- Review key factors addressing the deductibility of theft losses under IRC Code Section 165 for scam victims.
Learning Objectives
- Upon completion of this course, you'll be able to:
- Identify the key requirements for deducting theft losses under IRC Section 165, including the necessity of a completed transaction and proper documentation for scam victims.
- Analyze how the timing of theft loss deductions is determined, addressing the distinction between discovery year and year of occurrence for different types of scams.
- Evaluate common challenges scam victims face when claiming theft losses, including proving the criminal nature of the theft and overcoming the reasonable prospect of recovery hurdle.
Major Topics
- Review key factors addressing the deductibility of theft losses under IRC Code Section 165 for scam victims.