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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29581
Experience:  Taxes, Immigration, Labor Relations
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I need to know about my taxes they say I owe as soon as

Customer Question

I need to know about my taxes they say I owe as soon as possible, my late husband took care of all of this stuff, I think I am going to have a breakdown over this please I need help now
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

If you receive a letter from the IRS about tax assessment - that letter should tell why the IRS assessed additional tax liability.
Can you tell me what exactly that letter tells.

Customer: replied 1 year ago.
proceeds from Broker and barter exchange transaction's if the broker did not provide an amount in box 3 we used a zero cost basis because we were not able to determine the cost or adjusted basis of stock sold
Expert:  Lev replied 1 year ago.

We should not use ZERO as the basis - as these are real assets - and do have some purchase price.
Using zeros might increase your tax liability dramatically for no reason.
You might want to discuss with the broker - asking to help in determination of the basis depending on when assets were purchased.