This podcast from Thinking Outside the Box Law, Inc. announces a significant development from the IRS, ILM 202511015, which provides new avenues for tax relief for victims of online scams. The guidance clarifies that losses from scams with a profit motive, like investment or phishing schemes, may now be tax-deductible under IRC § 165(c)(2). It specifies that the deduction should be claimed in the year the theft is discovered and recovery is deemed unlikely, based only on the actual amount invested. However, the document emphasizes that scams without a profit motive, such as romance scams, are not currently deductible, and these new rules differ from existing Ponzi scheme tax relief.
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