Question

bitcoin investment

Forum|Forum|5 years ago
March 29, 2021
1 reply
0 views

I invested some of my bitcoin with a foreign trading company. As it turns out, it was a scam and the CEO of the company ran off with all of the investor's bitcoin. Can I claim this as a loss?

M

MinhT1

Your loss from the scam would be a theft and casualty loss.

However, you cannot deduct this loss because as a result of The Tax Cuts and Jobs Act (TCJA), between January 1, 2018 and December 31, 2025, you can only deduct theft and casualty losses attributed to federally declared disaster areas.

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