Fell for an online scam, Can it be written off?

J

jigsaw

Registered User
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Hey guys,

I fell for an online scam. It was only a few hundred euro so not the end of the world.

I sent the money believing that it was a legitimate investment / business opportunity.

Can this money be written off as an expense when it's tax time next year?

Cant find anything on revenues website

Thanks guys
 
Written off against what?

Not against personal income tax and probably not against Trading Income
 
I have an online business and I also invest in various different on and offline projects.

So I just wondered could this loss be used anyway to reduce my tax bill,

Have emailed my accountant and am waiting for a reply.

Just said Id ask here
 
No. Sorry to say this is filed under “your own fault”.

I had a situation where I was clamped and wondered whether I could write that expense off for tax purposes. The answer was a clear “no!”
 
The general rule is you can write off the CGT loss if if a gain on the same transaction would be chargeable for CGT.
 
jhegarty said:
The general rule is you can write off the CGT loss if if a gain on the same transaction would be chargeable for CGT.
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The premise was that i invested my money and would receive a very small income from this every 3 months

If this had worked out, would I have been chargable for CGT or just income tax?
 
Would it be possible to write it off against future gains? Instead of saying you were scammed, you invested in something that didn't work out and you lost all your money. Hence the future write off against other gains?
 
I have multiple streams if income, but the only CGT I pay every year is from the disposal of crypto assets
 
Thanks for the replies guys.

So it looks like I'll have to put this down to experience and take it on the chin?
 
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