Next wave in Madoff mess: tax troubles

Taxes paid on phantom earnings a dicey issue.

, The National Law Journal

A second wave of bad news is coming for victims of disgraced financier Bernard Madoff's purported $50 billion Ponzi scheme: personal tax troubles. Madoff investors who never touched the alleged profits reported on account statements most likely paid taxes on the purported gains for years. Not only did the profits never exist, but now the taxes paid will add to the pile of losses because the statute of limitations limits to three years their ability to claim refunds on overpaid taxes.

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