Grandmother got a call that grandson had been in a serious accident and was going to jail unless they could put up $32K. They sent a courier to pick up the money. Obvious scam and police have been notified and investigating. Is this a deductible Casualty Loss? Appreciate any help. My searches have been yes and no. Attempt to try out by filling in 4884 didn't work. Appreciate any assistance.
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I believe I posted my thank you in the wrong place, Lisa. Many thanks for taking the time to assist me with this issue. The responses on the internet were all over the board but I'm happy with your response. Have a great Holiday Season followed by an even better tax season. Bob Bellerose, EA
There are several hurdles to this $32K loss
2. 10% of AGI
3. Standard deduction vs whatcha can come up with to add to the net from 4684.
Look at the 4684 and see what the net is there.
Look at the Schedule A and see what you are getting there.
I had a neighbor who (a) was told by Walmart that it was scam and they would not sell him the green dot card and (b) he stayed on the phone & was convinced to go to another store and (c) he never picked up the phone call from his wife who had figured out it was a scam. 67 year old.