You do not need to wait for a K-1 to file a Ponzi Scheme claim. However, in order to file a claim
You do not need to wait for a K-1 to file a Ponzi Scheme claim. However, in order to file a claim you must include certain info.
For example, the IRS wants some documentation that a Ponzi Scheme was operated.
This is normally some sort of state or federal document that shows charges were filed.
Does this fbi press release do the job
Here is an IRS link, but I am happy to answer questions:
Just a second let me look at your link.
Yes, that should do it. However, if I were you, I would file the claim in 2013 on an original return.
I say this because I have a Ponzi Scheme 1040X in my office right now. They tend to audit these
and can be real sticklers about the documentation.
So called interest payments were made in 2010, and 2011
If you file a 1040X to remove those payments then this DECREASES your lost that you can claim in 2013.
Because as you correctly note, these are actually returns of principal.
How much were the interest payments? Ballpark?
half the presidents salery
Well, sure, you can file amendments for 2010 and 2011.
Got Madoff'ed big time
What's strange is that I thought 2008 stock crash flushes all that out.
Thanks, XXXXX XXXXX been preparing docs for my accountant, just stumbled into this site, thought what the heck, so much opinion info on tax stuff
Okay, there's no right answer here, just be prepared, this will trigger an audit.
What do you mean about stock crash. This Invetment was made after that.
It was the 2008 sub prime stock crisis that exposed many of the Ponzi Schemes.
I guess I was naive in that I thought these guys were out of business.
I'm sorry to see that's not the case.
And yes, I guess I need to make sure my own info is all intact for the audit. Turns out there were federal agencys that had investment there also, so I think the FBI is going to be very aggressive against these guys. You would think that that would give IRS comfort in its reality
There are alway a line of crooks to replace the ones going to jail today
Have I answered yoru question(s)? Do you have more?
Yes, and thanks
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