Not sure it is in MY best interest for them to be able to simply file for bankruptcy. Pretty sure that loss would be a capital loss and could take what will feel like ages to carry forward at $3000 per year. That is nothing. And is it just me, or is it criminal that number has never gone up in all my years of investing and filing taxes. How is that possible? At the very least, there ought to be a “catch up” provision for older folks, like there is with IRA limits. Uh oh, don’t get me started...
Seriously, why is it that some things are adjusted for inflation but others are not? Every year the social security threshold goes up, but the limit on education accounts remains at 2K per year. Good grief, it took twenty years for them to start increasing IRA contribution limits from that measly amount.
I wonder how many victims of this disaster would be better off if Mr. Schatt and company were charged federally with fraud. That would allow everyone to take the loss as a Ponzi scheme type loss, like folks were able to do for tax year 2008 thanks to Mr. Madoff. (When you think about it, Bernie’s Ponzi scheme was not the biggest of all history, nor even the biggest one to fail that year, if we broaden the definition—just a bit.)
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