Tax Relief for Fraud Victims Act
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Progress
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- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Tax Relief for Fraud Victims Act aims to provide increased tax relief to individuals who have experienced losses due to fraud, deceit, or misrepresentation. Specifically, it repeals a limitation on deducting personal casualty losses and expands the timeframe for claiming refunds or credits related to these theft losses. It also clarifies rules regarding distributions related to these losses and offers an extension of the period to file claims.
Key provisions
- Repeals the limitation on deducting personal casualty losses under section 165(h).
- Allows taxpayers to treat theft losses involving fraud, deceit, or misrepresentation as sustained in the year the loss is discovered.
- Extends the period of limitation for claiming refunds or credits for theft losses involving fraud, deceit, or misrepresentation to one year after discovery.
- Modifies rules regarding distributions related to theft losses involving fraud, deceit, or misrepresentation, allowing for repayment within a specified timeframe.
- Creates a specific provision for pyrrhotite-related personal casualty losses, extending the period for claiming refunds for those losses.
Who is affected
- Taxpayers who have experienced theft losses due to fraud, deceit, or misrepresentation.
- Individuals who have suffered losses to their principal residences due to deterioration caused by pyrrhotite.
Bill text
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