Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
potlurin
New Member

I was a victim of wire transfer fraud, can i deduct the loss

I have reported the fraud with the local police station and i have a case with both the originating and destination bank.

2 Replies
MichelleT
Level 2

I was a victim of wire transfer fraud, can i deduct the loss

You may be able to claim a casualty loss for the fraud. 

You can only deduct your losses that exceed 10% of your AGI+$100. In addition, it is an itemized deduction. If you usually take the standard deduction, you'll have to now find additional itemized deductions to exceed the standard deduction. 


In TurboTax, enter at:

Federal Taxes Tab 

Deductions & Credits

  -Scroll down to:

   --Other deductions & Credits

     ---Casualty & theft

Or type- casualty loss -in the search box


For more info, see:

http://www.irs.gov/pub/irs-pdf/i4684.pdf


potlurin
New Member

I was a victim of wire transfer fraud, can i deduct the loss

I reviewed i4684 and it appears most of the information appears to be related to property. The wire fraud that i was subject to was related to the closing on my new home. The amount that i should transfer to the title company got to a fraud account. Please let me know how i can interpret this into the form 4684
Dynamic AdsDynamic Ads
Privacy Settings
v