I lost around $26,000 in what was supposed to be invested in shares, and now looks to be lost to scam activity. Can I declare this as a capital loss against capital gains made from a property sale in this same financial year?
Hello @1Charlie
The short answer is that unless you gained ownership of the shares before being defrauded you can't claim a capital loss.
A similar question has been asked previously on this forum and the detailed answer provided here to the tax deduction for scam question will give you more details.
The underlying principle around the capital loss question is that capital losses only apply to owned CGT assets. If you didn't actually own anything you can't make a claim.
Hello @1Charlie
The short answer is that unless you gained ownership of the shares before being defrauded you can't claim a capital loss.
A similar question has been asked previously on this forum and the detailed answer provided here to the tax deduction for scam question will give you more details.
The underlying principle around the capital loss question is that capital losses only apply to owned CGT assets. If you didn't actually own anything you can't make a claim.
Thankyou kindly for you’re prompt reply.
For some more context, I reinvested some of the capital gains from a property sale into the purchase of some shares. I do have documents showing ownership of the shares. But now have been cut off from any contact with the brokerage which now appears to be a scam.
Hi @1Charlie
The same practice and proof of ownership for loss of cryptocurrency will apply to your share portfolio. You'll need to be able to prove the transfer of funds, ownership, and inability to contact the brokerage/exchange platform and perform transactions with your shares to be able to claim a capital loss.
Hi 1Charlie. I'm here reading this post as I'm in the exact same situation. Scammed out of around $20k through the exact same method. Interested to hear your story and if the group that got you is the same as who got me.
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