DianeW777
Expert Alumni

Deductions & credits

Yes.  The IRS is indicating that theft can only be used if it is in a federally declared disaster area and it's personal use property.

  • For tax years 2018 through 2025, if you are an individual, casualty or theft losses of personal-use property are deductible only if the loss is attributable to a federally declared disaster.

Review the information about Ponzi Schemes as well. Instructions Form 4684

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