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If You Pay Ransom, Write It Off On Your Taxes Source: forbes.com - May 16, 2017 If you pay hackers ransom to keep your business operating, is it tax deductible? Whether personal or business, it probably is, although the type of deduction can vary. The IRS defines a theft as the taking and removing of money or property with the intent to deprive the owner of it. The taking of property must be illegal under the laws of the state where it occurred and it must have been done with criminal intent. But to claim a deduction, you don't need to show a conviction for theft. Theft includes the taking of money or property by: Category: General Business |
