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Submitted By: someone
Answered: February 6, 2018 8:58 pm
Answered: February 6, 2018 8:58 pm
We were embezzled to the tune of $167,000. The embezzler is now in prison. Can we deduct this loss?
If the loss occurred in 2017 and it’s a personal loss, it may be deductible as a theft loss. The loss is treated as an itemized deduction allowable only to the extent it exceeds 10% of adjusted gross income. Starting in 2018, there is no deduction allowed for personal theft losses. Of course, business losses continue to be deductible.
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A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
