Discussion on deduction on taxes due to loss, Taxation

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Discussion on deduction on taxes due to loss

Problem: The Senior Partner's otherwise unassuming neighbor, Martin, has been trading in crypto currency. Unfortunately, last month, Martin's $1 million position in FTX went belly-up. Given this development, Martin now wants to know what, if anything, he can deduct on his taxes due to this loss. Is this an investment? A Ponzi scheme casualty loss? What type? A theft? A bad loan? A gambling deduction (not really)? Is there anything specific you would ask him?

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