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October 30, 2023
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I was a victim of cryptocurrency scam. Can I deduct the loss for my 2023 return ?

  • October 30, 2023
  • 1 reply
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Best answer by Mike9241

if the loss is due to a PONZI scheme it's deductible using form 4864. if it is not a PONZI scheme the loss is not deductible. 

if it is a PONZI scheme, then you probably should read the instructions starting on page 7 to see if this is something you want to tackle yourself.

 

 https://www.irs.gov/pub/irs-pdf/i4684.pdf 

1 reply

Mike9241Answer
October 30, 2023

if the loss is due to a PONZI scheme it's deductible using form 4864. if it is not a PONZI scheme the loss is not deductible. 

if it is a PONZI scheme, then you probably should read the instructions starting on page 7 to see if this is something you want to tackle yourself.

 

 https://www.irs.gov/pub/irs-pdf/i4684.pdf