Warning..misery raud loss
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Warning..misery raud loss (by Anon [TX]) Apr 10, 2021 11:22 AM
       Warning..misery raud loss (by Vee [OH]) Apr 10, 2021 12:09 PM
       Warning..misery raud loss (by Anon [TX]) Apr 10, 2021 12:31 PM
       Warning..misery raud loss (by plenty [MO]) Apr 10, 2021 12:41 PM
       Warning..misery raud loss (by Deanna [TX]) Apr 10, 2021 2:03 PM
       Warning..misery raud loss (by JR [ME]) Apr 10, 2021 2:19 PM
       Warning..misery raud loss (by Allym [NJ]) Apr 10, 2021 3:45 PM
       Warning..misery raud loss (by Anon [TX]) Apr 10, 2021 4:36 PM
       Warning..misery raud loss (by WMH [NC]) Apr 10, 2021 4:36 PM
       Warning..misery raud loss (by Sparky [PA]) Apr 10, 2021 5:33 PM
       Warning..misery raud loss (by Ray-N-Pa [PA]) Apr 10, 2021 5:58 PM
       Warning..misery raud loss (by #22 [MO]) Apr 10, 2021 9:38 PM
       Warning..misery raud loss (by Robin [WI]) Apr 10, 2021 10:23 PM
       Warning..misery raud loss (by Anon [TX]) Apr 10, 2021 11:34 PM
       Warning..misery raud loss (by J [FL]) Apr 11, 2021 8:34 AM
       Warning..misery raud loss (by Wilma [PA]) Apr 11, 2021 4:53 PM
       Warning..misery raud loss (by Wilma [PA]) Apr 11, 2021 5:01 PM
       Warning..misery raud loss (by Landlord ofthe Flies [TX]) Apr 11, 2021 5:01 PM
       Warning..misery raud loss (by Anon [TX]) Apr 11, 2021 5:09 PM
       Warning..misery raud loss (by Anon [TX]) Apr 11, 2021 5:10 PM
       Warning..misery raud loss (by James [GA]) Apr 12, 2021 11:56 PM
       Warning..misery raud loss (by mike [CA]) Apr 13, 2021 2:12 PM
       Warning..misery raud loss (by Anon [TX]) Apr 13, 2021 11:30 PM
       Warning..misery raud loss (by GKARL [PA]) Apr 14, 2021 5:23 AM
       Warning..misery raud loss (by Bill [IN]) Apr 20, 2021 9:41 PM

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Warning..misery raud loss (by Anon [TX]) Posted on: Apr 10, 2021 11:22 AM
Message:

I won't forget yesterday..an expensive lesson!So talk about being wiped out off 25% of your net worth! A investment gone wrong..due to fraud! I am shaken to the core...invested in someone and something that was not supposed to be super risky! Fraud was never considered..just like good tenants change...I no longer can trust anyone. What was issued, published, communicated, shared in person, zoom, and publicly was all a lie!

Anyways...I was looking at tax write offs and discovered that under trumps recovery plan, fraud loss is no longer tax deductible!

Talk about kicking someone when they are down and out.

I need help with tax strategy in Texas for fraud loss. The fraud loss changes are in effect until 2025 --73.166.xxx.xxx




Warning..misery raud loss (by Vee [OH]) Posted on: Apr 10, 2021 12:09 PM
Message:

Lets look back to about 2008 when I read it here many times that wage garnishment is not allowed in the Great State of Texas, so better tenant screening has been required since at least that long. Just like insurance to protect housing providers from animal bites is non existent, with no insurance declaration page naming the housing provider the person applying has self screened away from occupying your place. --76.188.xxx.xxx




Warning..misery raud loss (by Anon [TX]) Posted on: Apr 10, 2021 12:31 PM
Message:

Our money that was supposed to be used to buy assets has been leveraged and lost via fraud. We are still unraveling the fraud but at this point...there are no assets is what we are being told. We are trying to get the federal authorities involved. --172.58.xxx.xxx




Warning..misery raud loss (by plenty [MO]) Posted on: Apr 10, 2021 12:41 PM
Message:

Oh boy, sorry this sounds terrible! I wouldn't like any of that. Hope there is some justice ahead for all who were done wrong. --172.58.xxx.xxx




Warning..misery raud loss (by Deanna [TX]) Posted on: Apr 10, 2021 2:03 PM
Message:

Were you investing in passive income/turnkey rentals that would be managed by someone else, but they actually ran off and did something totally different with the funds and hoped you wouldn't find out?

I know a lot of crowdfunding things are like that. In order to be an accredited investor, you need to earn more than $x/year, have a net worth north of $1M, and so on. Part of that is the barrier-to-entry, but part of that is also to limit the investor pool to people who are more used to this sort of scenario.

Tell us more about what you thought you were buying, vs what they actually used the funds for. --137.118.xx.xxx




Warning..misery raud loss (by JR [ME]) Posted on: Apr 10, 2021 2:19 PM
Message:

Terribly sorry for your loss. I think you are correct, loss of money by fraud or theft is no longer tax deductible. You mention investing the funds that were lost, Investing loss is tax deductible and the line between the two can be a fine one. Consult a tax advisor.

The cautionary tale is investing 25% of one’s net worth in any single investment (assuming having quite a bit to begin with) is risky. --98.13.xx.xxx




Warning..misery raud loss (by Allym [NJ]) Posted on: Apr 10, 2021 3:45 PM
Message:

Sorry to hear about that. I guess if people are allowed to write off fraud loss, the fraudsters don't get tracked down and prosecuted and do it again and get away with it. I can't imagine any other reason for not making it a write off. --108.24.xx.xx




Warning..misery raud loss (by Anon [TX]) Posted on: Apr 10, 2021 4:36 PM
Message:

I cant share anything because we are in the dark. It was an income producing asset. What happened to the asset is the issue. This is ivy league investors, institutions and family and friends. A ivy league board! Same social circle investors and we are at a total loss.

The law changes happened in 2018 and in effect u til 2025. Didn't need to know until now..investment was made under the assumption no matter what...there was real asset at the end of the day.... --172.58.xxx.xxx




Warning..misery raud loss (by WMH [NC]) Posted on: Apr 10, 2021 4:36 PM
Message:

Ally, just calling something a fraud doesn't make it a fraud. They would have to PROVE fraud - which is a crime - in a court of law.

Investment loss is another matter - losing money on an investment is a deductible loss.

It sounds to me as if OP invested in something that turned out to be shady and they lost money - but without a criminal charge, they can't just charge off lost money to the taxpayer. --50.82.xxx.xxx




Warning..misery raud loss (by Sparky [PA]) Posted on: Apr 10, 2021 5:33 PM
Message:

Sounds to me like the poster was a victim of some kind of investment fraud - not just a bad investment. Fraud is still fraud before it is adjudicated as such by a Court. --73.40.xxx.xx




Warning..misery raud loss (by Ray-N-Pa [PA]) Posted on: Apr 10, 2021 5:58 PM
Message:

OGM? --24.154.xx.x




Warning..misery raud loss (by #22 [MO]) Posted on: Apr 10, 2021 9:38 PM
Message:

Op,no one will ever know who you are. Who is the filthy firm? Not sure why you're scared to name them, if this is true, well all find out who it is in time --68.171.xx.xx




Warning..misery raud loss (by Robin [WI]) Posted on: Apr 10, 2021 10:23 PM
Message:

So sorry to hear that! You must be just sick! We've been victimized too. It's surprisingly difficult to get justice served. I hope you're able to mitigate the damages somehow! --104.230.xxx.xx




Warning..misery raud loss (by Anon [TX]) Posted on: Apr 10, 2021 11:34 PM
Message:

I am a semi regular poster one or two of you I have texted.

You will all hear about it for sure ...maybe in the news over the next several weeks or a booknor a movie of how to defraud a soutjern ivy league class by an soutjern ivy leaguer.

I am sick to my stomach.

There is chance to recover maybe $1 per every $1000 invested ... --73.166.xxx.xxx




Warning..misery raud loss (by J [FL]) Posted on: Apr 11, 2021 8:34 AM
Message:

Anon: was it this Hollywood actor -- Zachary Joseph Horwitz -- who was just just busted running a huge ponzi scheme? --72.188.xxx.xxx




Warning..misery raud loss (by Wilma [PA]) Posted on: Apr 11, 2021 4:53 PM
Message:

Anon, I can only imagine the depth of your pain. Try to band together with others that have been defrauded, in order to bring these creeps to justice. I read recently that there is hardly a person who cannot be scammed in some way or another, so don't be too hard on yourself. --96.245.xx.xx




Warning..misery raud loss (by Wilma [PA]) Posted on: Apr 11, 2021 5:01 PM
Message:

I hit return too soon - here's a word of encouragement. My now gone father-in-law was a careful and prudent investor. Yet he somehow got talked into a RE investment in Florida, a mixed-use business and residential building that never gave any return and was essentially never finished. He died 10 years into this debacle, but had managed to build up the rest of his spouse's future by careful investing.

About 2 years after his death, a class action suit that he was automatically part of yielded a payment - of a little more than he'd initially invested (the property value had suddenly skyrocketed, and a new partnership bought it, funding the payout). So his widow got the money back, and in the 8 years since then, has earned 9% annually on average.

Happy endings do happen. --96.245.xx.xx




Warning..misery raud loss (by Landlord ofthe Flies [TX]) Posted on: Apr 11, 2021 5:01 PM
Message:

Any possibility that it is covered by title insurance? --108.69.xxx.xxx




Warning..misery raud loss (by Anon [TX]) Posted on: Apr 11, 2021 5:09 PM
Message:

1. There are not a lot of Texas posters so some of you are figuring it out..

2 yes spent the last 48 hrs connecting dots but just discovering the depth of the scam and fraud and makes me even sicker!

3. I will bounce back just got put back a decade in life --73.166.xxx.xxx




Warning..misery raud loss (by Anon [TX]) Posted on: Apr 11, 2021 5:10 PM
Message:

No title insurance --73.166.xxx.xxx




Warning..misery raud loss (by James [GA]) Posted on: Apr 12, 2021 11:56 PM
Message:

Mr tex -

So we can learn - what are some of the red herrings that you saw earlier, but allowed?

--67.41.xxx.xx




Warning..misery raud loss (by mike [CA]) Posted on: Apr 13, 2021 2:12 PM
Message:

not to be unsympathetic but this is a snivvel and adds nothing of value until you state the name of the alleged fraudster. the idea of a discussion board like this is to share info...if you just want to vent go tell your bartender --75.80.xx.xx




Warning..misery raud loss (by Anon [TX]) Posted on: Apr 13, 2021 11:30 PM
Message:

Thanks Mike. I dont drink so sorry I didn't post as OT. This board is my bar buddies!

I wrote to more highlight that tax write off for fraud loss is also taken away. Didnt know it until Friday 2 or 3am.

The feds are now involved. I will disclose the painful lessons.

As of right now the $$ invested are all gone and I am still hurting. Chances of recovery are less than 1% --73.166.xxx.xxx




Warning..misery raud loss (by GKARL [PA]) Posted on: Apr 14, 2021 5:23 AM
Message:

Seems to me that when certain asset classes are booming, the fraudsters multiply. I'm sure this period will reveal much more of this sort of thing. Please provide us an update. --209.122.xx.xxx




Warning..misery raud loss (by Bill [IN]) Posted on: Apr 20, 2021 9:41 PM
Message:

I know this may not sound BIG TIME but I like to drive by, see my real estate and manage it. Nobody does it like you do, you have the self interest. I know bad things like this done to anyone is terrible and there are lots of scammers out there looking to take your money. At the worst part of 2008 I got a call from someone representing getting a SBA loan for me, at a cost. I think it was $3500 I had to pay up front. Never got the loan, never got any of my money back. I did hear from the FBI and they were going after them and then I heard something about a worthless class action lawsuit. Today I can look back at it as a learning experience. I have had my share of those education lessons. Live and learn. --68.39.xxx.xx



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