Tax Relief for Fraud Victims Act

This bill makes it easier for people who lose money due to fraud or theft to get tax relief. It removes limits on deducting personal losses from theft and fraud on federal taxes, and it lets people choose to claim those losses in the year they happened rather than the year they were discovered. The bill also gives people more time — at least one year after discovering the loss — to file for a tax refund related to those losses. Additionally, if someone had to take money out of a retirement account early because of a fraud-related theft, the bill removes the usual 10% penalty and gives them one year to put that money back.

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