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.
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.
BB pal Mitch Altman informs us that he’s ceased manufacturing on his marvelous invention the TV-B-Gone, a keychain remote control that turns off any television with a push of the button. It’s great fun in sports bars, airports, restaurants, and wherever else there’s an idiot box that annoys you! Grab one now because when they’re […]
Today and tomorrow only we are offering an additional 15% off the entire Boing Boing store (some exclusions may apply). Simply use coupon code: BLACKFRIDAY at checkout! Below are a few of our favorites from the store: First Generation Lytro 16GB Camera: The First Consumer Camera to Capture the Entire Light FieldAdobe Training Videos: Lifetime Subscription: 6,000+ Adobe […]
Today only in the Boing Boing Store we are offering an extra 15% off of the below VPN deals just use coupon code: VPN15 at checkout. proXPN VPN: Premium Lifetime Subscription Surf the web with ultimate peace of mind – both at home and on the road – over proXPN’s fully-encrypted, lightning-fast servers. Your lifetime premium subscription […]
These knitted gloves are here to save the day (and your hands) with an ultra-comfy, double-layer that will allow you to stay warm and use your phone. Now you can take photos on the fly, text, Tinder, and more without letting freezing temperatures get in your way. Plus they work with all touchscreens, so no […]