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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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