Can i expense credit monitoring fees on my personal tax return if I am a victim of identity theft in which false tax returns were filed using my name an SS#

Forum|Forum|7 years ago
June 5, 2019
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Best answer by Marketstar

Generally, credit monitoring fees are considered a personal expense, and therefore not deductible.

You can, however, deduct losses because of identity theft to the extent you are not reimbursed or compensated for the loss.

[Edited, 03/11/2018, 07:35 pm EST]

MarketstarAnswer

Level 12

Generally, credit monitoring fees are considered a personal expense, and therefore not deductible.

You can, however, deduct losses because of identity theft to the extent you are not reimbursed or compensated for the loss.

[Edited, 03/11/2018, 07:35 pm EST]

Bees

Level 7

In the newest tax law act personal losses are not deductible any longer unless in a federal disaster area+

For tax years 2018 through 2025, if you are an individual, losses of personal-use property from fire, storm, shipwreck, or other casualty, or theft are deductible only if the loss is attributable to a federally declared disaster (federal casualty loss).Jan 24, 2019

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.