"The IRS released a legal memorandum concluding that some scam victims can still take theft loss deductions despite the Tax Cuts and Jobs Act’s limitation on personal losses.
The January 17 memo (ILM [removed]), released March 14, determined that taxpayers who were cheated in their attempts to invest could take advantage of the theft loss provision for “transactions entered into for profit” and wouldn’t be limited by the TCJA’s restriction on personal casualty losses."
My question is -- does anyone know when Form 4684 will be updated to allow the loss of scam losses
