Casualty and Theft Losses

Q. I lost $7,000 in an IRS scam. I'm wondering if there is any way I can take a deduction for it? -- Scammed A. We're sorry to hear you fell for this scam. You may be able to take a deduction, but it will depend on your income level and your total amount of losses for the year. Really, for most taxpayers, the government sets a pretty high bar for eligibility. The Internal Revenue Code has a provision for "Nonbusiness Casualty and Theft Losses," said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown. He said your $7,000 loss comes under theft loss provisions. "The IRS defines a 'theft' as the taking and removing of money or

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Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.

 

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