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    lvazquez821's Avatar
    lvazquez821 Posts: 1, Reputation: 1
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    #1

    Dec 11, 2012, 02:58 PM
    Taxes for business that lost all to fraud
    If a business lost all its money and property due to fraud, can you report this on IRS tax filing? If you report it can you use the amount lost to fraud to lower your tax liability?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 12, 2012, 06:30 AM
    Yes to both questions.
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