In 2024, I was defrauded of $51,000 in three different Cryptocurrency scams that targeted older men. How do I report these losses on my taxes?
All involved non-US crypto exchanges masquerading as a regulated investment bank. But when you try to withdraw coins, you are not allowed, and the person sponsoring you disappears.
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1 Replies
Vanessa A
Expert Alumni
Feb 20, 2025 10:14:51 AM
Those losses are not tax deductible. This would be considered theft which is not deductible under current tax law.