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Video Tips: What Is Claim of Right?

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Video Tips: What Is Claim of Right?
If you have to repay income that you previously reported and paid taxes on, you may qualify for some tax relief in the repayment year called "Claim of Right." The special tax relief provided by IRC Section 1341, which allows taxpayers to choose between a deduction or a credit, only applies if the repayment amount exceeds $3,000.




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