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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
Estimated tax
Advance payment of current tax liability based either on wage withholdings or installment payments of your estimated tax liability. To avoid penalties, you generally must pay to the IRS either 90% of your final tax liability, or either 100% or 110% of the prior year’s tax liability, depending on your adjusted gross income.
