Tuesday, March 17, 2009
IRS: Madoff's victims can deduct losses in '08
IRS grants break on investment and 'phantom' income, but carry-back varies
Investors who fell prey to Bernard Madoff's multibillion dollar Ponzi scheme will be able to recover at least some of their life savings after the IRS said Tuesday it would allow those swindled in the scam to use a theft loss deduction on their 2008 tax return.
Victims can deduct the money they invested, plus any "phantom" earnings Madoff reported to them, the IRS said. If that deduction exceeds their 2008 income, taxpayers may be able to carry-back those losses for three or five years depending on their status...
MarketWatch: Madoff's victims can deduct losses in '08
Investors who fell prey to Bernard Madoff's multibillion dollar Ponzi scheme will be able to recover at least some of their life savings after the IRS said Tuesday it would allow those swindled in the scam to use a theft loss deduction on their 2008 tax return.
Victims can deduct the money they invested, plus any "phantom" earnings Madoff reported to them, the IRS said. If that deduction exceeds their 2008 income, taxpayers may be able to carry-back those losses for three or five years depending on their status...
MarketWatch: Madoff's victims can deduct losses in '08
Permalink posted by markw @ 2:05 PM 
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