Q&A of the Week May 8, 2024

Question

I am a victim of online fraud and theft. Can I claim my loss as a theft loss deduction on my income tax return?

Answer

Maybe. This seems to be a gray area under the Tax Cuts and Jobs Act (TCJA).

Whether or not you can claim a deduction is based on specific circumstances in your case. 

Our recommendation: consult with a trusted tax professional.