#406 Scams, Loses, Theft and More - Must Know Tax Information
Main Street Business
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I Was Scammed or Ripped Off
Under the new tax code, there is no longer a write off for a personal casualty theft. That used to be an itemized deduction if someone ripped off your fridge or TV. Some CPAs are saying, well, it's an investment loss. And you could get audited and have to defend your position on this. But just so all of you know, you've got to come from square one: It's generally not a write-off.
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