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What form is used to claim a deduction for a Scam? I could not seem to use Achedule A, 1040.

 
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4 Replies

What form is used to claim a deduction for a Scam? I could not seem to use Achedule A, 1040.

Sorry but the Tax Cuts and Jobs Act eliminated that type of deduction for 2018-2015.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

What form is used to claim a deduction for a Scam? I could not seem to use Achedule A, 1040.

The Scam or Theft was for $50k plus.  It was reported to the FBI, who sent us to IC3 Crime Complaint Center.

No action taken.  I have the copy of the complaint, and all necessary backup.  Does this change your answer, or change the tax deduction?   Thank you fro your reply.

What form is used to claim a deduction for a Scam? I could not seem to use Achedule A, 1040.

What form is used to claim a deduction for a Scam? I could not seem to use Achedule A, 1040.

  See IRS Pub 547, pagr]e 5

https://www.irs.gov/pub/irs-pdf/p529.pdf
Theft loss deduction limited. For tax years
2018 through 2025, if you are an individual,
casualty and theft losses of personal-use property
are deductible only if the losses are attribut-

able to a federally declared disaster (federal
casualty loss).

 

However, if this is a loss from Ponzi type investment schemes then it might be deductible, again refer to page 5.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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