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Bill would restore tax relief for some theft and fraud victims

The proposed House change would revert the theft-loss deduction rule from before 2018 and also add additional relief for fraud victims.

Reported · Written up by our desk · Trade & Tariffs

CNBC Markets reports that a bill moving in the House would change federal tax treatment for certain victims of theft and fraud.

The proposal would restore a pre-2018 rule that generally allowed a tax deduction for theft losses, which Congress previously narrowed.

According to CNBC Markets, the bill would also provide additional tax relief provisions for fraud victims, beyond the theft-loss restoration.

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