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I am looking at this answer that you given to this other person about taking a fraud or scam from your taxes

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

I sent funds overseas for investment, but I believe it was a scam. I knew the person for about two years, but I think they were setting me up. I have all the money transfers

Accountant's Assistant: Is there anything else the Accountant should be aware of?

That is my story in a nut shell

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Answered in 29 minutes by:
3/16/2018
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,139
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

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Customer reply replied 4 months ago
I have all the documents and most of our conversations.

I have actually talked to a half-dozen people who have had similar issues in the past few months. The common thread was that even though they had "known" this person for long periods of time (one was almost 2 years) the met this person over the Internet and the relationship evolved from there. One guy was even going to marry a woman he met over the internet. They had exchanged pictures and everything. He sent her money to go collect an inheritance from a country in Africa. He sent her quite a bit, then worried if he was being taken advantage of. I did some research, as something did not pass my smell test. It turns out that the country where she had to pay inheritance tax and a "clearance fee" to get her inheritance out did not even have any inheritance tax or anything like a clearance tax. As soon as he confronted her with it, she stopped all communications with him.

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If you have been defrauded, you can deduct the loss on your tax return. You have to file a Form 4684 to report the theft. In order to deduct it, the loss has to exceed 10% of your adjusted gross income, plus $100. It is deducted in the year discovered. If you discovered it in 207, it is better than in 2018, as the standard deduction may make it not a good time to deduct.

It is also best if you get a police report. They won't be able to do anything because the person is probably outside of the US, but at least you have a paper record.

I hope this answers your question. If you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

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Customer reply replied 4 months ago
Well, it seems that fraud is an occupation over there...my story is similar except the marriage part. The entire family wanted to immigrate to the US. I even video chatted with them

And it has no levels of decency either. I was working with an elderly Australian woman who had just lost her daughter to suicide after losing a sister to cancer. She was depressed, and formed a friendship with a man over the Internet. He talked to her for almost a year. Then he tried to tell her that he was robbed and had no identity information. He had a check but he could not cash it. He convinced her to open an account and put some money into it. He somehow replicated the bank's website and when she logged in, it looked like the real Bank of Abu Dhabi. But it was not. I have clients who bank with them, and have a couple of contacts there. I emailed one with some information, and he confirmed that there was no account for this woman. HE also confirmed that this was a scam there, that once she deposited her money to provide something for this guy to cash his check, the money would be gone.

I told this to the woman, who knew I was right and confronted the guy. At first he said that I was the one who was a scam, and tried to tug at her heart. But she held fast (after calling me twice) and then the guy got abusive. Called her names, said that she was going to destroy him.

There has to be a special place in hell for people who prey on the good nature of people.

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Customer reply replied 4 months ago
they know who to pray upon. People who have been through a crap storm!! Hope the devil gets to put his pitch fork somewhere!

I agree.

Good luck with your situation!

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Please don't forget to rate me, as that is how questions are closed.

Thanks!

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Customer reply replied 4 months ago
Thanks, ***** *****

If you have any questions in the future, please feel free to ask for me.

taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,139
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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