Is THIS DEDUCTIBLE

[jb86]

What is the name of your state? Illinois invested funds over the internet in an offshore firm,they did not pay any of the return that they advertised and say the money will supposedly be refunded in 2009,is this deductible under "theft" or another classification.

[JETX]

Originally Posted by jb86

What is the name of your state? Illinois invested funds over the internet in an offshore firm,they did not pay any of the return that they advertised and say the money will supposedly be refunded in 2009,is this deductible under "theft" or another classification.

You can certainly try to claim... whether it would be successful would depend ENTIRELY on the specifics of the 'investment' and the chance of actual payment in 2009.

[LdiJ]

Originally Posted by jb86

What is the name of your state? Illinois invested funds over the internet in an offshore firm,they did not pay any of the return that they advertised and say the money will supposedly be refunded in 2009,is this deductible under "theft" or another classification.

It can be a schedule D investment loss once the investment truly becomes worthless. At this point, that will not be until after they fail to refund your money in 2009.