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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).
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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