Madoff Victims Receiving IRS Refunds

wsj.com:

The Internal Revenue Service has begun to send refund checks to Madoff investors who paid taxes on money they thought they had made before the massive fraud was revealed.

An early trickle of refunds includes checks for substantial amounts, nearly half a million dollars in some cases.

Read the whole story: wsj.com

Comments

[imusintheevening]

07:09 PM on 08/06/2009

A great reason for higher taxes - diversification.

[davidwayneosedach]

01:42 PM on 08/06/2009

What's the rush in giving them tax refunds?

[jsgaetano]

01:41 PM on 08/06/2009

So do all fraud victims get tax refunds, or only the mega-wealthy ones who make horrible investment decisions?

[youpeoplearefunny]

01:56 PM on 08/06/2009

Assuming they ammend their tax returns, and paid taxes on fraudulent gains, yes all fraud victims get tax refunds.

[FHTB]

05:08 AM on 08/06/2009

Forget these victims...gimme mine!

[Josie Gates]

03:27 AM on 08/06/2009

my posts are nwo being removed, even though I am certainly qualified to comment on this ....
IRS shoudl look closely at the large refunds issued..
Josieg6 just google me to know how I know.

[Name Not In Use]

09:50 AM on 08/06/2009

don't bother

[sosi]

01:46 AM on 08/06/2009

BS, most of them were in on the scam and that is how these people get rich by fleecing US...

[loki]

01:28 AM on 08/06/2009

More coddling of the elitist. No one did a damn think for me when Merrill Lynch screwed me out of a lot of money, then tried to tell me that it was my fault because i didnt tell my highly paid adviser exactly what to do with my money. No, I just paid him a lot of money because if I had known what to do with my money then, i wouldnt have paid his butt to steal it. I learned a very expensive lesson. Financial advisers are crooks and the laws are written to protect them, not the investor. The Bull, is just that. Bull.

[thenextquagmire]

01:11 AM on 08/06/2009

What a scam.

[duxguts]

12:45 AM on 08/06/2009

The government says we can track terrorist money and put them out of business. We have done that to a couple of Islamic charities.

My question is, why can't we track the Madoff money? Is there a lack of will for some reason.

[jsgaetano]

01:42 PM on 08/06/2009

Because it traces back to too many friends of the GOP.

[jozzie]

10:41 PM on 08/05/2009

Not to dump on the good news, but I know someone who was heavily invested with Madoff, but pulled out several years before his meltdown. She got all her money back, and also enjoy all the "interest" that was paid out to her through the years. Did pretty well.

Now she's also going to get a refund from the IRS for all the taxes she paid on that "interest." She's making out like a bandit.

[xmontreal]

11:43 PM on 08/05/2009

no she ain't

[SamKnause]

10:18 PM on 08/05/2009

Wonderful news especially for the charity groups and the group of nurses who had their entire retirement savings stolen. I am sure they need that bit of money now. I believe there was also a 90 year old man who lost all his savings and went to work as a greeter at a grocery store.

[Labsaregreat]

10:58 PM on 08/05/2009

dont believe it matters to the charities since they usually dont pay taxes