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Do you have questions on what to do if you took a tax loss due to a Ponzi scheme investment but later recovered some of your investment? If so, these questions and answers on the tax treatment of distributions received from a trustee/receiver may help.
- Instructions for Form 4684
Use Section C to figure a theft loss deduction from a...
- Instructions for Form 4684
Corporations may be entitled to an expedited refund using Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax. However, a corporation must file Form 4466 before the sixteenth day of the third month after the end of the tax year.
5 Ιουν 2019 · You have two options: The IRS has provided safe harbor rules for computing losses from Ponzi-type schemes. The rules allow a deduction of 95% (75% for taxpayers suing third parties) of the net investment, less any actual recovery and potential insurance recovery (Rev. Proc. 2009- 20).
24 Σεπ 2024 · What Is a Ponzi Scheme and How Does It Affect Victims? How Are Ponzi Scheme Losses Treated for Tax Purposes? What Are the IRS Relief Options for Ponzi Scheme Victims? How to Support a Tax Relief Claim; How Do Victims Calculate Their Losses for Tax Relief? Getting Help Claiming Tax Relief If You're a Ponzi Scheme Victim
Under the federal income tax, individuals currently have two ways to claim a deduction for losses due to Ponzi schemes: 1) follow the general rules for deducting theft losses under I.R.C. § 165 (which can be unduly burdensome), or 2) follow the “safe-harbor” under Revenue Procedure 2009-20 (which sets limitations on the deductible amounts ...
Use Section C to figure a theft loss deduction from a Ponzi-type investment scheme if you qualify to use Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58, and choose to follow the procedures in the guidance. Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. You don't need to complete Appendix A.
Use the IRS Safe-Harbor Tax Relief for Ponzi Scheme Losses. The Ponzi scheme is an investment fraud where the schemer uses invested money to create fake investment returns.
