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Personal IRS Problem

 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bribby Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:34am
Originally posted by SamoneLenior SamoneLenior wrote:


this happens

just let her pay it and be done with it


Okay, thank you.
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Post Options Post Options   Thanks (3) Thanks(3)   Quote ThoughtCouture Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:34am
they will not throw you in jail lol.  you can only go to jail for tax evasion and to proove that is very difficult. 
 
anyway, the $14K is from your mom selling some stock (that was in your name).  you only have to pay taxes on the gain (what the stock was sold for - what the stock was bought for).  the $1,700 represents the taxes owed on the gain plus interest and penalties.
 
just tell her to pay the $1,700 and ammend her tax return to include schedule d.


Edited by ThoughtCouture - Jan 03 2013 at 10:37am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sang Froid Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:34am
Did she get it when you were younger?
Just let her pay the money.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bribby Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:35am
Originally posted by SamoneLenior SamoneLenior wrote:


wait, she must have forged your signature

I have accounts in my name but I had to sign so they could be opened


She said it was so "college thing" that she opened when I was younger and cashed out when I turned 18 but this was in June 2011, I didn't turn 18 until October 2011
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Post Options Post Options   Thanks (2) Thanks(2)   Quote ThoughtCouture Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:35am
Originally posted by SamoneLenior SamoneLenior wrote:


wait, she must have forged your signature

I have accounts in my name but I had to sign so they could be opened
 
if the account was opened when she was a minor probably not.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bribby Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:37am
Originally posted by ThoughtCouture ThoughtCouture wrote:

they will not throw you in jail lol.  you can only go to jail for tax evasion and to proove that is very difficult. 
 
anyway, the $14K is what the mom sold some stock.  you only have to pay taxes on the gain (what the stock was sold for - what the stock was bought for).  the $1,700 represents the taxes owed on the gain plus interest and penalties.
 
just tell her to pay the $1,700 and ammend her tax return to include schedule d.


The last part is what I don't understand. Right now I have a letter telling me to agree or disagree, she wants to agree and pay the money, the tax guy said disagree and file schedule d...
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Bunnyahh Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:37am
Originally posted by SamoneLenior SamoneLenior wrote:


wait, she must have forged your signature

I have accounts in my name but I had to sign so they could be opened
not true.  parents an have custodial accts in the kids name.  I have a few,  savings, cd's, stocks, 529, etc...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bribby Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:38am
She said it was some "college thing" that she opened when I was younger and cashed out when I turned 18 but this was in June 2011, I didn't turn 18 until October 2011 so I don't think she forged my signature
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bribby Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:38am
Originally posted by Bunnyahh Bunnyahh wrote:

Originally posted by SamoneLenior SamoneLenior wrote:


wait, she must have forged your signature

I have accounts in my name but I had to sign so they could be opened
not true.  parents an have custodial accts in the kids name.  I have a few,  savings, cd's, stocks, 529, etc...

Yes that is what she did.
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Post Options Post Options   Thanks (4) Thanks(4)   Quote mzmee Quote  Post ReplyReply Direct Link To This Post Posted: Jan 03 2013 at 10:39am
If you can find the cost basis of the stock you may be okay. The amount to be taxed will not be on the $14,000 that was received but the difference between the cost of the stock and what it was sold for. Ask her if she had purchase statements from when she bought the stock. Ask about all statements that she received on a quarterly/monthly/bi-annual statements that were received as this may reflect additional purchases from automatic reinvestments(if that were the case). 

The amount owed may be from them imposing a tax on the whole $14,000 but if the purchase statements can be found this can help reduce tax liability. 

Good luck, do not procrastinate, and communicate with IRS/meet their deadline. If not when they assess and bang their gavel on what has to be paid, you're stuck with it. 

Cost Basis: The original value of an asset for tax purposes


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