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Deductions & credits
After the Tax Cuts and Jobs Act was passed into law (2017), many forms of casualty losses that were previously deductible on Form 4684 (like Ponzi schemes and scams) no longer qualify as tax deductions. Per IRS Tax Topic 515, the only deductible casualty losses must be from a federally declared disaster.
Unfortunately, you are not able to deduct anything on your tax return.
@Lgdavis1234
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‎April 9, 2022
6:12 PM