Form 4684 allows individuals, businesses and estates to claim deductions against any unexpected losses due to theft or disasters. These deductions can help reduce taxable income, but they come with ...

Prior to the TCJA, taxpayers could claim theft losses if they satisfied three primary requirements. First, they had to show the occurrence of a theft under federal, state, or local law. Second, ...

Americans continue to lose money from fraud at alarming rates. According to a recent Federal Trade Commission report, they reported losing more than $12.5 billion from fraud in 2025 (an increase of 25 ...

The Tax Court held that a taxpayer had not substantiated the existence of a theft loss and that, in the alternative, he failed to demonstrate that his legal fees were ordinary and necessary expenses ...

The Tax Court, in a case of first impression, held that an estate was entitled to a theft loss deduction arising from the worthlessness of an investment account held by a limited liability company ...