Repeals the limitation on deductions for personal casualty losses and extends the period for credit or refund claims for theft losses involving.
The Tax Relief for Fraud Victims Act amends the Internal Revenue Code to remove the cap on deductions for personal casualty losses. It also extends the period for filing credit or refund claims for theft losses involving fraud, deceit, or misrepresentation. This extended period begins one year after the taxpayer discovers the loss. The changes apply to losses sustained in taxable years beginning after December 31, 2025.
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