While attempting to sell a Mexican timeshare, I paid over $10,000 before I found out that it was a fraud. Can any of this be claimed as a loss on our federal taxes?

[4250jacoby]

The real estate company was in the US but the funds were wired from my bank to a bank in Mexico.

[JohnW15 · Accepted solution]

Due to tax reform legislation, the deduction for personal casualty or theft losses has been suspended (eliminated) for tax years 2018 through 2025, unless the loss occurred in a federally-declared disaster area and was directly caused by the disaster.

Please see the TurboTax Help article "What if I have property that was lost or damaged (a casualty loss)?" for more information.

[Edited 3|17|2020 8:33 am]