IRS Approves Theft-Loss Deduction for Madoff’s Victims

by

Via Marketwatch

The investors in Bernard Madoff’s monumental fraud can recover some of their losses as theft-loss deductions for 2008, including their original investments and "phantom" earnings that were reported to them but never really existed, the Internal Revenue Service says. If the deduction exceeds the taxpayer’s income for 2008, they may be able to carry the deduction back for either three or five years, depending upon their specific circumstances.

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