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No Theft Loss Deduction for a Stolen Heart
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Join our 250K+ subscribers
Subscribe12 MAY 2025 / EXPERT INSIGHTS
The US Internal Revenue Service (IRS) has intervened in tax cuts for romance scam victims, refusing to allow these victims to claim a theft loss deduction, according to a recent memorandum. The IRS noted that victims of romance scams cannot claim the deduction as the loss did not stem from a transaction entered into for profit, bringing double hardship for victims who lose assets and are left with a tax debt — all of which matters as romance scams continue to proliferate in the digital age.
In January of 2025, the IRS issued more bad news for victims of romance scams. Applying to tax years 2018–2025, the Tax Cuts and Jobs Act of 2017 (the “TCJA”) eliminated the casualty and theft loss deductions for individuals, other than to the extent that...
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