H.R.6999

Tax Relief for Fraud Victims Act repeals the limitation on deductions for personal casualty losses and extends relief for theft losses involving.

The Tax Relief for Fraud Victims Act amends the Internal Revenue Code to eliminate the cap on deductions for personal casualty losses. It also extends the period for filing claims for credit or refund for theft losses involving fraud, deceit, or misrepresentation. For such theft losses, taxpayers can choose to treat the loss as occurring in the year it is discovered or the year it actually happens. The act also modifies rules for distributions related to these theft losses, allowing for repayment within a year of discovering the loss.