Expert Assistance with Tax Loss Write-off for Crypto Scam Victims

At Dimov CPA, we recognize the distress and confusion that victims of cryptocurrency scams experience. With the rise in such incidents, our team has focused on helping individuals who have suffered financial losses ranging from $100,000 to $2 million. Our mission is to guide you in understanding your rights and the options available for claiming these losses on your tax returns, including the tax loss write-off for crypto.

Exploring Your Deduction Options

Victims of crypto scams have several potential avenues for tax deductions based on their unique circumstances:

• Casualty, Fraud, Embezzlement, or Ponzi Losses: These categories, under specific conditions, may allow for a significant deduction.
• Capital Loss Deduction: Although typically capped at $3,000, this option may be suitable for some cases.
• Business Loss: In certain situations, losses from crypto scams can be reported as business losses.

Despite the complexities of current tax laws, there are many cases where you may be entitled to claim a full or nearly full deduction for your losses through a tax loss write-off for crypto.

Critical Considerations and Steps

Our process involves a comprehensive evaluation of your case to identify the best approach:

• Full Deduction Eligibility: Assessing whether your case qualifies for a complete loss deduction.
• Qualification Requirements: Understanding the specific criteria needed to qualify for a full deduction.
• Audit Risk Management: Providing advice on minimizing audit risk and preparing necessary documentation for audit defense.
• Timing of Deductions: Identifying the correct tax year to claim the fraud loss.
• Carryover of Unused Deductions: Exploring options for carrying forward any unused deductions when the loss exceeds annual income.

Here to Support with Tax Loss Write-off for Crypto Fraud Victims

Dimov CPA has successfully helped many taxpayers secure substantial deductions for losses due to crypto fraud. If you find yourself in this unfortunate situation and need expert assistance with a tax loss write-off for crypto, please don’t hesitate to contact us. Our team is dedicated to offering the support and advice necessary to navigate these complex tax matters.