Tuesday, December 29, 2009

Happy Saint Patrick's Day

On March 17, 2009 Revenue Ruling 2009-9 was issued.  It indicated that investors who had all their money stolen by somebody who was supposed to have invested it had a theft loss rather than a capital loss.  So now you know what to do if somebody made off with your money.

This wasn't necessarily a great result for taxpayers in Massachusetts where theft losses are not deductible in computing state income tax.

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