Tax Relief for Fraud Victims Act
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Summary
This bill amends the Internal Revenue Code to repeal the limitation on deductions for personal casualty losses and to provide enhanced tax relief for victims of theft involving fraud, deceit, or misrepresentation. It allows taxpayers to deduct theft losses in the year they discover the loss (or, for fraud-related thefts, in the year the loss occurred if the taxpayer elects). The bill extends the period for filing refund claims for fraud-related theft losses to one year after discovery and permits penalty-free early withdrawals from retirement accounts to cover such losses, with a one-year repayment window.
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