The IRS will let you deduct your losses from Ponzi scheme ripoffs. No word on whether losses due to the wire, the pigeon drop, advance payment or three card monte are allowable, but I'm gonna claim 'em anyway.
The IRS has announced it will allow favorable ordinary loss treatment for investment theft losses. Basically, such losses occur when your money is never actually used for the intended purpose of acquiring investment assets.
Tax Breaks for Ponzi-Scheme Victims
Instead, the money is hijacked by the perpetrator of a fraud. The classic example is the so-called Ponzi scheme where money collected from later "investors" is used to cover "income distributions" and "withdrawals" paid to earlier "investors" without any investments ever actually being made.
Taxpayer-friendly ordinary loss treatment takes some of the sting out of Ponzi scheme losses. Unfortunately, however, there are plenty of victims who can benefit from the IRS's enlightened attitude. Not only did Bernie Madoff lose some $65 billion of investors' money, but other similar frauds have since come to light. The sad truth is, Ponzi losses are more widespread than you might think.
Frinkiac allows you to type in a quote from The Simpsons and it’ll find the matching stills from a database of 3 million screen caps. I expect that its creators will be acquihired soon by Compu-Global-Hyper-Mega-Net. (Thanks, Brad Kreit!)
images from @mimo (via Laughing Squid)
Bo and Matthew, “two best friends, achieve lifelong dream of sneaking into a movie theatre in one set of clothing.” So fun!
You travel around a lot. It might be that jet set life from New York to LA to London to Tokyo, or it might be back and forth from the coffee shop to the office, or from the kitchen to the couch. Any which way, you’re mobile and that’s the way to live. When you […]
It’s 2016 and we like our technology really small. Our phones fit in our pockets, our remotes are lighter than ever, and even our cars seem to be shrinking. So your new drone shouldn’t be an exception. This Axis VIDIUS Drone is 21% off right now and it’s so little, your biggest problem won’t be […]
You’ve heard the news: cyber security is the new and very scary frontier. Hackers are out there just waiting for you to relax for a second and let them in. But that’s not going to happen to you. With a lifetime premium subscription to ZenMate VPN, you’re completely protected from anyone out there who wants […]