If you've fallen victim to a scam and lost money, you're probably wondering: Is scammed money tax deductible? The answer is complicated—and depends largely on why you fell for the scam. According to recent IRS guidance, your motive matters. If you were trying to make money (a profit motive), your scam-related losses may be deductible....Continue reading
The IRS in its repair regulations gives you a partial disposition election that benefits you when you replace a structural component such as a roof on your office building or rental property. (check out previous post: Landlords and Business Owners: New Law Improves Energy Tax Benefits) Previously, when you replaced a structural component such as...Continue reading