Do I need tax attorney – IRS problems?
Question by Jason H: Do I need tax attorney – IRS problems?
I got a letter from IRS that i owe them $ 25,000 from 2007..I had $ 27,000 worth of shares wich i still own them.now they are saying my income is $ 87k,and i need to pay #25,000 tax including pently,and interest..
how much attorney charge roughly?and how long does it take to settle my case? and do i need to go with attorny all the time or just one time i have to go?
I owe 400 shares of morgan stanley worth $ 27,000 in 2007..and then market down the drain and rite now worth $ 9000…i got letter from IRS that my broker reported $ 87,000 in 1099. which i didnt show because i thought you have to report only capital gain and loss…now i dont understand that how $ 27,000 worth of shares get $ 87,000….I checked my 1099 on my brokerage account website which shows $ 87000,….i dont know how they get that amount..i never had that much amount of money in my life…..
more in detail…i opened my account in sept. 2007..i trade twice and made ($ 1942),,and on my third trade after i bought stock market down the drain and i still have 400 shares…
Answer by dustoff
Your posting in unclear. WHY do you owe $ 25K? What income are they saying you had that went unreported? What do “shares” that you still own have to do with it?
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