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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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Scams
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Opfor77
Level 4
03-21-2022
05:39 PM
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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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Just-Lisa-Now-
Level 15
03-21-2022
06:05 PM
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TCJA took away most casualty/theft losses unless it was a federally declared disaster.
https://www.irs.gov/pub/irs-pdf/p547.pdf
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
https://www.irs.gov/pub/irs-pdf/p547.pdf
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Jim-from-Ohio
Level 11
03-21-2022
07:05 PM
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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
Level 15
03-21-2022
07:33 PM
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The details matter. Personal, business, investment, Ponzi, pyramid, Love, etc.
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