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T
thagerud
February 4, 2025
Question

Can you deduct money stolen from being scammed on 1040?

  • February 4, 2025
  • 1 reply
  • 0 views
The amount was $200,000.00 and now I have to pay tax on this money as income.

    1 reply

    V
    Vanessa A
    February 4, 2025

    No.  Money that was stolen is would be a casualty and loss itemized deduction.  However, casualty and loss deductions are not a deductible expense for tax years 2018 through 2025.  

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