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smartmoney.com:
If you've been cheated in a Ponzi investment scheme a la Bernie Madoff, the IRS wants to cut you some slack. The feds will let you treat your loss as a tax-favored ordinary loss rather than a capital loss.
Ponzi scheme - Wikipedia, the free encyclopedia
YouTube - How Does a Ponzi Scheme Work?
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When the economy collapsed a lot of investors wanted their money back from me so my ponzi scheme lost a ton. What form do I file to declare the loss?
FINANCIAL INDEPENDENCE DAY - STARVE THE BEAST
We're udnergoing a delveraging process. Expect the DJIA to bottom at 5000 or lower.
Americans are starting to come to their senses. The savings rate reached 6.9% last month,
the highest level in 15 years. This brought the level up to the long-term average. As usual,
the pundits on CNBC have concluded that now that we've reached the average, everything is
roses and the consumer can resume their free spending ways and save our economy. These fools
have no concept of history, averages or cycles. The savings rate has been in a downward
spiral for 30 years. Consumers have lost $14 trillion of net worth and 5,000 per day turn
65. Most people have miniscule retirement savings and 14.7 million are unemployed. The
savings rate will go up for the next two decades as people must save.
hat tip to: http://iamned.blogspot.com 4 the good articles
Any different than the losses of our 401s and IRAs or pension plans in the open markets? Those that gambled with my investments and I lost. I had no say as my employer and union decides who holds it all. Can I write my losses off or shall I sue them for thr ponzi they played?
I'm almost always on the progressive side of issues, and I think I am on this one too. The progressive view is that the rules are the rules for one and all, there are no special rules for the rich and powerful. In this case the IRS position falls in line with this theory. A ponzi scheme is simple theft. The money was never invested (and diminished as an investment loss), it was simply stolen by Bernie Madoff. I might look at it a little differently (and theorectically incorrectly) if Madoff was Robin Hood-like (stealing from the rich to give to the poor, though the ends shouldn't justify the means). However, Madoff stole from everyone (including charities) to enrich himself and his cronies. Everyone is equally entitled to theft loss treatment (a casualty loss under the Code) when a theft occurs. The rich shouldn't be treated better than anyone else, but they shouldn't be treated worse either. Equality, or at least equal treatment, should be the goal.
W_TF Amazing! 0utrage that Americans ignore this!
WTF Amazing! Outrage that Americans ignore this!
hurry up! while people still are naive enough to have pity!
This is nothing more than welfare for the rich.
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First Posted: 07- 2-09 03:10 PM | Updated: 07- 2-09 03:17 PM