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chiodoinc
Level 5
May 13, 2020
Question

I have a client who lost $200,000 through a fraudulant scam. Can this be written off as a casualty and loss on schedule A?

  • May 13, 2020
  • 4 replies
  • 28 views
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4 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
May 13, 2020

TCJA took away casualty losses unless its due to a federally declared disaster.

Was this an investment that ended up being a scam?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    chiodoincAuthor
    Level 5
    May 13, 2020

    Yes, it was a scam.  The women told him she needed medical help for cancer treatments. The women who took the money from him went to jail  and his lawyer said he could write if off.  I wasn't sure if this situation applied. 

    IRonMaN
    IRonMaN
    Level 15
    May 13, 2020

    Someone just hands over $200,000 to some stranger for cancer treatment?  I'm waiting for Paul Harvey to jump in and give the rest of the story.

    Slava Ukraini!
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