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Filing Taxes - Uninsured Loss
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Author:  marigold [ Fri Jan 20, 2006 5:08 pm ]
Post subject:  Filing Taxes - Uninsured Loss
Has anyone submitted their taxes yet claiming the fraud loss as "uninsured loss" on their tax return?
Author:  admin [ Mon Jan 23, 2006 8:19 pm ]
Post subject: 
We did not, but I believe that other victims have done so in the past.
Sorry, I am not sure of the results they got.
Author:  admin [ Thu Feb 02, 2006 9:10 am ]
Post subject: 
I found this information to better help answer your question.

Theft Losses
Theft losses (reported on Form 4684) are deductible under rules that
closely follow those for casualty losses, including the $100/10% of
Adjusted Gross Income Floors {Code Sec. 165(a), Code Sec. 165h(h)
(1), Code Sec. 165(h)(2)}

A theft is the unlawful taking and removing of money or property
with the intent to deprive the owner of it, and includes larceny,
robbery, embezzlement {Reg § 1.165-8(d)}, burglary, extortion,
kidnapping for ransom, blackmail and false representation.

Here is how the deduction is calculated:

$100 plus 10% of the adjusted gross income must be deducted from the
total amount of the loss before a deduction is allowed. Here are
examples.

In Example 1, the taxpayer does not meet the requirements to take a
deduction.

In Example 2, the taxpayer meets the requirements.

Example 1

Loss $2,000.00
Less 100.00
Net Loss $1,900.00

Adjusted Gross Income: $25,000

10% of AGI 2,500

The loss is less that the 10% of the adjusted gross income and
cannot be deducted.

Example 2 Deduction meets requirements

Loss $25,000.00
Less 100.00
Net Loss $24,900.00

Adjusted Gross Income: $45,000

10% of AGI 4,500

Net Loss: $24,900.00
Less 10% 4,500.00
Net deduction $20,400.00

This is the amount that can be used on Schedule A of 1040. Form 4684
must be attached to the return and a copy of a police or FBI report
regarding the theft.

If you think you are able to take this deduction, please contact a
tax preparer or accountant to verify that you meet these
requirements.
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