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Ask R. Greg Paszkiewicz Your Own Question
R. Greg Paszkiewicz
R. Greg Paszkiewicz, Enrolled Agent
Category: Tax
Satisfied Customers: 357
Experience:  9 years preparing tax returns - Marietta, GA
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Tax question

Customer Question

If you lose about $4000.00 in an investment scam, is it
deductable? If yes how do I deduct it on my tax return?
Submitted: 11 years ago.
Category: Tax
Expert:  R. Greg Paszkiewicz replied 11 years ago.
How was the investment structured? did you buy stock in a company? was it a loan? how did you "lose" it? if you could give some details on the investment that would help.
Customer: replied 11 years ago.
Reply to R. Greg Paszkiewicz's Post: A man who calls himself a money manager,got me to invest $4000.00 in an investment scheme. I
don't know how it was exertly structured. I got
into it by the recomendation of a friend who is
also a victim. But by the time I could get to
know more about this investment, he was no where
to be found. It was not a loan. I was under the
notion that he invested in the stock market and
shared the profits among the people that invested
with him.
Expert:  R. Greg Paszkiewicz replied 11 years ago.
Without knowing the exact details of what he was doing or what you "owned", I would suggest showing it on schedule D as a capital loss. Show the sale date as the date you determined your investment to be worthless, show the sale proceeds as 0 and the basis as 4000. For the description, if there was some business name associated with the investment (XYZ Partners, ABC Investment Fund, etc) I would use that.

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