Legal Question in Tax Law in Florida

Taxable income on stocks/bonds

I just received in the mail from the IRS that I sold some stocks/bonds A shares in 2003. I wasn't aware I even had these things. They are in my dad's name also. He sold 2 different ones and it was over 10,000. Now they want me to pay taxes and late fees on them and I don't even know what they are. How can he sell something like this that my name is first from the looks on it on the account. I remember a long time ago after my grandparents died there was a mention of a college fund but it was for college only I was told. This may be what he was talking about. What can I do about this and if there are other stocks/bonds in my name out there how do I find out?


Asked on 4/21/08, 6:53 am

1 Answer from Attorneys
John DeLancett Law Offices of John DeLancett, PL.

Re: Taxable income on stocks/bonds

Unfortunately, it sounds as though your father might be using your inheritance. Have you discussed this situation with him? How did you get the account statement? Have you ever received a 1099 for this account? Usually, the 1099 is sent to the first name and social security number listed on the account.Whose address appears on the statement? All of these and other questions need to be answered before a stategy for responding to the IRS is devised. The IRS has a potential defense to penalties called "reasonable cause" which may excuse the penalty. It depends upon the facts and your knowledge and reasonable business diligence. You may also have a claim against your father depending again upon the facts.

Read more
Answered on 4/21/08, 9:44 am


Related Questions & Answers

More Tax and Taxation Law questions and answers in Florida