Does Turbotax support Ponzi Scheme loss deduction in 2024 tax return ?

[mjoshi123]

I've suffered loss due to Crypto scam on social media, All my money is lost due to that and I've filed complaint with FBI but nothing substantial has come out of it, with regards to filing taxes in 2024 - will I be able to claim loss using Turbotax or I should file my returns using a local accountant ?

[rjs]

A "Crypto scam on social media" is not necessarily a Ponzi scheme. You should consult a local tax lawyer (not an accountant) to determine whether there is any possibility that you could claim a deduction for your theft loss. Tell the lawyer to look at the recently issued Chief Counsel Memorandum Number 202511015 from the IRS.