I was a victim of a debt consolidation program that is currently going through the courts. I lost $5000. Is this deductible

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This type of loss is generally considered a loss from theft. If this was a personal debt, it is not deductible on your federal tax return. If this loss is related to a business, it may be deductible as a loss on your business return.

Casualty and theft losses are only deductible when caused by a federally declared disaster.

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Need to use receipts for "mdse for resale" bought in 2023. Those items did not sell until 2024. Need to deduct expenses. Should I use cash or accrual method or both?

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I was a victim of a debt consolidation program that is currently going through the courts. I lost $5000. Is this deductible

I was a victim of a debt consolidation program that is currently going through the courts. I lost $5000. Is this deductible

I was a victim of a debt consolidation program that is currently going through the courts. I lost $5000. Is this deductible

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I was a victim of a debt consolidation program that is currently going through the courts. I lost $5000. Is this deductible

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I was a victim of a debt consolidation program that is currently going through the courts. I lost $5000. Is this deductible

I was a victim of a debt consolidation program that is currently going through the courts. I lost $5000. Is this deductible

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