If you lose property to theft or to fraud, such as a scam that tricks you out of money, you can sometimes subtract part of that loss from your income when figuring your federal taxes. Right now, losses from things like fire or storms generally count only if they come from a disaster officially declared by the federal or a state government (or if they offset certain gains), and this bill removes that restriction. It also lets people who lose money to fraud claim the deduction for the year the loss happened rather than the year they found out, and it gives them at least one year after discovering the loss to ask the IRS (the federal tax collection agency) for a refund, with fewer limits on how big that refund can be. For people who took money out of a retirement account early because of such a fraud loss, the bill waives the usual 10% extra penalty, applies the same longer refund window and fewer limits, and gives them one year from the day after discovery to put that money back into the account.