| Author |
|
Bribby 
Senior Member
Joined: May 12 2011
Location: TX
Status: Offline
Points: 2914
|
 Post Options
 Thanks(0)
 Quote  Reply
 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
|
 |
|
Sponsored Links
|
|
|
Bribby
Senior Member
Joined: May 12 2011
Location: TX
Status: Offline
Points: 2914
|
Post Options
Thanks(0)
Quote Reply
Posted: Jan 03 2013 at 10:38am |
 Bunnyahh wrote:
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.
|
|
SamoneLenior
Platinum Member
Joined: Oct 06 2005
Status: Offline
Points: 196709
|
Post Options
Thanks(0)
Quote Reply
Posted: Jan 03 2013 at 10:38am |
Bunnyahh wrote:
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... |
your kids are minors I haven't been a minor for a very long time
|
|
mzmee
Elite Member
Joined: Jan 08 2005
Location: Minding mine
Status: Offline
Points: 33534
|
Post Options
Thanks(4)
Quote Reply
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
|
|
SamoneLenior
Platinum Member
Joined: Oct 06 2005
Status: Offline
Points: 196709
|
Post Options
Thanks(0)
Quote Reply
Posted: Jan 03 2013 at 10:39am |
Bribby wrote:
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
|
oh okay, makes sense
|
|
Bribby
Senior Member
Joined: May 12 2011
Location: TX
Status: Offline
Points: 2914
|
Post Options
Thanks(0)
Quote Reply
Posted: Jan 03 2013 at 10:41am |
mzmee wrote:
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
|
And my mom is saying well what if it comes out for us to owe more? Could that happen? And if we don't do that and just pay the $1700 could it all just go away?
|
|
freedom76
Elite Member
Joined: Apr 23 2009
Status: Offline
Points: 45574
|
Post Options
Thanks(0)
Quote Reply
Posted: Jan 03 2013 at 10:43am |
|
Sounds like the same thing we have for the boys. The money market accounts they have are not theirs until they turn 18. Until then, both my husband and I can withdraw any monies we want. So the fact that she did it before you turned 18, makes sense. Just let her pay what is owed. Don't get too upset over it. I told my boys if they fluck up in HS, we are spending every last penny. If they get scholarships, then the money is theirs!
|
|
ThoughtCouture
Elite Member
Joined: Jun 08 2006
Location: southside holla
Status: Online
Points: 171328
|
Post Options
Thanks(0)
Quote Reply
Posted: Jan 03 2013 at 10:43am |
Bribby wrote:
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...
|
well, if you agree the irs probably has already ammended the tax return for her to include schedule d themselves anyway.
if you disagree and file schedule d, the amount owed will still probably be the same...unless your mom changes something else on her return. when the irs does calculations they calculate the MOST that could possible be owed...meaning they don't factor in any deductions or other write offs. in this case, your mom probably doesn't have any other write offs.
so, yeah, you can just tell her to agree and pay. the amt owed will likely be the same anyway.
Edited by ThoughtCouture - Jan 03 2013 at 10:45am
|
|
SamoneLenior
Platinum Member
Joined: Oct 06 2005
Status: Offline
Points: 196709
|
Post Options
Thanks(0)
Quote Reply
Posted: Jan 03 2013 at 10:44am |
freedom76 wrote:
Sounds like the same thing we have for the boys. The money market accounts they have are not theirs until they turn 18. Until then, both my husband and I can withdraw any monies we want. So the fact that she did it before you turned 18, makes sense. Just let her pay what is owed. Don't get too upset over it. I told my boys if they fluck up in HS, we are spending every last penny. If they get scholarships, then the money is theirs! |
this is what I plan to do
|
|
ThoughtCouture
Elite Member
Joined: Jun 08 2006
Location: southside holla
Status: Online
Points: 171328
|
Post Options
Thanks(0)
Quote Reply
Posted: Jan 03 2013 at 10:46am |
|
oh wait. you filed a return yourself, right?
|
|
Tweet
Topic Options
