Posts Tagged ‘ordinary loss’

What Safe Harbor Really Means for Ponzi Victims - IRS Estimates it will Refund Fraud Victims $17 Billion, But Not Without a Fight

Friday, March 20th, 2009

Under the NEW IRC Section 165 Safe Harbor Rules the IRS estimates it will refund victims of the Bernard Madoff’s massive ponzi scheme around $17 billion!!
The Safe Harbor provisions are crucial to obtaining relief for victims of investment stock fraud because it converts what would ordinarily be a capital loss (which is offset against capital gains and any unused capital loss is then limited to a deduction of only $3,000
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Posted in Tax news and tips, Working with the IRS | 3 Comments »

Ask the Tax Resolution Expert: Victim of Investment Fraud Needs Advice on Filing 2008 Taxes

Tuesday, March 3rd, 2009

Today’s question comes from Doug P, an investment fraud victim interested in recovering his losses when he files his 2008 taxes…
In Dec. of 2007, I gave an independent broker some money to invest for me. About $30,000. Three weeks later  (first part of Jan 2008 ) he sends me a check for the amount I gave him and in the letter told me this money was never invested.
UHHHMMMMM. Ponzi gone
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Posted in Ask the Expert | No Comments »