Discussion:Ponzi Schemes
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| Revision as of 23:52, 4 October 2009 LstowCPA (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 00:38, 5 October 2009 Solomon (Talk | contribs) ("''but I think h) Next diff → |
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| {{ForumNewPost|UserID=LstowCPA|Date=4 October 2009|Text=I have a client who lost $$$$ courtesy of Madoff, et. al. I understand the Rev Procs for direct investors and for partnership investors, etc. However, my client had an annuity with the investment firm who invested his money in one of the Madoff funds. I'm stumbling around some at this point, but I think he can deduct his loss (basis vs. return of zero) as a miscellaneous itemized deduction subject to... I'd love to have some input from anyone out there dealing with this problem. Also, the annuity's value didn't go to zero until 2009, so do I wait for the 2009 return to claim the loss? I would appreciate any discussion on this topic. }} | {{ForumNewPost|UserID=LstowCPA|Date=4 October 2009|Text=I have a client who lost $$$$ courtesy of Madoff, et. al. I understand the Rev Procs for direct investors and for partnership investors, etc. However, my client had an annuity with the investment firm who invested his money in one of the Madoff funds. I'm stumbling around some at this point, but I think he can deduct his loss (basis vs. return of zero) as a miscellaneous itemized deduction subject to... I'd love to have some input from anyone out there dealing with this problem. Also, the annuity's value didn't go to zero until 2009, so do I wait for the 2009 return to claim the loss? I would appreciate any discussion on this topic. }} | ||
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| + | {{ForumReplyPost|UserID=Solomon|Date=5 October 2009|Text="''but I think he can deduct his loss (basis vs. return of zero) as a miscellaneous itemized deduction subject to...''" | ||
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| + | It is not subject to 2% limitation.}} | ||
Revision as of 00:38, 5 October 2009
Discussion Forum Index --> Advanced Tax Questions --> Ponzi Schemes
Discussion Forum Index --> Tax Questions --> Ponzi Schemes
| 4 October 2009 | |
| I have a client who lost $$$$ courtesy of Madoff, et. al. I understand the Rev Procs for direct investors and for partnership investors, etc. However, my client had an annuity with the investment firm who invested his money in one of the Madoff funds. I'm stumbling around some at this point, but I think he can deduct his loss (basis vs. return of zero) as a miscellaneous itemized deduction subject to... I'd love to have some input from anyone out there dealing with this problem. Also, the annuity's value didn't go to zero until 2009, so do I wait for the 2009 return to claim the loss? I would appreciate any discussion on this topic. | |
| 5 October 2009 | |
| "but I think he can deduct his loss (basis vs. return of zero) as a miscellaneous itemized deduction subject to..."
It is not subject to 2% limitation. | |
