Theft Income Tax Question

by Bill
(Florida)

Theft Income Tax Question

Theft Income Tax Question

I was the victim of an inventor's scam and the company was found guilty and ordered to pay the SEC 26 million.

$700 was paid back to me in the judgement but there was an additional $10,000 lost.

Can this money be deducted on income tax as theft?

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Jan 20, 2024
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starstarstarstarstar 		Deducting Scam Losses on Your Income Tax
by: BB

Yes, you may be eligible to claim a theft loss deduction on your income tax return for the unrecovered $10,000 lost in the inventors scam. However, certain conditions and limitations apply. It's advisable to consult with a tax professional to ensure accurate reporting and to determine your eligibility for this deduction.

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Theft Deduction for Contractor Fraud

I was defrauded of over $65,000.00 by a contractor who lied about his license and insurance status, had a suspended license, sold me plans that were not legal, did some work, not to code, diverted money to his personal use, and I was ordered to remove the work he did do. He is out of business, has liens against his house, and is refusing to return any of my money. I will likely never collect any of my money. I have filed complaints with enforcement agencies. Is there any tax relief?

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Theft of Jewelry and Failure To Produce Items Paid For

by Charles Jackson
(Berea,Kentucky)

Is it ever to late to deduct losses of stolen jewelry on income taxes? Also,I paid for several jewelry items that I did not receive. I turned in the information to a lawyer...the couple promised to return the items. That did not happen. It was $12045.oo. This happened a few years back. Thank you for your help.

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