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I have been using TurboTax for years but encountered an investment situation that TurboTax is not designed to handle. After searching the web for local CPAs/Accountants and chatting with a couple on the phone I was unable to find someone locally with sufficient experience in my particular situation with whom I felt comfortable. Deciding to broaden my search beyond my local area I discovered Gary's website and a detailed discussion with options pertinent to my situation. During a brief phone conversation, Gary answered all of my questions, explained how we would exchange information online and gave me an estimate for preparing my current tax return and an amended return. It was a pleasure working with Gary. He delivered everything he promised with no surprises.

Hank Varno, Purcellville, VA

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Ponzi Scheme CPA discusses Investment Fraud tax deduction through Form 4684 Part II, Casualties and Thefts

Form 4684 Part II, Casualties and Thefts

It’s always better to use Form 4684 Part II, Casualties and Thefts, for  investment fraud loss. I offer a free phone consult on Ponzi scheme cases. (910) 399-2705.

The public uses “Ponzi scheme” to describe all investment fraud. Most CPAs don’t see much of Ponzi scheme losses. I think our virtual office just draws a larger client base than a traditional brick and mortar CPA. I started receiving calls from potential clients, and tax preparers, the first day I posted on Form 4684 Part II, Casualties and Thefts. Sad but true. Clients tell me TurboTax and other tax programs don’t handle Part II, or need a manual workaround.

So what’s special about using Part II of IRS tax Form 4684, Casualties and Thefts?

It turns investment fraud losses into an ordinary income tax deduction. With more deduction and fewer restrictions. You can carry it forward to future tax years or amend prior tax returns to carry it back.

Schedule A, Casualty Loss: Line 20 has a 10% threshold and phases out as your adjusted gross income (for Form 1040) increases. An investment fraud CPA would only use line 20 of Schedule A if you don’t qualify for Form 4684 part II, Casualties and Thefts.

“One Client deducted 95% of over $225,00 of investment fraud loss through Form 4684 Part II, instead of nothing on Line 20 of Schedule A.”
– Gary Bode, Ponzi scheme CPA

Does IRS tax Form 4684, Casualties and Thefts, cover stock market losses?

No, stock market losses are capital losses and limited to $3000 a year.

What qualifies as an investment fraud loss on Form 4684 part II, Casualties and Thefts?

  • You expected to earn money with the investment.
  • You can prove fraud, generally through State of federal tax cases against the perpetrator.

I’m a Ponzi scheme CPA with a virtual office to help you turn investment fraud lemons into lemonade. I offer a free phone consult on investment fraud cases. (910) 399-2705.

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