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Tax Loss from Patrish
As we approach the end of the year, we begin thinking about our taxes for 2013. I went to the IRS web site to see if there have been any changes, and the good news is that you can still claim your monetary loss if you live in the USA.
Topic 515 states:
A theft is the taking and removing of money or property with the intent to deprive the owner of it. The taking must be illegal under the law of the state where it occurred and it must have been done with criminal intent.
The amount of your theft loss is generally the adjusted basis of your property because the fair market value of your property immediately after the theft is considered to be zero.
Below is the letter I send out to all of you so you can hopefully recover some of your money:
For those of you living in the USA, you can claim your money loss on your taxes for money lost to the scammer. You can also amend your taxes for any money loss to the scammer prior to this current year.
There are two requirements:
1. You must file a claim with the FBI at www.lookstoogoodtobetrue.com.
2. You must complete an Itemized 1040 (long form) in order to claim the loss.
The form that you will use is IRS Form 4684 – Casualties and Thefts. Your reason will be `Theft Loss due to Fraudulent Misrepresentation'. The monies you receive back from your taxes will depend on your Adjusted Gross Income (AGI), so you won't know how much you will receive until you actually complete the forms. It will only be a percentage, but something is better than nothing.
I was able to realize some of my money back; however, since it is based on income and amount lost, you may or may not realize a return of your money, however it is certainly worth trying.
I recommend gathering together any receipts, transaction numbers, amounts, dates of transaction, etc., and file your claim with the FBI. You must have receipts for everything you claim on your tax form. Gather this information now because you want to be able to remember ALL that you gave to the scammer. And be sure to save all your paperwork and receipts.
All IRS forms can be found on www.irs.gov. You will also be able to get some great information there. In addition, the IRS has been extremely helpful to me when I have called for information.
There are several downloads from Tax Programs like Turbo Tax and some are free, so Google `free tax programs', read the stipulations, and see which one works best for you.
I hope all of you are able to recover some money!!