SUMMARY:
• Ponzi schemes involve theft and result in financial losses for investors.
• Losses from Ponzi schemes can be claimed as theft losses for tax purposes.
The year of discovery is crucial in determining the timing and amount of the theft loss deduction.
• Deductions for theft losses may be limited if there is a reasonable prospect of recovery.
• The IRS has provided a safe harbor for Ponzi scheme losses, allowing for standardized deductions based on certain criteria.
Ponzi Scheme Losses – Has The Trump Tax Bill Made Business Theft Loss Deductions And Losses Less Valuable? Individuals who have had losses from financial thefts and other theft losses in 2015, 16 and 17 will need to be careful to take advantage of any tax loss carrybacks that still may be available to these taxpayers.
Maximize Your Tax Benefits: Navigate Ponzi Scheme Losses with Tax Attorney Richard Lehman!
Richard S. Lehman, Esq. Lehman Tax Law
Located in the Dorot & Bensimon P.L. Domestic & International Tax Law Office
2000 Glades Road, Suite 312
Boca Raton, FL. 33431
561-368-1113
