Writing Off Robberies
I was reading an article last night, and the author claimed that victims of identity theft and other crimes can write off property losses on their taxes. This makes sense, but it is something I never would have thought of on my own. Hopefully, I'll never have to take this write off, but it is good to know it's there.
MHJ
Rep Points: 350
What type of proof is required in order to validate such a write off? I am sure that this will not be accepted by prima facia evidence.
I guess this might be complicated. How would you prove it, and don't most credit card companies not make you pay for charges you didn't make anyway?
Quite a few years ago, I had some things stolen and I remember my accountant dealing with it.
In my case, I'd filed a report with the police and I think that the report number may have been quoted on my income tax return.
Sorry I don't remember the details - This was a long time ago.
I'm thinking it would have to be a substantial loss to be able to claim it. Like if you were a millionare and had a jewelry case full of diamonds and pearls, a nice car sitting in the drive and a safe that was broken into with plenty of cash inside.
I would hate to be robbed, but I would be embarrased to try and write off a purse being stolen with fifty dollars in it.
The only proff I can think of is bank reports, police reports and or credit card reports of some kind. Other than that I wouldn't really see too much proof and I haven't ever heard of that.
