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Opfor77
Level 5
March 21, 2022
Question

Scams

  • March 21, 2022
  • 3 replies
  • 7 views

Can someone deduct money lost in one of those overseas scams?  Client lost $500,000.  I believe money lost from blackmail can be deducted, but not sure about scams.

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3 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
March 21, 2022
TCJA took away most casualty/theft losses unless it was a federally declared disaster.

https://www.irs.gov/pub/irs-pdf/p547.pdf
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    Jim-from-Ohio
    Jim-from-OhioIntuit Community Champion
    Intuit Community Champion
    March 22, 2022

    I had a client scammed and to make make matters worse they received 1099-Rs as they paid the scam with IRA withdrawals.  I called local congressman's office and they have a person there that advocates between the IRS and the taxpayer and we are petitioning that the income tax due to the 1099-Rs be written off as uncollectable.  

      qbteachmt
      qbteachmt
      Level 15
      March 22, 2022

      The details matter. Personal, business, investment, Ponzi, pyramid, Love, etc.

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