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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
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
