QUESTION
Long term capitol gains of $3.5m not reinvested in like kind exchange. Is tax rate 15%?
Asked on Dec 17th, 2010 on Taxation - Illinois
More details to this question:
Polish friend did not file 2008 individual return on $3.5m long term capitol gain on hotel property sales. Poor written language skills and divorce were main reasons. Recieved IRS letter and appealed 5 Dec 2010 for FTF and FTP fines. Working on documents to offset gain based on 2006-7 returns. Because recent gain was result of cumulative gains from long term property exchanges, how is the actual last gain number arrived at? I have unlimited power of attorney, and this needs to be filed. I would welcome a phone call to answer details.
1 ANSWER
Chapter 7 Bankruptcy Attorney serving Lisle, IL
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You need to retain a CPA to help you prepare the tax return(s).
Answered on Dec 18th, 2010 at 6:58 AM