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I was scammed out of 3800 due to a crypto scam. Some of the money was directly mine and some had been given to my dependent to invest for us. Why is it not showing up ?

I entered this information as part of my deductions. However, I do not see it as part of my deductions even though it says "loss due to theft."
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2 Replies

I was scammed out of 3800 due to a crypto scam. Some of the money was directly mine and some had been given to my dependent to invest for us. Why is it not showing up ?

When the tax laws changed for 2018 and beyond, theft losses were eliminated as a deduction on federal tax returns.

 

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-re...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
HelenC12
Expert Alumni

I was scammed out of 3800 due to a crypto scam. Some of the money was directly mine and some had been given to my dependent to invest for us. Why is it not showing up ?

You're not seeing a deduction for your theft loss because the deduction for personal casualty or theft losses has been repealed in tax years 2018–2025, unless the loss occurred in a federally-declared disaster area.

 

Previously, uninsured losses exceeding $100 due to fire, theft, or natural disaster could be deducted if the total loss amount exceeded 10% of the AGI, regardless of location.

 

For additional information, see What if I have property that was lost or damaged (a casualty loss)?

 

See also IRS Topic 515 - Casualty, Disaster and Theft Losses (Including Federally Declared Disaster Areas) for additional information.

 

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