Showing posts with label Substantiation of a Loss. Show all posts
Showing posts with label Substantiation of a Loss. Show all posts

Wednesday, June 25, 2014

Requirement for the Substantiation of a Loss

The taxpayer bears the burden of proving and substantiating his claim for deduction for loss and should comply with the following substantiation requirements:

1. A sworn declaration of loss must be filed within the period prescribed; and

2. Proof of the elements of the loss claimed, such as the actual nature and occurrence of the event and the amount of the loss.