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Submitted By: someone
Answered: March 24, 2017 8:32 am
Answered: March 24, 2017 8:32 am
I was scammed out of $10,000 by someone claiming to be from the IRS. Can I write this off?
You can claim a theft loss if this scam amounts to a theft under state law. Usually, the taking of money through fraud or misrepresentation constitutes a theft loss. If so, then you must itemize deductions, reduce the loss by $100, and deduct only amounts in excess of 10% of your adjusted gross income.
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Tax Glossary
Private letter ruling
A written determination issued to a taxpayer by the IRS that interprets and applies the tax laws to the taxpayer’s specific set of facts. A letter ruling advises the taxpayer regarding the tax treatment that can be expected from the IRS in the circumstances specified by the ruling. It may not be used or cited as precedent by another taxpayer.
