Hi Lisa :
I'm willing to pay for phone consultation. If you had a chance can you please call me. My number is xxx-xxx-xxxx. Need help. This is my question.
I was issued a 1099-A for my investment party. Cost basis is $650k, balance is $400k, FMV $ 250k. Is this right that my line 14 "Other gain/loss" has $ 250k loss and other Income line 21 has taxable of $150k. Also this $150k is also taxable to California Income Tax. I really need your help. You can also email me at xxx@xxx.com
I've already tried...
My tax was already prepared just want to make it sure that it is proper or right to declare loss of $ 200k in line 14. Really want to make it sure I'm doing the right. Don't want to be audited by the IRS since I'm getting a hefty refund on this loss but will pay huge too with my State of California.
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About the Expert
I love being an accountant, believe it or not it has been my dream since I was 12:) I have over a decade of experience in public accounting and I am very qualified to handle even the largest and most complicated tax issues, but I also enjoy the small ones. I love helping small businesses with their accounting so they have the time to go do what they are best at...growing their business! I also teach accounting, entrepreneurial business, and finance at the college level, and I have 3 children. Taxes are complicated but for a handful of states that have legally recognized same sex marriages taxes are VERY complicated. As a California CPA with multiple clients that fall in this category I have become an expert in this area. Important changes were made in 2010...please contact me for help if this applies to you. View Profile
Hi William - I would love to help...I'm calling now.
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