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Thanks for your response. To clarify, the money was not a gift. It was a loan that was to be invested and repaid with interest and I have documentation. I have no hope of recovery because he declared bankruptcy and discharged the loan, and the money I gave him was invested in the ponzi scheme and totally lost. I feel that I am a victim of the ponzi scheme to the same extent as he was. The rules aren't really clear about whether I can deduct my own losses, but I think clearly my brother is allowed to do that.
March 12, 2025
2:03 PM