Webattributable to a qualified disaster loss are not subject to the 10% of the AGI reduction and the $100 reduction is increased to $500. An exception to the rule above limiting the personal casualty and theft loss deduction to losses attributable to a federally declared disaster applies if you have personal casualty gains for the tax year. WebHowever, investment losses may be claimed under NJSA 54A:5-1.c, “Net gains or income from disposition of property.” N.J. taxpayers should claim the investment loss in the same year they claim the theft loss for federal tax purposes.
IRS Guidance and Safe Harbor Relief for Aggrieved Madoff Investors …
WebOct 7, 2016 · His estate held a 99 percent interest in James Heller Family, LLC, whose only asset was an account with Bernard L. Madoff Investment Securities. 8 On its estate tax return, the estate reported the ... Web.04 In view of the number of investment arrangements recently discovered to be fraudulent and the extent of the potential losses, this revenue procedure provides an optional safe harbor under which qualified investors (as defined in § 4.03 of this revenue procedure) may treat a loss as a theft loss deduction when certain conditions are met. h2te is more acidic than h2s
Deducting Ponzi Scheme Losses: Practical Issues - The Tax Adviser
WebDec 18, 2008 · Madoff, 70, is accused of defrauding banks, charities and rich individuals through a long-running Ponzi scheme executed at Bernard L. Madoff Investment Securities LLC, which he launched in 1960. Webtaxpayer’s federal income tax returns dur-ing the years of investment. Theft losses are treated as business deduc-tions16 and may be included in net operating losses that are carried back and carried for-ward.17 Taxpayers claiming net operating losses for the 2008 tax year are eligible for a net operating loss carryback period of up to WebMar 1, 2009 · It isn’t yet known how much investor money was lost in the alleged scheme, which is thought to have been carried out for several years. Mr. Madoff told family members that the losses amounted... brad and alys smith