In 2005 I did a lot of online stock trading and never filed my taxes for that year. It was a small account but because I traded it so much it appeared that there were tens of thousands in gains. When losses are factored in, however, the small 10,000 account actually lost money overall, so there are no gains to be taxed. The problem is interest and penalties have accrued on the assumed taxes owed. My question is, Will the pentalties and interest be removed once the taxes are filed and the losses written off from the gains? I never had more than 10,000 in the account and eventually lost most of it. The government cant expect me to pay 10,000+ in interest and penalties, can they?
2007-06-08
07:14:22
·
7 answers
·
asked by
Bill
1