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SCAM


windmill

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TP called. TP lost $5,000 to a scam.  How did you do that?   Well, I send $5,000 to them and thought I was getting a truck.  I didn't. TP says his father-in-law says it is deductible. How so? No answer.

I think he is out of luck.  I can't find anything that would make it deductible. What say you?

 

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If TP sustained a loss that can be documented, if there was criminal intent, and if it can be determined to be illegal under state law, then the TP may be able to deduct this as a theft loss under sec 165(c)(3) and would flow from the 4684 to itemized deductions.  Was a police report filed?  If this is a 2018 event, with the higher standardy deduction the TP may not have any tax benefit regardless of the facts.  

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5 minutes ago, cbslee said:

Under the TCJA, I don't believe any theft losses will be deductible.

Also, Casualty Losses will only be deductible if they occurred due to a Federally declared disaster.

You're right!  Thanks for the reminder. 

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