Anyone have a resource on reporting internet fraud losses? Are they deductible? taxea
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Believe nothing you have not personally researched and verified. -
Fraud Loss
May be deductible as a theft, on Form 4684.
If they tried to buy an antique desk on e-Bay for $250, and followed the seller's instructions to send a money order to a post box, and never got the product, good luck with that one. First they have to knock off $100, and then it's subject to the 10% AGI limitation.
But if it's a business entity, and there's a lot of money involved, it's probably a theft.Burton M. Koss
koss@usakoss.net
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The map is not the territory...
and the instruction book is not the process.
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