Mortgages Ltd IRS tax deduction write- off

By Jeffrey Brooks, CPA, CFP, MBA for Jbrooks Wealth Advisors, PC, a Professional CPA and CFP Firm  602-292-2009  Please consult with your professional tax CPA regarding your specific circumstances! This blog is NOT to be taken as advice to that should be relied on.


Ironically I worked for Mortgages Limited as the Chief Financial Officer,  Controller and loan officer back in 1984-5 when the late Chuck Coles was the President and only shareholder.  Chuck was a fine human being who cared deeply for the safety and protection of his investors’ investments.


In fact with Chuck’s encouragement, I started my own business in August 1985.  I had worked myself out of a job and I was too “expensive” to be a loan officer.   Chuck was one of my first CPA firm clients!


20+ years from 1985 and the Mortgages Ltd. Investor losses are historic due to another Cole who did not put the best interests of his investors first.

I have not invested extensive amount of time on this issue because I am in the middle of tax season but it seems to be that there is a theft loss deduction that should be taken on a 2009 amended tax return. At the top of the amended tax return for federal and state, my initial thought is that the following should be written:

Notice of Extension of Statute of Limitations and Potential Examination of Returns. The amended tax return must be filed by April 15, 2013. This due date assumes that 2009 is the year that the theft was uncovered.

“Protective Refund Claim- Mortgages

Ltd. Theft Losses”, to ensure that the amended return is processed in

concert with the Amended MP Fund Tax Returns.



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About Jeffrey Brooks

Jeffrey Brooks, CPA, CFP, MBA since 1976 has specialized in helping clients save significant taxes, help businesses increase their cash flow, revenues and profits while increasing their control and satisfaction. Jeff and his accounting firm sincerely cares about the happiness of his clients.

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