Ponzi Scheme Victim?

IRS assisance-Investors can deduct losses in same year suffered: Because IRS rules are fairly generous about losses from theft, the apparent victims of an alleged Ponzi scheme that is the basis for charges against Bernard Madoff should be able to take their tax losses in the same year they were experienced. The Willens Report, published by tax and accounting expert Robert Willens, says most of the losses from the alleged fraud would qualify for same-year write-offs.