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New Member
posted Apr 1, 2025 10:00:40 AM

My BITCOIN account was hacked and $39,000.00 was transfered to multiple unknown accounts. Police and FBI reports were filed. Is this a reportable action?

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1 Replies
Expert Alumni
Apr 1, 2025 10:11:33 AM

This is a theft loss.

 

The tax treatment of personal casualty losses and thefts is changed under the Tax Cuts and Jobs Act. Pursuant to the TCJA, the itemized deduction for personal casualty and theft losses is temporarily limited in tax years 2018 through 2025 solely to losses attributable to federally-declared disasters.

 

You do not report this theft on your tax return.