Is there any allowance or deduction for theft?

We were victims of a cyber scam and lost $5,000.00

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If the loss resulted from a Ponzi scheme you can enter it. Other kinds of theft losses are not deductible.

**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.**

I need to add an above-the line deduction on my income tax returns so I do not pay taxes on my share of attorneys' fees from a Settlement Agreement.

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