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C
cclark
Level 3
February 9, 2024
Question

Gift Card Scam

  • February 9, 2024
  • 1 reply
  • 9 views

I have a client who lost $9,500 on the a gift card scam. She thought she was talking to Apple support and called the phone number and she ended up buying gift cards to pay. 

My question is can the client take a loss on taxes for this? Maybe a casualty loss?? Has anyone ever had this situation?

Thanks!

This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
February 9, 2024

Personal casualty/theft losses are not deductible at this time in the evolution of the tax code.

The more I know the more I don’t know.
    C
    cclarkAuthor
    Level 3
    February 9, 2024

    Thank You! I did not think that it could be deductible!

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