H.R. 9500
Expands tax deductions for fraud and theft losses
Expands federal tax deductions for personal losses from damage or theft, lets fraud losses be claimed in the year they happen, and waives a retirement withdrawal penalty for fraud.
- Removes the rule that limits personal loss deductions to federally declared disasters
- Lets taxpayers claim fraud theft losses in the year they occur, instead of when discovered
- Extends the deadline to claim a refund for those losses to at least one year after discovery
- Waives the 10% penalty for early retirement withdrawals tied to fraud losses and allows one year to repay
Passed the House · Senate's turn