Keith

Tax deductions loss on fdic uninsured money

I lost money when Indymac Bank went to the FDIC. The money l lost was in cds over the FDIC Insurance limit. Can I deduct this money on my taxes?

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Posted 2009-04-05T18:25:15Z
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israelc

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Yes, it is possible to deduct this loss. One person answered this question on http://www.justanswer.com/questions/1bamj-fdic-uninsured-losses-tax. You can deduct it as ordinary loss, casualty loss, or nonbusiness bad debt. It looks like the amount of deduction is subject to some caps/limits. You may want to obtain IRS Pub 547.

Posted 2009-04-07T18:30:30Z

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