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I was scammed out of almost $30000 and turned it into

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I was scammed out...

I was scammed out of almost $30000 and turned it into authorities and was told should be able to put it as loss on taxes

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I was contacted by facebook about getting free grant and would cost me 1000 dollars for processing fee. As time passed more costs for other problems and expenses. I was a fool and believed I would get $150000

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I have all payment receipts of money sent.

Submitted: 6 months ago.Category: Tax
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Answered in 7 minutes by:
12/30/2017
Tax Professional: Lev, Tax Advisor replied 6 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
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Generally, you may deduct theft losses .

A theft is the taking and removal of money or property with the intent to deprive the owner of it. The taking must be illegal under the law of the state where it occurred and must have been done with criminal intent.

Individuals are required to claim their casualty and theft losses as an itemized deduction on Form 1040, Schedule A), Itemized Deductions.

For property held by you for personal use, you must subtract $100 from each casualty or theft event that occurred during the year after you've subtracted any salvage value and any insurance or other reimbursement. Then add up all those amounts and subtract 10% of your adjusted gross income from that total to calculate your allowable casualty and theft losses for the year. Report casualty and theft losses on Form 4684, Casualties and Thefts. Use Section A for personal-use property.

Theft losses are generally deductible in the year you discover the property was stolen unless you have a reasonable prospect of recovery through a claim for reimbursement. In that case, no deduction is available until the taxable year in which you can determine with reasonable certainty whether or not you'll receive such reimbursement.

Let me know if you need any help with reporting.

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