arbs, if the irs was against him, they're likely waiting for the outcome of the txs supreme court and then if his appeal fails, the penalty from the texas court.
they likely don't publish stuff anyway against a person. and the fraud needs to stand ? before they go after him for racketeering and non payment of tax like al capone?
but , i'm less after retribution and more on v ip winning in business, making us money upon which we have to pay taxes.
if we lose, i can deduct that on my taxable account side at least.
actually, i wonder if your investment in ira fails cuz of fraud is it a deductible thing?
anybody know?==================================
gemini says
"if in your IRA(retirement account) you invest in a company that fails by way of fraud, can you write off that investment as a loss in any way?
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Under the Tax Cuts and Jobs Act (TCJA), deductions for losses in IRAs, including those due to fraud, were suspended for tax years 2018-2025. This means that currently, you cannot claim a deduction for losses in your IRA even if they were caused by fraud.
Before 2018:
Prior to the TCJA, losses in traditional IRAs could be deducted under certain circumstances. If the loss was due to fraud, it would have been considered a theft loss and could be deducted on Form 4684 and Schedule A.
Key Takeaways:
2018-2025: No deductions for IRA losses, even due to fraud.
Before 2018: Potential for theft loss deduction if requirements were met.
Consult a tax professional: For personalized advice on your specific situation, it's recommended to consult a tax professional.
Important Note: This information is for educational purposes only and should not be taken as tax advice. Please consult with a qualified tax professional for guidance on your individual circumstances.
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