Can I report my money loss by fake cashier check for tax deduction?
I became a fraud victim of a well-known Internet scam? I lost $5000 by taking a fake cashier check. How can I report my loss for tax deduction? For the details of the fraud, http://seattle.craigslist.org/about/scams.html
Public Comments
- no
- Thefts, fire, floods, and other casualty losses are deductible on schedual A. Just follow the rules. (If any of this amount was recovered you can only report the amount missing. You will need proof of the loss in event of an audit.)
- Unfortunately there is no deduction for that. Fraud does not qualify as a casualty loss. Sorry.
- This would be a casualty/theft loss. It can be deducted on schedule A (itemized deductions) on your tax return. You get to deduct the amount that the loss exceeds 10% of your adjusted gross income. If your adjusted gross income is $50,000 or more you would not get a deduction. If your AGI is less than $50,000 you would get some deduction.
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