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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29772
Experience:  Taxes, Immigration, Labor Relations
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I filed my tax return and received my refund. I just

Customer Question

I filed my tax return and received my refund. I just received a corrected 1099/inv Ibeleive that it is incorrect. It indicates that I owe 64K Do I file for an ext or do I file an amended return when I get this sorted out?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: It has to do with an inherited portfolio that I transferred into my family trust. I believe that they are using my deceased mothers cost basis instead of mine in the date of her death.
Submitted: 5 months ago.
Category: Tax
Expert:  Lev replied 5 months ago.

If you believe that corrected reporting form indeed is not correct - you need to communicate with the sender as soon as possible and verify.

Expert:  Lev replied 5 months ago.

On the other hand - if the basis is incorrectly reported for securities you sold - you may adjust your basis when the sale transaction is reported.

I will help you with reporting if needed.