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Can I recoup some of my losses when I was told of and paid for a fraudulent hack to my computer?

 
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rjs
Level 15
Level 15

Can I recoup some of my losses when I was told of and paid for a fraudulent hack to my computer?

If you were the victim of a scam, that is a theft loss. The new federal tax law eliminated the deduction for theft losses for 2018 through 2025. So you cannot recover any of your loss on your federal tax return. Some states still allow the deduction on the state tax return, so check the rules for your state (if you are in a state that has state income tax).

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1 Reply
rjs
Level 15
Level 15

Can I recoup some of my losses when I was told of and paid for a fraudulent hack to my computer?

If you were the victim of a scam, that is a theft loss. The new federal tax law eliminated the deduction for theft losses for 2018 through 2025. So you cannot recover any of your loss on your federal tax return. Some states still allow the deduction on the state tax return, so check the rules for your state (if you are in a state that has state income tax).

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