The article focuses on investment losses from securities fraud and the filing of theft-loss deductions on tax returns. Topics include the difference between capital and theft loss, casualty loss deductions, and the use of safe harbor provisions when filing. Information is provided on remedies for ...
According to the IRS, every year thousands of victims of financial scams and identity theft fraud deal with potential tax implications. However, these victims can claim a "casualty and theft loss" deduction on their tax return to offset some of the losses from the fraud, which is often decide...
The “Donate Car for Tax Credit” Scam: How to Avoid Falling Victim August 19, 2024FraudsWatch0 The “Donate Car for Tax Credit” scam preys on individuals’ generosity and desire for tax benefits. While donating a car to a legitimate charity can indeed yield a tax deduction, scammers expl...
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Former start-up CEO charged with fraud for allegedly misstating financials Mon, Aug 30th 2021 Personal Finance Congress may curb abuses of this charitable deduction used by the wealthy Wed, Jul 7th 2021 Personal Finance Elon Musk impersonators stole more than $2 million in crypto scams Mon, ...
Securities fraud and the theft-loss deduction.Chambers, ValrieElzweig, Brian