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Submitted By: someone
Answered: December 9, 2020 10:29 pm
Answered: December 9, 2020 10:29 pm
I was scammed out of $20,000 (I was told my grandson was in jail and his attorney needed money). Can I deduct this?
According to AARP, this is a common scam that has cost grandparents millions of dollars. Unfortunately, the tax rules don’t help in any way. The deduction for a theft loss—assuming such scam is a theft under state law—cannot be claimed in 2018 through 2025.
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Tax Glossary
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
