I have two questions about reporting the cost basis for vested restricted stock on my taxes. 1. On Feb 4, 2011, the value basis of a share was $39.21. 20 shares of restricted stock vested and 8 were sold to cover taxes. Form 1099-B shows the sale of the 8 shares @ $38.88. The commission was $19.95 and the SEC fee was $0.01. 1099-B Box 2 shows $291.08. The 1099-B does not list cost or other basis. Is the cost basis $38.88 x 8 ($311.04), $39.21 x 8 ($313.68), or something else? Do I then check the box for "Received a Form 1099-B and box 3 (Basis) was NOT reported to the IRS"? 2. I left the cost basis off my 2010 returns. I recorded $1807 in short term capital gains from the sale of restricted stock, but left the cost basis blank, so I think I paid taxes twice on that $1807. Can I still file an amended return for 2010 to add the cost basis?
August 27th, 2023
We are a legally married same-sex couple in California. We own two houses, one of which we live in and the other we rent out. We want to know if we can add each other to the deeds of our respective houses to qualify for the $500,000 tax-free capital gains exclusion when selling our primary residence, and how to go about adding a name to the deed.
July 2nd, 2024
My friend's mother just received a 1099-INT for income that her deceased sister had earned but was only discovered after the estate was closed, and they split the amount between my friend's mother and her brother. Is she required to pay taxes on this amount? Was it correct that she was issued the 1099 in the first place?
December 18th, 2024
Will capital gains apply if I sell my business and carry a note for the buyer?
January 5th, 2024
In 2021, I filed five tax returns from past years and only received one refund. What happened to my other refunds?
November 3rd, 2024
I inherited almost 8 million from my dad this year in January, which was put in a trust fund. I receive 3 percent a year, which is 17,600 a month. I live in Ohio, and my dad lived in Florida. What taxes do I have to pay next year? Federal? State? And what is the tax rate percentage that they will take?
June 11th, 2024
When creating a corporation in Delaware, what number of shares and par value should I specify if I'm a startup seeking investor funding with a valuation of $5-10 million?
April 6th, 2023
My aunt passed away and left me $50,000 from her estate. She was in Oklahoma and I live in Arkansas. Do I owe taxes on that?
October 17th, 2023
How much will I be paying in capital gains tax on a $250,000 taxable capital gain after a $500,000 exemption for being married and filing jointly?
December 19th, 2024
My husband and I disagree on how we should file our taxes. If I will owe taxes and we file married separately, will he still receive any refund he is due? He wants to file jointly, but given what I will owe, I'm against it. From what I understand, he will still get his refund if we file married separately. Based on what he saw on TurboTax, he seems to think he will owe if we file separately.
September 19th, 2024