Tax Break for Madoff Victims?

" There. Aren't victims of Bernie made off may be getting a little bit to help it is in the form of tax relief from. The IRS. When he is now more on this story fox business dot com senior reporter. But while both the you know market for car by the way I would use one we talked about this great time to buy a used car in other news. The I started a story about a week ago and I thought what I try. What to -- sort of a red meat made off story I really thought I was gonna get. Made off victims slash clients on the phone. And they would say you know bull we want to take this guy at the times square and draw and quarter of interesting thing that I found a lot of these. Made off folks have moved beyond meat off the villain himself and what they're doing is trying to find some solutions to the situation there now weird when it that way. What on the methods they're trying to go to their congressman. And -- and and talk to the IRS about getting some tax from what what how what what what what the deal is is that. As a tax Payer you these folks to pay taxes on these. Phony profits as part of a Ponzi scheme even if they haven't withdrawn the money even if they have withdrawn the money."

" They put -- hundred let's say is so they put a hundred grand in ten years ago yes and over the dead the last ten years their statements saying right now had a million yet. Or 10% 10% gains as baseless so -- thoughts -- not a negative pledge not happening on the taxes yet. Now what they'd like is to get. Those taxes returned to them the counterpoint to that is that the government is going after a lot of these folks to get them to really -- These profits these so called with claw backs down so this sort of haven't -- let -- double every seven yes on a 10% a year would be double. Be about it okay you want out of all what you do you know I think in my seventy it is we -- to a 50% return today and you have you got your 15% on every. They're paying capital gains yes they are the if you say so what they get back on the all back then from the IRS I don't really now. The -- give something back sure they get what they paid back would be just get relief on currently owed back."

" What they're trying to do is get refunds on the taxes they pay these were. Fully -- phony profits. Generated by me off to keep. The Ponzi scheme going there obviously but if if people are out there telling yes -- not content -- that but now you've got the government. Not only that not only paid these taxes to the government. But on the other hand the supposed to be paying back through these all acts and they're getting hit on both ends of you know so they're angry about that. Gary Ackerman has a a bill that he's asking some legislation what he'd like to do is. I just you can only a major taxes for three years that's the best yeah do you gotta pay a penalty to a point again I knew I guess -- what he's saying that what actually wants -- to -- from -- queens is that a lot of victims in his. It in his district out there. What he wants is is -- the IRS to change the law so these these victims can go back to 1995. They can amend their taxes in 1995. To back and reflect the taxes that they paid on these. Phantom. Profits back to that period now another thing that they're doing. Taxes is one thing another and another element that the the the victims are are doing is they're getting together. On the -- in particular. In support groups one of the larger ones is something called Bernard Madoff victims dot or and it's interesting because if not for anybody I can't even guide you can't get on you got to prove to the people who were running the web site. Through documentation to perhaps one of these phony statements and then you go under what they're doing their sharing information in their sharing stories it's well it's almost like. A cancer victim survival group or an eight."

" He immediately you'll have somebody might talk to get that understands what -- that through -- you've got sucked in exactly eighty you know some of the same people -- you know -- an empathy a lot of them up a lot of empathy in some places the fact that some people are saying what's your own fault for getting into this you know our fault that same time just this is not. The fault any of the made offer Stanford victims or alleged victim now. It is simply a good lesson -- right to say it is to be your next story okay Betty you know if your mutual in this market if you're up to eight to 10% a year for the last ten years back. If it looks you maybe you may want to double check those returns."

" Slightly interesting thing to me was the the philosophical approach a lot of these people like us that I wanted to read -- story. Are you made off this and where's the -- to -- a lot of people moved on from meat off himself and are trying to find a way to heal from all this and it was a it was an interest in store this mice were the on the website. Fox business dot com we take a look at it and if you get it accurate a story check out my blog to the bottom of faith. Couldn't -- Until the table a recession in Puerto -- taste good stuff done and thank you very much my pleasure."