Gig workers who lose their earnings through scams or identity theft need to know that they could owe taxes on what was stolen from them, but they can take...
Gig workers who lose earnings through scams or identity theft need to take action to avoid losing even more money, experts say.
Greenberg said if a gig worker loses earnings through no fault of their own, “the IRS doesn’t care that he was defrauded” if the agency is not informed.Nina Olson, executive Director for the Center for Taxpayer Rights in Washington, and a former national taxpayer advocate for the Internal Revenue Service, said it’s important for the affected gig workers to take proactive steps to avoid tax nightmares.
Report theft: If workers have received their 1099 forms and the stolen earnings are included in the total income shown, they should report their income as shown on the 1099 form. Then they should report the amount they lost as a “theft loss” on their tax return, according to the experts who spoke with MarketWatch.
“I’ve had some clients over the years who have experienced theft and reported it as an expense, and they were never audited,” Greenberg said. “But documentation is important” in case the IRS decides to do an audit, he added.
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