Maybe, maybe not. I would proceed on my own until it became clear I needed an attorney. Of course, I wouldn't have done what the OP did in the first place, and I also tend to avoid attorneys at all costs.
Lost Money Trading but Now I Owe $2Million in Tax
- Thread starter bbpp
- Start date
Maybe, maybe not. I would proceed on my own until it became clear I needed an attorney. Of course, I wouldn't have done what the OP did in the first place, and I also tend to avoid attorneys at all costs.
I do not think IRS charge 2M WITHOUT intemized list.
Why don't you see and show us the specific reason, stated on the letter.
Possibly make photocopy or scan it, to show us. (Of course with NO personal name)
You're fkd. So stupid. Isn't there an IQ test to joining this website? Not all traders are that dumb.
1st of all. You always need to file a tax return. You must have received a 1099B from the broker.
If you don't file and the IRS files one for you which it looks like they did, you're really screwed because you still need to file a return. But you can amend their assessment by filing a return. But there's still going to be penalties.
2nd. You were probably day trading and they only know the sale amounts. They don't know the cost basis. You need the brokerage 1099B and the stock, option transactions to either run it through TurboTax or pay hundreds to a tax accountant to file a return showing those sales were a loss. Contracts or futures or 1256 transactions are different. Way over your head.
Fact. If I were you, I would just move to the middle east and join a Jihad. They'll help you do your taxes. lol
Seriously this type of dumb trader stuff is sick entertainment for a 4th of July weekend.
1st of all. You always need to file a tax return. You must have received a 1099B from the broker.
If you don't file and the IRS files one for you which it looks like they did, you're really screwed because you still need to file a return. But you can amend their assessment by filing a return. But there's still going to be penalties.
2nd. You were probably day trading and they only know the sale amounts. They don't know the cost basis. You need the brokerage 1099B and the stock, option transactions to either run it through TurboTax or pay hundreds to a tax accountant to file a return showing those sales were a loss. Contracts or futures or 1256 transactions are different. Way over your head.
Fact. If I were you, I would just move to the middle east and join a Jihad. They'll help you do your taxes. lol
Seriously this type of dumb trader stuff is sick entertainment for a 4th of July weekend.
This is a terrible story. Can he bankrupt his way out of this after a certain number of years?
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