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I had disbuted outstanding legal fees still outstanding. I

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tried to prove in court...
I had disbuted outstanding legal fees still outstanding. I tried to prove in court that the money in account was exempt monies. Due to my ignorance of legal proceedings the amount in bank that was frozen was released to creditors. Over $10,000. My ??? Can i claim this "loss" on taxes and if so where or what form.
Submitted: 1 year ago.Category: Tax
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Answered in 2 minutes by:
4/10/2016
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,243
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you. Do not shoot the messenger here but until the dispute is final and there's no hope for recovery, you cannot claim any losses.
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Customer reply replied 1 year ago
The disbute is over and settled, i lost creditor took money from retirement income in bank. So its officially over. How can i claim the loss?
Tax Professional: emc011075, Tax adviser replied 1 year ago
So the creditor had legal rights to the money?
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Tax Professional: emc011075, Tax adviser replied 1 year ago
A legal levy of your bank account is not a loss. A loss would be something stole, destroyed, or damaged. If the money were taken out of your account legally, than you cannot claim a loss.
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