Legal Question in Tax Law in North Carolina

taxes..

i was a victim of fraud, and i had a house that went foreclosure and sold it sold, so I have no amount of loan left on the mortagage.With that, I had to consider the cancel debt as income on my tax return. Now that the individual has been charged with conspriacy, wire fraud, and mail fraud. Is there anyway I can recieve the money back that I paid the irs with?


Asked on 6/06/07, 11:35 pm

1 Answer from Attorneys
Kreig Mitchell Law Office of Kreig Mitchell LLC

Re: taxes..

It depends, as with all legal questions. Did you deduct the loss on your tax return? That might help offset your loss. You might not have discharge of indebtedness income. Do you fit one of the exceptions for this, such as being insolvent at the time (many Americans meet the definition of insolvent even though they would not think that they are)? Have you pushed the DA to award restitution? Have you looked to see if any insurance coverage will pay out? There are a lot of issues here, so you should talk with your tax attorney.

Kind regards,

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Answered on 6/07/07, 12:35 am


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