I was subject to bank fraud. Can I deduct the financial loss? How do I report the loss? As far as I can tell, TurboTax only recognizes a loss in property value due to the loss.
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Yes, you probably can deduct the loss. Where on the return depends exactly on the type of loss/fraud.
Most types are deducted on Sch A as an itemized deductions. However, if you made an investment, and people stole the investment money, it might be deductible as a capital loss.
Here is a link that you can start reading about losses, etc.
https://www.irs.gov/taxtopics/tc515
someone got into my bank account and took money by making it look like they accidently put momey in my account. can I clame it?
Apparently not. This is from IRS Pub 547
Limitation on personal casualty and theft losses. Personal casualty and theft losses of an individual, sustained in a tax year beginning after 2017, are deductible only to the extent that the losses are attributable to a federally declared disaster.
https://www.irs.gov/publications/p547
I believe this goes through 2025.
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