Major problems with IRS- HELP

[alanasmimi]

What is the name of your state? NEW YORK

In 2003 I made the dreaded mistake of opening a Morgan
Stanley account with my than boyfriend. He is quite the "wheeler dealer" and the account's had substantial funds in them. Low and behold, we broke up and I moved on (so I thought) - In 2004, I filed my tax return and found out that I owed the IRS $54,000 in capital gains. I requested (after i picked myself up off the floor), copies of all transactions on these multiple accounts and discovered that on 12.31.03 my boyfriend liquidated all the accounts. Some were merely wire transfers and a couple he received checks made out to us both. He endorsed them. I am currently raising a 6 month old alone (BUT HAPPY) and receive Government Assistance. Bottom line....not only did I never receive my refund for 2004, I have beent old by the IRS that I am responsible for the 54K debt....PLEASE GIVE ME SOME ADVISE...My ex is very rich and I do not know what to do.

 

[dallas702]

Go to your local IRS office and talk to one of their attorneys. They will work with you (you can ask for their Taxpayer Advocacy representative if you want an intermediary). Since you don't have $$$, and your exbf does, they will go after him.

On second thought, contact the Advocate office first. A rep will get back to you and help you work with the auditors/attorneys (who are much more aggressive).

Are you saying that your exbf cashed out your account and kept the money? If so, have you filed a criminal complaint? If you have $54K in taxes owed for gains there must have been more than just "substantial" funds in the account. At 35% tax that's approx. $155K in gains, which usually would require $1-2mm in assets. What happened to all that money....and how are you now living on government assistance after having a part of that?

 

[Jeff247]

Glad your happy!!!

What is the name of your state? NEW YORK

In 2003 I made the dreaded mistake of opening a Morgan
Stanley account with my than boyfriend. He is quite the "wheeler dealer" and the account's had substantial funds in them. Low and behold, we broke up and I moved on (so I thought) - In 2004, I filed my tax return and found out that I owed the IRS $54,000 in capital gains. I requested (after i picked myself up off the floor), copies of all transactions on these multiple accounts and discovered that on 12.31.03 my boyfriend liquidated all the accounts. Some were merely wire transfers and a couple he received checks made out to us both. He endorsed them. I am currently raising a 6 month old alone (BUT HAPPY) and receive Government Assistance. Bottom line....not only did I never receive my refund for 2004, I have beent old by the IRS that I am responsible for the 54K debt....PLEASE GIVE ME SOME ADVISE...My ex is very rich and I do not know what to do.

Get a tax attorney. Bankruptcy would probably be your best bet. Get a credible tax lawyer, not any of the TAX HELP scammers that you will get mail from shortly.

 

[LdiJ]

I agree that a tax attorney would be best. However, if she is living on government assistance she obviously doesn't have the money for a tax attorney. The previous advice of talking to the taxpayer's advocate is probably her best move.

Suing the ex-boyfriend wouldn't be a bad idea either.

 

[abezon]

Since your name was on the account, you have a right to any information MSDW has, including a list of all purchases & sales. Match them up & amend your return, filing a Schedule D. This will let you know the true gains, if any. Once you have an accurate return, THEN talk to the IRS about settlement. Right now, the IRS assumes lots of sales that were all pure profit. Disabuse them of this notion.