Ponzi sceme
I heard the irs issued a new benefit for IRA owners that lost money in a ponzi sceme. Does anyone have any information on this?
I heard the irs issued a new benefit for IRA owners that lost money in a ponzi sceme. Does anyone have any information on this?
Permalink Submitted by mk foss on Thu, 2009-03-19 01:08
The IRS issued a revenue ruling and revenue procedure that allows a theft loss benefit for Ponzi scheme victims. However the benefit is limited to basis in the account – very few IRAs have basis.
Permalink Submitted by Alan Spross on Thu, 2009-03-19 01:19
IRS Release:
http://www.irs.gov/pub/irs-drop/rp-09-20.pdf