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Money and Finances
Reply to "the financial advice columnist who gave $50k in a shoebox to a scammer"
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[quote=Anonymous][quote=Anonymous]PSA: Victims of Fraud are no longer able to deduct the loss on their taxes. (Related to the article, she makes mention of this and I hope her CPA was aware of the change because otherwise she’s going to have another problem) The 2017 Trump Era Tax cuts removed ability to offset phishing/fraud on your taxes. There have been multiple stories recently of people who gave their tax deferred accounts to scammers and now owe hundreds of thousands of dollars in taxes to the IRS. [/quote] Why don't these account administrators withold estimated taxes on withdrawal?? This is insane. [/quote]
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