IRS Ponzi Scheme Deductions
Tue, 03/17/2009 - 13:17
So apparently the IRS is now allowing people to deduct more of their losses in Ponzi schemes:
http://www.reuters.com/article/newsOne/idUSTRE52G5F920090317
Obviously this is a reaction to Madoff, but it makes me wonder why there wasn't such a deduction before. If I've had my life's savings stolen I'd think it would be nice if I could at least get a deduction for that. I made 1 million this year before it was all stolen, so in addition to having nothing, I need to pay taxes on a million dollars?
Similar entries
- UN Suggests Using A Basket of Currencies for Reserves Instead of Dollars
- Krugman Does Not Like The Plan
- Bernie Sanders Grandstanding?
- Seeking Alpha: The GLD ETF
- The Bank Nationalization Hub-Bub
- Market/Investor Disconnect
- Citi Suspends Dividends
- Why I'm Selling Covered Calls
- CNBC Talking Heads
- Cramer's Mainstreet Article