by the POTUS. Say whaaaat ?!?!?!?!?!?!?!? Effective immediately this new restriction detailed in the US Tax Code WILL HARM...

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27 Apr Disaster Losses Including Casualty and Theft IRS Publication 547 – IRS Form 4684

Posted at 00:00h in Disaster Loss, Theft Loss

If you take one look at FEMA’s website, it’s clear that we are going to see a significant increase in the number of casualty losses going forward. Should you find yourself a victim of a disaster or a casualty or theft loss it is hugely important that you understand...

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22 Mar Casualty and Theft Loss – IRS Form 4684

Posted at 00:00h in Theft Loss

Your vehicle was hit by hail and the insurance company agreed to compensate you $4,600 AND allow you to keep the vehicle AND not issue you a salvage title.  In most situations this is non reportable.  However not always.  This may be reportable on IRS...

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30 Jul Identity Theft and Your Taxes

Posted at 00:00h in Theft Loss

Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. Here are 10 things the IRS wants you to...

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20 Jul Casualty, Disaster and Theft Loss Deduction

Posted at 00:00h in Asset Classification, Disaster Loss, Theft Loss

Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A. Casualty Loss A casualty is the loss of property (including damage and destruction) because of a sudden event. The event must...

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27 Oct Investment Theft Losses

Posted at 00:00h in Theft Loss

Victims of investment schemes or fraud may find themselves under the casualty loss rules, rather than using the net capital loss rules to salvage their position. Sec. 165(e) allows reporting a deduction for theft losses in the year in which a "reasonable taxpayer" discovers that...

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13 May Help for Victims of Ponzi Schemes

Posted at 00:00h in Tax Fraud, Tax Guidance & Preparation, Theft Loss

Regarding help for victims of Ponzi schemes, The IRS provides two items of guidance to help taxpayers who are victims of losses from Ponzi-type investment schemes. Revenue Ruling 2009-9 provides guidance on determining the amount and timing of losses from these schemes, which is difficult and...

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19 Mar Deducting Theft Losses From Ponzi Schemes

Posted at 00:00h in Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Theft Loss

Deducting Theft Losses From Ponzi Schemes, a topic near and dear to my heart. The IRS released Rev. Rul. 2009-9 addressing the tax treatment of "Ponzi" scheme losses, and Rev. Proc. 2009-20 which provides safe harbor options for deducting these losses. The guidance is welcome relief...

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23 Jan Identity Theft + the IRS what you need to know

Posted at 00:00h in Theft Loss

1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS notice. 2. If you receive a letter...

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05 Nov Identity Theft – impact on personal taxes

Posted at 00:00h in Theft Loss

The IRS has created a special unit if you or your clients believe you are the victim of identity theft. The hotline provides assistance for individuals who believe they may be a victim of identity theft with no known tax administration impact and those who...

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