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meiiao01
New Member

I recently discovered I was scammed lost lots of money notified the FBI and all of my financial institutions last week. can I claim the loss on my tax return?

 
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5 Replies

I recently discovered I was scammed lost lots of money notified the FBI and all of my financial institutions last week. can I claim the loss on my tax return?

To deduct a theft loss, you must itemize your deductions on Schedule A. The amount of your deduction is limited to the amount of the loss that exceeds 10% of your Adjusted Gross Income after a $100 deductible

As an example if you had a $5,000 theft loss, and your Adjusted Gross Income is $30,000, your result would be as follows

After deducting $100, you are left with $4,900 which is $1,900 above 10% of your Adjusted Gross Income of $3,000.

Your deduction would therefore be $1,900

To deduct a casualty loss:

·        Type in theft loss in the search box, top right of your screen, click the

         magnifying glass

·        Click the jump to theft loss link in the search results

·        Follow to prompts and online instructions


afliboy
New Member

I recently discovered I was scammed lost lots of money notified the FBI and all of my financial institutions last week. can I claim the loss on my tax return?

Is this still applicable in 2019? It seems that theft loss has been restricted to "a federally declared disaster area by the President." If scam loss can no longer be claimed as theft loss, is there any other option?

I recently discovered I was scammed lost lots of money notified the FBI and all of my financial institutions last week. can I claim the loss on my tax return?

Sorry, but thefts are no longer deductible on a 2018 return.  The new tax law took that deduction away.
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return">htt...>
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
afliboy
New Member

I recently discovered I was scammed lost lots of money notified the FBI and all of my financial institutions last week. can I claim the loss on my tax return?

Thanks, then is there any other way to claim a fraudulent loss?

I recently discovered I was scammed lost lots of money notified the FBI and all of my financial institutions last week. can I claim the loss on my tax return?

Not on your federal tax return.  You should have filed a police report for the theft, and you can seek legal advice on how to recover from the person who stole from you.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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