4 ms·
Actually don't rely on my advice but I am pretty sure if you can't prove when you originally bought it and for what price you have to pay capital gains on the F
by nightski 10y ago
Actually don't rely on my advice but I am pretty sure if you can't prove when you originally bought it and for what price you have to pay capital gains on the FULL amount. The burden is on you not the IRS.
- twblalock 10y agoYep. See the second page of the tax form instructions here: https://apps.irs.gov/app/vita/content/globalmedia/4491_capital_gain.pdf https://apps.irs.gov/app/vita/content/globalmedia/4491_capit... "If taxpayers cannot provide their basis in the property, the IRS will deem it to be zero." That means 100% of the sale price of an asset is treated as gains.