Under current tax laws, personal financial losses from scams are not deductible unless they result from a federally declared disaster. However, a theft loss deduction is generally available if the loss is due to theft related to a transaction entered into for profit. This means that if the scam was connected to a business or investment activity, you might be able to claim a deduction.For more details, you can refer to the IRS Topic No. 515 - Casualty, Disaster, and Theft Losses. Please see the follow IRS article to protect yourself if you are the victim of a scam

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Can I deduct the $3000 we were scammed out of?

Forum|Forum|1 year ago
February 23, 2025
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SabrinaD2

Under current tax laws, personal financial losses from scams are not deductible unless they result from a federally declared disaster.

However, a theft loss deduction is generally available if the loss is due to theft related to a transaction entered into for profit.
This means that if the scam was connected to a business or investment activity, you might be able to claim a deduction.

For more details, you can refer to the IRS Topic No. 515 - Casualty, Disaster, and Theft Losses.

Please see the follow IRS article to protect yourself if you are the victim of a scam