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.

Share this article...

Gaithersburg Office

Looking for tax help in Gaithersburg, Maryland? You can find us at:

9841 Washingtonian Blvd. Suite 200
Gaithersburg, Maryland 20878

Silver Spring Office

Looking for tax help in Silver Spring, Maryland? You can find us at:

12069 Tech Road
Silver Spring, MD 20904
Tax Question How can I help you with a tax situation?
How can I help you with a tax situation?
Please fill out the form and our team will get back to you shortly The form was sent successfully