How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Lev Your Own Question

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22656
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

Hello......Two years ago my wife and I received a post card

Resolved Question:

Hello......Two years ago my wife and I received a post card in the mail announcing we had won two round trip air fare tickets to anywhere in the continental US and a vacation to one of several destinations, plus several other small gifts. The card said all we had to do to receive these gifts was attend a presentation for a travel club. The name of the company making the presentation was Good Times Travel here in San Antonio, TX. They were representing Outrigger Vacation Club in Tulsa, OK. We were very impressed with their presentation and the considerable savings we would realize on all our travel and vacation needs. Each couple, that attended, was assigned to a sales representative that began the "hard sell' routine and made the point that the special price, that was being offered that evening, would not be available the next day, if we waited. I'm usually very cautious about transactions, such as these, but ignoring my better judgement, we agreed to their offer and paid them a total of $7,593.00 that evening. We attempted to make travel arrangements with Good Times several times and it never worked out. At first, it was easy to call and talk to a representative on the phone, but as time went by we would get a phone recording to leave a name and number and our call would be returned ASAP. They returned our call one time and then our calls were ignored. Now, I understand, Good Times closed their doors shortly after we joined the club and departed to parts unknown. We did contact Outrigger Vacation Club, in Tulsa, OK, only to be told that they were not responsible for the companys that represent them ( sounds fishy). By the way, we never did get our gifts for attending the presentation. Is their anything, in the tax laws, that would alow us to recover our "stolen money" or a portion of it? We're devastated by our loss and now I have serious health issues to handle. Any funds we could recover would be a blessing for our mounting medical bills. Thanking you in advance........Regards.......Paul M. Woodward, Jr. (email:XXX@XXXXXX.XXX)
Submitted: 2 years ago.
Category: Tax
Expert:  Lev replied 2 years ago.

LEV :

Hi and welcome to Just Answer!
I feel sorry for your situation. Generally you may deduct casualty and theft losses relating to your properties and money on your Federal income tax return. You may not deduct casualty and theft losses covered by insurance unless you file a timely claim for reimbursement, and you must reduce the loss by the amount of any reimbursement.
A theft is the taking and removing of money or property with the intent to deprive the owner of it. The taking must be illegal under the law of the state where it occurred and it must have been done with criminal intent.
Casualty and theft losses are reported on Form 4684, Casualties and Thefts. Section A is used for personal-use property.
Let me know if you need any help with reporting.

LEV :

As long as your losses may be classified as theft - you may deduct them.
The taking must be illegal under the law of the state where it occurred and it must have been done with criminal intent.
For a theft loss, in case of audit - you should be able to show all the following.
-When you discovered that your property was missing.
-That your property was stolen.
-That you were the owner of the property.
-Whether a claim for reimbursement exists for which there is a reasonable expectation of recovery.


Most likely - you were a subject of scam or fraud - which may be treated as theft. You are not required to file a police report or sue other party in order to claim a theft loss - but in case of audit having a police report or a court judgment might be helpful to proof that the action is illegal under the law of your state.

Customer:

Hi Lev......Thank you very much for your fast and reassuring answer. I appreciate your hard work and expertise in finding a resolution to my difficulty. I know my wife will be very pleased, when I show her your response to my question. Thanks, again! God bless!.........Paul

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22656
Experience: Taxes, Immigration, Labor Relations
Lev and 2 other Tax Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.