How do I report crypto theft and loss of investment?

Forum|Forum|4 years ago
September 9, 2021
3 replies
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I lost $7K to scammers and would like to claim this as a theft loss. Any idea on where to show this on the forms?

TurboTax Self Employed Online

xmasbaby0

Employee

Your other thread:

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-do-i-report-the-theft-of-my-crypto-investments-i-invested-with-a-company-and-they-disappeared/01/2348708

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Mike9241

I'll shorten the other thread. theft losses have not been deductible since 2018 unless the loss was in a PONZI type scheme. I doubt your loss qualifies.

Rickbocek

Well

in most cases, it is usually near to impossible to trace a crypto theft regardless of the method you were exploited with.

in recent years , the government have gradually deciphered a way around trailing identities of crypto scammers

Hackers can be tracked down talk more mere crypto thieves with zero tech IQ

If you do a little more research you would have come across the Eyes Openers. Org, a non governmental organisation that has researched deeper than the government in crypto and any loss to theft by any method on crypto assets can be recovered by them.