US tax- how to deduct loss from theft

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Topic: US tax- how to deduct loss from theft (Read 988 times)

Joe200 (OP)

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US tax- how to deduct loss from theft

March 31, 2014, 04:40:58 PM

Someone invests in BTC, and some of their coins get stolen. What do they report on the tax form?

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epetroel

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Re: US tax- how to deduct loss from theft

March 31, 2014, 04:44:43 PM

Not a lawyer or an accountant, but my understanding would be that you could claim it as a capital loss.

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Re: US tax- how to deduct loss from theft

April 05, 2014, 11:05:19 PM

That's an interesting question. As strange as it seems, IRS treats investment fraud losses preferentially compared to regular capital loss. For example you can write off more than usual $3000 amount http://cliftoncpa.com/publications/enewsletters/tax/issues/15/InvestmentTheft.asp.

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