This type of loss is generally considered a loss from theft. If this was a personal debt, it is not deductible on your federal tax return. If this loss is related to a business, it may be deductible as a loss on your business return.
Casualty and theft losses are only deductible when caused by a federally declared disaster.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
