Hi,
Does anybody know anything about Pinnacle Development Partners, LLC? I saw their ad in Newsweek and the return they promise investors for buying Atlanta foreclosures sounds too good to be true.
Thanks!
Dont give him a dime, I use H&R Block and they told me what I needed to know for free!!!!
They basically told me that I would need to wait until the case is completely settled and get back all the money that we are going to get before filing the Theft Loss(Form 4684).
Just file your taxes without it for now, then when the case is settled and you get back your money(at least all that you're going to get) and you determine what your actual losses are, then file an ammeded return with form 4684 later. I think he said you can file an ammeded return up to 3 years later. Hopefully the case won't drag out that long
They told me if you try and guesstimate your what you losses will be and file form 4684 While the case is still open, the IRS will reject it. In fact they told me about a client with similar circumstance when he filed it prematurely, the IRS did reject it.
Vince, before you file your taxes excluding your Pinnacle loss you should check out the instructions for from 4684 (theft/casualty losses);
http://www.irs.gov/pub/irs-pdf/i4684.pdf
A few notes:
1. page 1-top right "when to deduct a loss": Its saying to deduct the loss in 2006 which is the year the loss occured.
2. page 3-top left "line 3": The second paragraph is saying to estimate your reimbursement. This will then determine your loss for your 2006 tax return (loss minus the estimated reimbursement).
Once we get our final monies & this case is done, then you adjust it accordingly on that years tax return, hopefully 2007.
I'm not saying the advice you got was wrong (this case has to be finished with the investigation first & we cannot guestimate our loss), its just inconsistent with the instructions for claiming this loss.
I plan to follow the instructions per the IRS. I filed an extension & plan to wait until the receiver has come up with that final claim number. Then I'll make my estimate & file my 2006 taxes.
I didn't realize Gene O'Neal had a prior FRAUD conviction before he started Pinnacle; guess next time should check on the background of the promoter up front ; is the Maserati for sale? heard someone got a great buy on Kirk Wright's cars
Has anyone consulted with their CPAs or other advisors about how to handle our Pinnacle-related losses as "theft losses" under IRS Section 165?
I've spoken with a company called JKHarris (www.jkharris.com); they claim to be the experts in this... but they also want $1000 cash upfront plus 4% of the amount they enable you to claim on your tax returns. They do the work of preparing the IRS Form 4684 and IRS Form 1045.
Any feedback is welcome. You can also send me private mails.
Thanks...
Geoff
Give me a break...surely you know that is a total rip off.
I have been watching the consternation on this forum over the tax issue for the last few pages. I have directed my firm to come up with a concept to offer help to anyone who cares to use it. I realize that one hand, this is blatant self promotion; but on the other hand, I have read so many inaccuracies and poor ideas, that I could no longer stand by and watch as some of you are about to compound your problems. You can go to the profile section and get the website link [LINK REMOVED BY ADMINISTRATOR] to ascertain if our offer is for you. I hope this concept is accepted in the spirit in which it is offered. I just felt that I was “damned if I do and damned if I don’t” so I decided to error on the side of offering anyway. I apologize in advance if this offends anyone but hopefully it will be a light for those people who decide we can help. Please feel free to PM as well.
This thread has drawn out so many "Ambulance chaser" you could find. From Ex Pinnacle employees to hungry vulchure would be invesment companies and all in between.
I guess they must believe in the famous quote: "Once a sucker, always a sucker" :goofy: Well, if your companies & offers were so good & benificial, you wouldn't have to bottom dig. So, get lost. Pinnacle has been taken care of and we may see a little money back. We don't need your help unless you have Robert Henry's and Gene's address along with a pistol and some balls :protest: which you probably lack. :mrgreen:
So go to alonther thread and try to increase your bottom line there.
From a point of humanity, I am sorry that this ordeal has left you so bitter; so jaded; so cynical. You, and anyone else, are free to abstain in your acceptance of our offer. However, for your information, we don’t feel that we are bottom digging; we feel that we are offering help to a class of people that could use some honest support for a difficult subject. Simple as that.
Now, as to your tone in your post directed at me, Mr. Lawrence; I would suggest that you back it up a notch and obtain a modicum of decency and civility. A forum is most useful when all parties respect the open dialogue of the other members.
What the hell does everyone feel that anyone here needs help? Did someone send out an "SOS" :protest: Did someone dial 911? Is there road kill here? Is that why the vultures are circling? :crying:
Peddle your wares some were else. Many people here have lost enough. Most can't afford the losses they have sustained. I would suggest that no one who invested in Pinnacle spend a dime with opportunists which have zeroed in on victims of the Pinnacle scheme as prey.
Now everyone is "Offering there services" LOL Hell, you almost want to sound like Robert Hendree.... He was pretty smooth also.....
Time for everyone to calm down again. The offer has been made. You can all choose to inquire more about it or not, but lets stay civil. We have nothing to do with this company mentioned by moneypoint, and like all services, we HIGHLY RECOMMEND you research the company and their offering before making any decisions.
With that in mind, I'm assuming this little tiff is over.
We have received a lot of email today asking about the tax treatment of the PD investment and subsequent loss if it was held inside a traditional IRA. While you should check with your tax advisor, the general rule about any type of loss or gain inside the traditional IRA is that it is not reportable on your personal tax return as a loss or deduction. The reason for this is that you already took the full deduction from your taxes when you funded the IRA. In fact, an answer on the IRS website states:
Can losses in an IRA be deducted on a participant’s income tax return?
No - Neither IRA losses nor IRA gains are taken into account on a participant's tax return while the IRA is on-going.
While this answer doesn't affect everyone, those that purchased their PD investment solely inside an IRA will have no other special forms to file as it is not a taxable event, in our opinion. If this applies to you, while we would certainly like to have you as a client; using your existing tax advisor may be the simpler way to handle your 2006 return(s) as nothing out of the ordinary has occurred regarding your taxes.
Please check with your personal tax advisor on this subject.
Sammy like most of us here I lost a lot of money. Humor is the the only outlet I have. All I can do is let the wheels at Hay's consulting churn and laugh at the situation. I have been very close to this case in many ways. Although the comedy makes this fun at times, I actually am very proactive in this whole investigation. I try to stay "Well" informed. I plan to attend court procedings in the future as they progress to setencing etc. Victim impact statement are crucial in sentencing.
My deepest sympathy goes out to the victims with very severe financial loss stories. Lost relationships, money for medical care, life savings, etc. I think if we look far enough there may be even loss of life indirectly attributed to this scheme. Being robbed of hundreds of thousands of dollars at 70+ years old is just plain (COLD) & wrong. How can people in that situation bounce back? Taking advantage of the sick & elderly weather intentional or not is just nothing short of Devilish
I lost a down payment on a boat :oops: I can't swim anyway.... :protest: So it may have been a good thing.
Originally posted by "Sammy":
Hey Bigman,
It is the first time I break a smile in this forum. Thanks for your humor, your one funny guy, Keep the jokes coming.
Hi everyone, This is the first time I post something on this site. I invested $50,000 on PDP taking up a line of credit over my house, thinking with the money I was "going to recieve " would help me pay some bills I was late with and pay the line of credit itsef. Now not only I can't pay my bills I can't even pay the line of cerdit and I have gotten some friends to lend me some money but now I am at the end of my rope. I need information on when will we get ANYTHING! Anyone know something I may not know!
Thank you.
I didn't lose nearly as much as you but I lost all I had and I too refinanced plus have a home being built I am stuck with.
Email me sometime if you'd like to talk.
I am a first timer here and I also bet my house on this investment.Is there any way to fight back to try and sue the publications that printed the ads.I REALLY hate to just give up!! THANK YOU L.J.
this ad is running in the AJC today, page D5, under :Residential Investments' (Section 450 of the Classifieds); 678 597 1337. "Investors Wanted"; no up front money needed, no closing costs, $15k-20k back at closing. Secretary of State shows Registeder Agent is Gene A O'Neal
hey bigman whats up ? All is good in texas, keep them funny man. Remember what the locust devour God will restore. by the way the locust die off soon after they devour!!! :superman: :rock: :rock: :beer: :beer: :woohoo:
O Neal has a new ad in the USA Today friday marketplace today.The ad :NEED CAPITAL?real estate investors wanted.Up to150k or more with 6-9w/n6-9 months.Buy/renovate your investment properties.We can help you start/grow your existing business.Consulting fee required.5k min.90 day agreement.We invoice for service.Toll free:1-866 336-0921.When you call its Brookwood.
It's been awhile since I posted but I thought I would give everyone and update on what's been happening with my situation.
I used Toby Alsass with the Fraud Recovery Group and I just got my return back from him. In the tax brackett I am in I was able to recoup a nice portion of my loss using the 165 Loss by Theft in a tax refund. For his service I felt his fees were quite reasonable.
Now that being said, the amounts other investors can recoup will vary according to their tax bracket. I realize that I don't have the refund in hand just yet and the IRS may audit it, but I am quite comfortable going forward.
I am posting to mainly say that my experience with Mr. Alsass has very positive and I feel comfortable recommending his service. Depending on your bracket and with state taxes you could recoup upwards of 30 to 40% of your investment. I know a return of 30 to 40% of one's investment sucks but it sure beats the hell out of zippo. Check out his website at www.fraudrecoverygroup.com and speak to Toby personally and see if you don't agree. Best of luck to everyone.