A family member fell victim to an online romance scam, losing $60,000 after months of grooming. The FBI was notified, but no tax deductions are available for this loss. Scams thrive on isolation, and victims often face ridicule. Gen Z is more susceptible to scams than baby boomers.

Victims of scams face financial penalties and restricted tax deductions. The Tax Cuts and Jobs Act limits deductions to federally declared disasters. Consumer advocates urge Congress to allow deductions for all scam victims. Romance scams manipulate victims emotionally, leading to financial loss. Women are more likely victims of elder financial abuse. Lonely individuals are susceptible to online scams.

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Read more at Yahoo Finance: Will the IRS write off $60,000 lost in a romance phishing scam?