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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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Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
