Does this mean I can deduct my share of the mortgage bailout?
Among the guidelines the IRS issued yesterday was allowing investors to claim their losses from a Ponzi scheme as a theft loss rather than a capital loss, a personal casualty loss or a personal theft loss. Investors who lost in Ponzi schemes will also be able to include not only the net amount invested but also the fictitious income reported on tax returns in the year the scheme was discovered.
[From IRS offers guidelines for Ponzi scheme victims -- Newsday.com]
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