are ponzi scheme losses tax deductible?
441894
Under the IRS rules, an investor in a Ponzi scheme is entitled to deduct his or her losses as a theft loss, instead of a capital loss from an investment. ... It is not subject to the 10% of adjusted gross income reduction or the $100 reduction that applies to many personal casualty and theft loss deductions.
952137
They are under trust law properly chargeable against income. ... 'You cannot deduct costs, charges and expenses that you incur for the benefit of the whole trust. This includes legal expenses, investment advice or the cost of changing trust investments. Under trust law such expenses are properly chargeable to capital.
818530
Gambling losses are indeed tax deductible, but only to the extent of your winnings and requires you to report all the money you win as taxable income on your return. The deduction is only available if you itemize your deductions.
109517
Generally, unrealized gains/losses do not affect you until you actually sell the security and thus “realize” the gain/loss. You will then be subject to taxation, assuming the assets were not in a tax-deferred account. ... If you were to sell this position, you'd have a realized gain of $2,000, and owe taxes on it.
855838
Deducting Losses – Unfortunately, as a day trader, you cannot utilise the 50% capital gains inclusion rate on your profits. However, you can deduct 100% of your trading losses against other sources of income.
234678
You can deduct capital losses on investment property only, not on property that was owned for personal use. ... If your losses exceed your gains, you can deduct the difference on your tax return, up to $3,000 per year ($1,500 for those married filing separately) but they are not considered a regular itemized deduction.
715740
Thus, the fee is not tax deductible since these income category investments are not a trade or business activity. ... agent and employee compensation – including fees, wages and benefits; the California Bureau of Real Estate (CalBRE) license fee (broker or salesperson) [IRS Publication 529];
1198076
They cannot be deducted from your taxable profits in the same way that expenses can. ... Capital payments, such as the repayment of loans or overdrafts or other capital finance, are not allowable in determining the taxable profits of your business.
975229
Profit on debt (yield or profit) on Behbood and Pensioners‟ certificates or accounts under the National Savings Scheme are not subject to deduction of tax at source and are chargeable to tax as total/taxable income.
170709
Your losses in crypto can offset other capital gains, and if not, you can carry forward the losses to future years to offset gains in crypto or other capital gains. You can also deduct up to $3,000 of your losses from your income. ... You can only deduct if you have total capital losses across all your assets.
648972
It is clear that any miscellaneous itemized deductions subject to the 2 percent of adjusted gross income (AGI) limitation, such as investment management fees, are no longer deductible by a trust or estate. However, it is less straightforward for other expenses.
528939
No. It's not related to your employment you had paid taxes on and now trying to reduce. If you are self-employed then you can argue that the expenses are incurred in the furtherance of trade and should therefore be deductible.
28947
Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.
1326955
Yes, it's deductible for MD taxes. It doesn't matter where the property is as long as it's an ad valorem tax.
1012211
The amount of gambling losses you can deduct can never exceed the winnings you report as income. For example, if you have $5,000 in winnings but $8,000 in losses, your deduction is limited to $5,000. You could not write off the remaining $3,000, or carry it forward to future years.
829991
Due to the Tax Cuts and Jobs Act (TCJA) of 2017, certain investment-related expenses are no longer deductible if you itemize. ... Up to $3,000 of capital losses can be used to offset your ordinary taxable income.
854605
Due to the Tax Cuts and Jobs Act (TCJA) of 2017, certain investment-related expenses are no longer deductible if you itemize. If you borrowed money to purchase taxable investments, you may still be able to use the interest expenses from the loans to reduce your taxable investment income.