Anybody had this problem before?
In 2010 I brought a short term bond fund to gain some extra yield from my regular saving account. I held it for under 1yr. I made like $200 in realized cap gain on a $17,000 principal balance.
In late 2011 they said i owe a $4,500 balance and reported they recorded a zero cost basis for the sale. So I sent them in my broker statement, my schedule d, and a letter explaining the situation. I just got a letter back and said everything was deficient and I have 90 days to respond!
Not quite sure what I should do at this point. Anybody had this problem before?
Thanks
Did you claim the $200 as short-term gains on your 2010 taxes or completely forget to include the transaction? I sold some mutual funds in 2005 and completely forgot about it. IRS came back and did the same thing to me…assuming a zero dollar cost basis. But, they were easy to work with in my case. I sumitted the corrected forms and paid taxes on my cap gains. Never heard from them again. Good luck.
Same thing happened to me on mutual fund sale in 2009. I resubmitted with the corect cost basis and they went away.
“I’m a CPA! I got money b***h!”
What did you guys submit? I gave them everything they asked for (broker statement & schedule D).
Thanks for the info guys.