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Gift Card Scam

cclark
Level 3

I have a client who lost $9,500 on the a gift card scam. She thought she was talking to Apple support and called the phone number and she ended up buying gift cards to pay. 

My question is can the client take a loss on taxes for this? Maybe a casualty loss?? Has anyone ever had this situation?

Thanks!

0 Cheers
2 Comments 2
sjrcpa
Level 15

Personal casualty/theft losses are not deductible at this time in the evolution of the tax code.


Ex-AllStar
cclark
Level 3

Thank You! I did not think that it could be deductible!