Quote:
Originally Posted by retiredguy123
When you purchase any investment that has a cost basis, it is your responsibility to maintain records to prove to the IRS that you have a cost basis when you sell the investment.
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Although true, you are less likely to get an audit as long as you show reasonable taxable gains. And you only have to prove taxable gain basis if audited.
However, a CPA/Tax lawyer is your best source of tax minimizing choices, and that should be the next step after your decision to be sure that you get the most favorable tax treatment.
Depending upon the particulars of the situation, you have plenty of time to figure it out, but do the CPA tax lawyer NOW and don't wait until next year, as that is too late. . . as you will also want to make a quarterly payment after the distribution so that you don't get interest tacked on to your tax bill next year.
and its great to use this board to get generalized tax advice, but not at all good enough to file taxes properly for the particulars of your situation
