A few years ago we won a lawsuit against MSDW for negligance and fraud. I have been contacted by a company that is telling me that we may be eligilble to file under the IRS tax code 165 for a refund of some sort. I'm a bit leary, but of course curious... we were awarded money from the lawsuit but nothing close to what we had lost. Is this a legitimate code and if so could we get money back?
I don't know the code section, but loss to theft can be deducted if you itemize. There are restrictions and it must be claimed in the year of the loss. You have 3 years to amend past returns. Contact a tax professional before you run out of time.
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