I Received A 1099-A. BOX 2 HAS 250,521.00 AND BOX 4 HAS 19,500.00, BOX 5 IS MARKED "YES". HOW DO I CALCULATE MY TAX LIABILITY?
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I Received A 1099-A. BOX 2 HAS 250,521.00 AND BOX 4 HAS 19,500.00, BOX 5 IS MARKED "YES". HOW DO I CALCULATE MY TAX LIABILITY?
First, you may have NO tax liability unless and until you get a Form 1099-C.
However, you should go and get professional help on this issue, because you may be able to waive any taxes if you meet certain criteria.
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