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    • Created with Sketch. Intuit Biz e-filing closure on December 21 at 6:00PM PST. View more ProSeries Hot Topics here.
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    Gift Card Scam

    cclark
    Level 3
    ‎02-09-2024 01:39 PM

    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
    Reply
    2 Comments 2
    sjrcpa
    Level 15
    ‎02-09-2024 02:08 PM

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

    The more I know, the more I don't know.
    Reply
    cclark
    Level 3
    ‎02-09-2024 02:12 PM

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

    Reply






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