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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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I had disbuted outstanding legal fees still outstanding. I

Customer Question

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
Expert:  emc011075 replied 1 year ago.
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.
Customer: 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?
Expert:  emc011075 replied 1 year ago.
So the creditor had legal rights to the money?
Expert:  emc011075 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.