I have a client who lost $50k in a phone scam where he transferred money from his bank. He filed a police report. CAn he claim this as a casulaty loss or theft?

Forum|Forum|2 years ago
February 14, 2024
4 replies
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Just-Lisa-Now-

Intuit Community Champion

Nope, TCJA took away personal casualty losses.

I had an elderly man that got scammed out of even more than that, the FBI was able to trace where some of it went and recoup that portion, but not all.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

G

garman22

Intuit Community Champion

same here. A widow sent 100k to someone in Jamaica. True shame and true loss.

PATAX

Level 12

They are mainly foreign based fraudsters that call and pretend to be a family member in distress. They obtain the names of family members from obituaries, social media, and other sources.

BobKamman

Level 15

Casualty losses used to be deductible but that was repealed by politicians who call people and ask for them to make regular transfers to campaign accounts from their bank.

IRonMaN

Level 15

"by politicians who call people and ask for them to make regular transfers to campaign accounts from their bank"

Personally, I think the money would be better spent sending the check down to the dude in Jamacia.

Slava Ukraini!

ljr

Level 9

unfortunately no. and I had a situation with an older client as well with ALOT of money taken. Police report and very little money recovered. Hardest conversation I have had to have to tell them they couldnt write off the loss.

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