State Tax Filing

[inventor1949]

What is the name of your state (only U.S. law)? California
Hi, I got a notice from the Franchise tax board to file returns for the year 2007 I don't have any income to report but because trading brokers only report gains and no loses it shows income, the question is do I need to file federal too?

thanks

 

[davew128]

Yes you should.

 

[TinkerBelleLuvr]

What is the name of your state (only U.S. law)? California
Hi, I got a notice from the Franchise tax board to file returns for the year 2007 I don't have any income to report but because trading brokers only report gains and no loses it shows income, the question is do I need to file federal too?

thanks

Unless you file a tax return that shows that the basis of your trades were NOT zero, then the government entities will ASSUME that it was and it will then all be subject to tax.