3 ms·
> you get to take a tax write-off for the stolen funds. At least for US federal taxes, that changed with a very partisan ~2017 law, where Republicans stripped
by Terr_ 2y ago
> you get to take a tax write-off for the stolen funds.
At least for US federal taxes, that changed with a very partisan ~2017 law, where Republicans stripped it down to only cover federally declared unique disaster situations.
https://en.m.wikipedia.org/wiki/Tax_Cuts_and_Jobs_Act https://en.m.wikipedia.org/wiki/Tax_Cuts_and_Jobs_Act
- hn_throwaway_99 2y agoThanks, I was unaware of that change. Note that limit largely just applies to personal property: "For tax years 2018 through 2025, individual taxpayers with theft losses are allowed a deduction if the loss is due to theft related to a transaction entered into for profit.", https://www.irs.gov/taxtopics/tc515#:~:text=For%20tax%20years%202018%20through%202025%2C%20individual%20taxpayers%20with%20theft%20losses%20are%20allowed%20a%20deduction%20if%20the%20loss%20is%20due%20to%20theft%20related%20to%20a%20transaction%20entered%20into%20for%20profit https://www.irs.gov/taxtopics/tc515#:~:text=For%20tax%20year.... E.g. for financial fraud crimes, you much more than likely would still be able to take the loss.