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I got a letter in the mail from the IRS stating that I owed $10k from my 2005 tax return (with interest and penalties). Turns out that there was a reporting error from my bank which caused this problem. Apparently, I had some stocks that the bank sold in favor of more favorable stocks, but the purchase of the new stocks was never reporeted by my bank. So, in a nutshell, I was supposed to have paid taxes on the full amount of the sale - not the cost basis.
I contacted my bank and they are able to furnish the documents to me to fight this rediculous bill. So, back to my original question: How do I fight the interest and penalties??
Thank you from the bottom of my wallet! :)
2007-08-01 02:00:28 · 8 answers · asked by Paul 6 in United States
like can buying rental property be a tax write off?
2007-08-01 01:44:38 · 3 answers · asked by Anonymous in Canada
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