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DR-P-K-PODDAR
New Member

Can I deduct Losses from Internet Scam of Fraudulent Financial Scam ?

I will have to pay Taxes on my Rollover IRA Sale, that I would have otherwise not done
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‎December 14, 2024 4:25 PM
last updated ‎December 14, 2024 4:25 PM
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xmasbaby0
Level 15
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Can I deduct Losses from Internet Scam of Fraudulent Financial Scam ?

No.   Losses from theft or fraud are not deductible on your federal tax return unless they were the result of a Ponzi scheme.  

**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.**

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‎December 14, 2024 4:31 PM
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xmasbaby0
Level 15
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Can I deduct Losses from Internet Scam of Fraudulent Financial Scam ?

No.   Losses from theft or fraud are not deductible on your federal tax return unless they were the result of a Ponzi scheme.  

**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.**
‎December 14, 2024 4:31 PM
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