Pacun Posted March 12, 2015 Report Share Posted March 12, 2015 If I get a call from the "IRS" and they demand that I pay them otherwise they will send me jail and I pay them $20K, where do I report that money? Do I pay taxes because that was a gift to scammers or do I get a casualty loss? Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted March 12, 2015 Report Share Posted March 12, 2015 http://www.irs.gov/publications/p547/ar02.html sounds like it can fall under theft. Quote Link to comment Share on other sites More sharing options...
FreedomTaxed Posted March 12, 2015 Report Share Posted March 12, 2015 Topic 515 - Casualty, Disaster and Theft Losses (Including Federally Declared Disaster Areas) http://www.irs.gov/taxtopics/tc515.html Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 24, 2015 Author Report Share Posted March 24, 2015 (edited) But that's limited to 10% of MAGI, correct? It won't benefit since most scammers ask for 2K-5K and that amount is less than 10% of MAGI for most people. Edited March 24, 2015 by Pacun Quote Link to comment Share on other sites More sharing options...
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