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Old 02-09-2008, 09:04 PM
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Swindled out of investments...how to claim loss on taxes

TN

I was a victim of the Robert McLean investment scandal in Tennessee (google either Robert McLean or Bob McLean for more info). Anyway, he swindled people (including me) for a total of over 40 million dollars. I would like to try to offset my loss somewhat by claiming a loss on my taxes. My problem is, I don't have any documentation showing my loss (besides being named as a client in the court records), so I'm not sure how to do this. I lost about 10K. Any ideas as to what I should do?
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Old 02-09-2008, 11:29 PM
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See publications 584 and 584b. You will have a problem if you cannot prove your loss.
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Old 02-10-2008, 07:16 AM
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Originally Posted by tranquility View Post
See publications 584 and 584b. You will have a problem if you cannot prove your loss.
Court documents can be a valid source of proof. However, if the case is not yet finished, then the loss may not yet be realized. If the court orders him to make restitution, and he does, then you do not have a loss. If he does not make restitution, and there are no assets available to seize for restitution, then you would have a realized loss.
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