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Cry ‘thief’ to the IRS

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Have you been victimized by an investment Ponzi scheme? Bernie Madoff isn't the only unscrupulous broker out there.

A new IRS ruling says you can deduct such a loss as a theft loss rather than a capital loss. (IRS Revenue Ruling 2009-9) The loss is deductible in the year it's discovered without regard to the usual casualty and theft loss limits: You don't have to reduce the loss by 10% of your AGI or $100 per event ($500 in 2009).

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