I purchased a hot tub from a company that went out of business without returning my money. Can I take that amount off my taxes.

[Texas Roger · Accepted solution]

Unfortunately these types of losses are no longer deductible on your tax return with the new 2018 tax law. Even with the prior tax law, you could only have deducted an amount of your loss in excess of 10% of you AGI and then only if you itemized deductions.