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Tax Loss Write-off for Crypto Fraud

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  • Tax Loss Write-off for Crypto Fraud

Every day, there are clients reaching out to us saying they are the victims of crypto
scams. The victims’ loss ranges from $100K to $2M and they need to know if it is
possible to deduct the loss on their tax return and what evidence they should
provide in order to claim the loss. This is a very common request lately and we have
served dozens of similar clients in the last few months alone.

There are several ways that the scam can be reported depending on the
circumstances:

  • Casualty fraud/embezzlement loss
  • Capital loss
  • Business loss (in some specific cases

Even though the current tax law is not friendly to those victims of crypto scams, you
may be eligible to claim a loss deduction if you are a qualified investor.

Dimov Associates have helped quite a few clients claim the loss on the tax return. If you need help, please feel free to message us at the contact below.

Need help with Crypto Fraud?

Call us today at (866) 656-8036, email us at hello@dimovtax.com, or fill out the form and we’ll get in touch immediately.

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