165 Casualty/Theft loss Tax Deduction
**(link to irs.gov)

If you had a bad business deal, fraud, misrepresentation from a business deal or feel you have been defrauded or scammed. If you have had a casualty or theft loss and tried to re-cooperate your loss with now headway, then you need the advice of a Tax Professional to evaluate your specific situation to see if your may qualify for this section of the IRS code to take your losses off as a deduction on your tax return(s). 

• This is a complicated section of the code and needs to be evaluated carefully and thoroughly to see if you qualify
• IRS Code **Section 165 allows a deduction for losses sustained during the taxable year and not compensated by insurance or otherwise.
  
• For federal income tax purposes, “theft” is a word of general and broad connotation, covering any criminal appropriation of another’s property to the use of the taker, including theft by swindling, false pretenses and any other form of guile.
  
• A taxpayer claiming a theft loss must prove that the loss resulted from a taking of property that was illegal under the law of the jurisdiction in which it occurred and was done with criminal intent.
  

Let Genesis Tax Resolution, LLC find a solution               to your stressful tax problems.             The answers are only a click away.

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