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Free minder
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Ponzi loss tax question
Staying home due to inclement weather, I took a stab at my 2009 taxes. Reading IRS publication 529 on tax deductions, I see:
What’s New: Losses from Ponzi-type investments. Special rules apply to theft losses from Ponzi-type investment arrangements. See Form 4684 and Instructions for more information. Now, clearly the social security qualifies a Ponzi type investment, and I am losing all the money I am putting in it. Does that mean I could deduct it as a loss to reduce my taxes? 
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1978 SC Targa, DC15 cams, 9.3:1 cr, backdated heat, sport exhaust https://1978sctarga.car.blog/ 2014 Cayenne platinum edition 2008 Benz C300 (wife’s) 2010 Honda Civic LX (daughter’s) |
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02-10-2010, 07:25 AM
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Information Junky
Join Date: Mar 2001
Location: an island, upper left coast, USA
Posts: 73,189
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I think that you're on to something.
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Everyone you meet knows something you don't. - - - and a whole bunch of crap that is wrong. Disclaimer: the above was 2¢ worth. More information is available as my professional opinion, which is provided for an exorbitant fee. 
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02-10-2010, 07:30 AM
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Used to be Singpilot...
Join Date: Oct 2006
Location: Sioux Falls, SD is what the reg says on the bus.
Posts: 1,867
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The question then is.... the man in charge of losing all this money.... does he have to go to jail before the crime is solved?
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02-10-2010, 10:34 AM
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Registered
Join Date: Apr 2001
Location: Linn County, Oregon
Posts: 48,518
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The new Madoff (sp?) rule...
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"Now, to put a water-cooled engine in the rear and to have a radiator in the front, that's not very intelligent." -Ferry Porsche (PANO, Oct. '73) (I, Paul D. have loved this quote since 1973. It will remain as long as I post here.) |
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02-10-2010, 11:13 AM
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Registered
Join Date: Apr 2002
Location: Clinton, NJ
Posts: 12,782
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Sure you can..
That's Form 4865
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______________________________ Dave 1969 911T Coupe 1972 911E Targa |
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02-10-2010, 11:43 AM
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