I just got this letter for the exact same thing. I’m sorry this happened to you but I’m glad that someone has shared the exact same experience as what I’m going through. Did you get it resolved?
@@mikeymac891 I sent a letter to the IRS showing proof that the property followed the guidelines for no capital gain tax and basically they responded that they received my paperwork and will review it. Shortly after i received an amendment to my tax bill, showing a balance of 0. So it got squashed.
I responded in a week to my CP2000 letter where the IRS made large mistake on cost basis from stock sales and a 401k rollover . After a month I got a letter from them stating that they would respond in 90 days and of course I could pay ahead of time. Forget that, they are in error and I owe much less and no penalty, only interest on unpaid taxes because now it is less than $5000 owed. Still waiting to hear from them they will probably be delayed with COVID slowdown. I am not worried, I had all my paperwork to support my position.
@@TheRealBrook1968 That was my 2018 tax return, after 3 letters with 90 day response time for each one they finally agreed that instead of me owing ~$7000 they agreed that I only owed $27.00 That was another mistake on their part, I really owed $1200 but I agreed to their "settlement"
So im living with my grandmother to try and find work but not having any luck I only owe 9000 to irs when I was 1099 but I didn’t have the money to pay at the time because I was homeless which was 2022 I was in a mess then dealing with a lot of problems then….
I got one a same letter yesterday and I haven’t worked for almost three years and because I can’t find work I’m a cdl holder i got to many tickets on my cdl to find work
it is showing a company i never worked and they are saying i must pay 8k taxes, now i called one accountant and he is saying just pay because you can not say a company is wrong and IRS dont believe that a company is wrong over your statement.
I sent these notices to taxpayers for 10 years. Contact the company and request they email to you a letter on company letterhead explaining that you've never worked there. Then, print that and fax it to the number listed on the notice. Even if you've already paid, you'll get a refund plus interest. If you can't get the company to provide a letter, the IRS has to attempt to contact the company on your behalf. Send the IRS a reply to the fax number asking them to do this for you. If all else fails, fax them Form 14039 (stolen ID) which you can find online. If you still have questions, don't hesitate to ask me!
If you inherited the home, the cost basis is the market price of the home on the date of death. Your cost basis gets a step up to market value for inherited assets
I thought that was a perfect set-up for this video...very relatable. Starts as a normal day, and then...wham. That was good. Very helpful, thank you. First time experience for me, so I'm getting a crash course in this process. Ironically, the date of your video is the date of my notice. One question, if you don't mind --- Is there any advantage at all to asking for an extension as they provide that option? My situation is what you describe as far as a mutual fund sale that it looks like I accidentally omitted but they have not factored in the cost basis so they are assessing a much higher tax. Does it help in any way to delay by 30 days, and then respond with my disagreement on the form? Thanks.
@@NguyenCPAs Thank you. I just faxed them my response two days ago. I watched several videos on You Tube on this subject. All were pretty good, but yours was the most helpful. Thanks.
My son got a cp 2000 letter. My son and husband have the same name. In the letter it said that my son did not report income in 2018 from a company that my husband work for. My husband did report this income and I have no idea how they think it's my son income. We talked to my husband company and they have my husband information correct. The company does have any of my son information. And it's not only for 2018 also 2019 and 2020 taxes 🙄. We looked up my son information on social security website and his income is incorrect.
I used to send these notices to taxpayers. Although you had 10% withheld, you need to report both the distribution and withholding on the appropriate lines of your return. Withholding on any income only helps to pay tax but when you combine with your other sources of income, you may very well find yourself in a higher tax bracket. You'll owe income tax for sure unless you rolled it over. Depending on why you took that prematurely, you may qualify for an exception to the additional 10% premature distribution tax that was surely added on top of the income tax they proposed. Look online for Form 5329 to see if any of the exceptions apply to your situation. Even if you've resolved this issue, you can always send more info and potentially get a refund of some payments you've made. There are limits to that of course. 3 years from the date you filed or 2 years from when you paid. Fax to the number on the notice if you have any additional info for them to consider.
I just recieved a CP2000 for a repossession from 2010. I never recieved a 1099c from that company because the address i assume they sent it to i have moved from was 13 years again. Is there any way i can dispute this based on the fact the 1099c was sent to an incorrect address. I have a great tax filing record. Im so lost because this never happened ever.
Im waiting 9 month i called twice.....they did not know nothings....christma eve o got a confuce letter....12c asking for every thing theybhave eazepct one.... .20 day to reapond....no wNt is a swer inyi 1.4.21.......dont worry. I got nothing they can take all....iwill called first and answer lAter....
Got a letter concerning stocks sold where it looks like there’s no basis for the gains… also the sales were done my a trustee of the account so I can’t find a record of them in my statement or tax forms that include these sales
I got for the sale of my house from 2 years ago. I’ve got my closing statement from the sale of the house, and the record from the county of when I bought it. Do I need anything else?
I received the IRS letter on CP 2000 and noticed the company in Arkansas that I owed $6,552 for car. I called Arkansas and found out that that they said I borrowed money from bank that I never get loan money from bank. Some people said it scam?
I'm assuming this was related to a Form 1099-C the IRS received from a creditor. Reply with the fair market value of the vehicle at the time of repossession/surrender. If it's above the 1099-C amount, you'll owe nothing. If it's below, they'll subtract the FMV from the 1099 amount and propose tax on the difference. If it's truly a stolen ID situation, reply to the notice with Form 14039 which you can find online. For fastest response time, I recommend faxing to the number listed on the notice.
I did my taxes this year but forgot to report a miscellaneous income of $37. It was the only income I failed to report. How long does it take to get a CP2000 and how much do you think I’d owe?
I received a LTR2626C letter just saying they received my partial payment but have not received my signed consent to the proposed tax increase. Doesn't say anything else at all. Said that the letter is based on the previous CP2000 letter. That's why I sent them a payment but it seems like they're not done and coming for more. IRS is a joke because they go after us poor folks but allow many loopholes for the huge cooperations.
Iused to send these notices & letters. Because the original notice was a proposal and not a bill, a partial payment doesn't tell them that you agree to the proposed changes. If you give me some more info about the reason for the notice, I can help you more. Sometimes those notices are incorrect and based on human error.
Hello, I recently got the cp2000 and IRS said I owe them 2000 which I had claimed as an educational credit for my spouse 2 years ago. We found out that the 1098t that was filed by the school was missing the ITIN of my spouse. Am I at fault here? should I pay 2k and forget it or reply back by telling them with a correction?
Up until recently, I sent out these notices for 10 years. The notice should've included a paragraph requesting a detailed explanation of the expenses paid. This can even be a hand written letter. I paid X amount for tuition and X amount for books and supplies. You DO NOT need to send Form 1098-T although it's definitely helpful in lieu of having to figure it out on your own when composing your explanation. I recommend faxing to the number on the notice instead of mailing. Or, you may have been a lucky participant in their secure messaging invite, you'd see the link on your notice.
How can I call you to help me?? I got the a2000 then got with my tax lady did an amendment and sent it off but got another letter back cp3219a... I looked to see where my amendment is since I sent it off in November and had got the a2000 in august..
i just got this notice from the 2019 tax season, i didnt make much money and i am a student, didnt sell or buy anything. i had 1 W-2 and some school paper work. im about to repsond with a disagreement. anyone have any advice?
I used to send these notices. Did you work for 2 companies but not report the income? Or did someone possibly steal your identity and work in your name and SSN?
Just happened as well. My question is - I am reading that I should have receive 1099-S during the closing process. I did not. I called the bank, but they mentioned that a form 1099-S was not generated and could not send me one. How does the IRS then know I sold my home? Thanks for your answer!
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Have you received a ridiculous IRS notice? Share your experiences below!
I need some help from you and clarity deciphering this. Can you assist?
Cp2000
I got this CP2000 letter today and you explained the exact scenario I’m in. Sold a home, and the irs thinks I had a capital gain...
Hope you can get it resolved or reach out if you can't!
Thank you for this video. These financial terrorists have had me panicking for weeks now.
Wow! I got this exact same notice with almost the same sale amount and tax owed on Primary Residence, 2yr+,
I just got this letter for the exact same thing. I’m sorry this happened to you but I’m glad that someone has shared the exact same experience as what I’m going through. Did you get it resolved?
@@mikeymac891 I sent a letter to the IRS showing proof that the property followed the guidelines for no capital gain tax and basically they responded that they received my paperwork and will review it. Shortly after i received an amendment to my tax bill, showing a balance of 0. So it got squashed.
I responded in a week to my CP2000 letter where the IRS made large mistake on cost basis from stock sales and a 401k rollover . After a month I got a letter from them stating that they would respond in 90 days and of course I could pay ahead of time. Forget that, they are in error and I owe much less and no penalty, only interest on unpaid taxes because now it is less than $5000 owed. Still waiting to hear from them they will probably be delayed with COVID slowdown. I am not worried, I had all my paperwork to support my position.
What was the outcome? Did you request a tax extension until they could work it out?
@@TheRealBrook1968 That was my 2018 tax return, after 3 letters with 90 day response time for each one they finally agreed that instead of me owing ~$7000 they agreed that I only owed $27.00 That was another mistake on their part, I really owed $1200 but I agreed to their "settlement"
Thank you so much man. They scared the shit out of me. I am 100% sure this is the scenario. Thank you.
So im living with my grandmother to try and find work but not having any luck I only owe 9000 to irs when I was 1099 but I didn’t have the money to pay at the time because I was homeless which was 2022 I was in a mess then dealing with a lot of problems then….
I got one a same letter yesterday and I haven’t worked for almost three years and because I can’t find work I’m a cdl holder i got to many tickets on my cdl to find work
it is showing a company i never worked and they are saying i must pay 8k taxes, now i called one accountant and he is saying just pay because you can not say a company is wrong and IRS dont believe that a company is wrong over your statement.
I sent these notices to taxpayers for 10 years. Contact the company and request they email to you a letter on company letterhead explaining that you've never worked there. Then, print that and fax it to the number listed on the notice. Even if you've already paid, you'll get a refund plus interest. If you can't get the company to provide a letter, the IRS has to attempt to contact the company on your behalf. Send the IRS a reply to the fax number asking them to do this for you. If all else fails, fax them Form 14039 (stolen ID) which you can find online. If you still have questions, don't hesitate to ask me!
Very interesting topic. Thanks!
Thank you. I was ready to end it all😢
What if u inherited the home, and don’t know the cost basis. Also the sale was split between you and other siblings.
If you inherited the home, the cost basis is the market price of the home on the date of death. Your cost basis gets a step up to market value for inherited assets
In order to properly record that, you have to file form 706
😊 thank you
Is it easier to have a living trust and put the home in a living trust so assigning a beneficiary is easy without tax consequences?
I thought that was a perfect set-up for this video...very relatable. Starts as a normal day, and then...wham. That was good. Very helpful, thank you. First time experience for me, so I'm getting a crash course in this process. Ironically, the date of your video is the date of my notice. One question, if you don't mind ---
Is there any advantage at all to asking for an extension as they provide that option? My situation is what you describe as far as a mutual fund sale that it looks like I accidentally omitted but they have not factored in the cost basis so they are assessing a much higher tax. Does it help in any way to delay by 30 days, and then respond with my disagreement on the form? Thanks.
Thanks! I would just respond as soon as you can. Check the 'I don't agree box" and write them a letter. Simply responding will buy you more time.
@@NguyenCPAs Thank you. I just faxed them my response two days ago. I watched several videos on You Tube on this subject. All were pretty good, but yours was the most helpful. Thanks.
WHY in the everloving sh*t does the IRS have proceeds (sales) but not COSTS?! Makes NO SENSE!
My son got a cp 2000 letter. My son and husband have the same name. In the letter it said that my son did not report income in 2018 from a company that my husband work for. My husband did report this income and I have no idea how they think it's my son income. We talked to my husband company and they have my husband information correct. The company does have any of my son information. And it's not only for 2018 also 2019 and 2020 taxes 🙄. We looked up my son information on social security website and his income is incorrect.
Wow thats really strange. Everything is usually attached to the SSN so that is so odd. Have you tried pulling tax transcripts for your husband and son
This happened to me as well, my dads income from a year ago was added to mine. what did they do?
What did you do? Something is happening to my brother:/
@@janetgallegos2840 did your bother get it fixed ? What did he have to do ?some thing like this is happening to me
Very curious about this as well, any update?
Thank you! This helped me calm down
Yea but I did a CRD withdrawal from my 401k and I paid 10% already and now they saying the money I took out I didn’t even file on my taxes
I used to send these notices to taxpayers. Although you had 10% withheld, you need to report both the distribution and withholding on the appropriate lines of your return. Withholding on any income only helps to pay tax but when you combine with your other sources of income, you may very well find yourself in a higher tax bracket. You'll owe income tax for sure unless you rolled it over. Depending on why you took that prematurely, you may qualify for an exception to the additional 10% premature distribution tax that was surely added on top of the income tax they proposed. Look online for Form 5329 to see if any of the exceptions apply to your situation. Even if you've resolved this issue, you can always send more info and potentially get a refund of some payments you've made. There are limits to that of course. 3 years from the date you filed or 2 years from when you paid. Fax to the number on the notice if you have any additional info for them to consider.
Yea that's cap and depending on the withdrawal they aren't supposed to take the 10, percent
Thank you for sharing!
I just recieved a CP2000 for a repossession from 2010. I never recieved a 1099c from that company because the address i assume they sent it to i have moved from was 13 years again. Is there any way i can dispute this based on the fact the 1099c was sent to an incorrect address. I have a great tax filing record. Im so lost because this never happened ever.
What do I do I have not got my tax return yet? Every-time I check it says its still processing
You gotta call them and see what's going on.
Im waiting 9 month i called twice.....they did not know nothings....christma eve o got a confuce letter....12c asking for every thing theybhave eazepct one....
.20 day to reapond....no wNt is a swer inyi 1.4.21.......dont worry. I got nothing they can take all....iwill called first and answer lAter....
Thanks for your video… really calmed me down
Got a letter concerning stocks sold where it looks like there’s no basis for the gains… also the sales were done my a trustee of the account so I can’t find a record of them in my statement or tax forms that include these sales
I got for the sale of my house from 2 years ago. I’ve got my closing statement from the sale of the house, and the record from the county of when I bought it. Do I need anything else?
Hey Ryan. This just happened to me. We’re you able to get it resolved?
What happens if i dont respond to that letter. Will i go to jail?👀
I received the IRS letter on CP 2000 and noticed the company in Arkansas that I owed $6,552 for car. I called Arkansas and found out that that they said I borrowed money from bank that I never get loan money from bank. Some people said it scam?
I'm assuming this was related to a Form 1099-C the IRS received from a creditor. Reply with the fair market value of the vehicle at the time of repossession/surrender. If it's above the 1099-C amount, you'll owe nothing. If it's below, they'll subtract the FMV from the 1099 amount and propose tax on the difference. If it's truly a stolen ID situation, reply to the notice with Form 14039 which you can find online. For fastest response time, I recommend faxing to the number listed on the notice.
I did my taxes this year but forgot to report a miscellaneous income of $37. It was the only income I failed to report. How long does it take to get a CP2000 and how much do you think I’d owe?
They didn't take any out so u need not worry
bro thank you so much
I received a LTR2626C letter just saying they received my partial payment but have not received my signed consent to the proposed tax increase.
Doesn't say anything else at all.
Said that the letter is based on the previous CP2000 letter.
That's why I sent them a payment but it seems like they're not done and coming for more.
IRS is a joke because they go after us poor folks but allow many loopholes for the huge cooperations.
Iused to send these notices & letters. Because the original notice was a proposal and not a bill, a partial payment doesn't tell them that you agree to the proposed changes. If you give me some more info about the reason for the notice, I can help you more. Sometimes those notices are incorrect and based on human error.
Hello, I recently got the cp2000 and IRS said I owe them 2000 which I had claimed as an educational credit for my spouse 2 years ago. We found out that the 1098t that was filed by the school was missing the ITIN of my spouse. Am I at fault here? should I pay 2k and forget it or reply back by telling them with a correction?
Up until recently, I sent out these notices for 10 years. The notice should've included a paragraph requesting a detailed explanation of the expenses paid. This can even be a hand written letter. I paid X amount for tuition and X amount for books and supplies. You DO NOT need to send Form 1098-T although it's definitely helpful in lieu of having to figure it out on your own when composing your explanation. I recommend faxing to the number on the notice instead of mailing. Or, you may have been a lucky participant in their secure messaging invite, you'd see the link on your notice.
How can I call you to help me?? I got the a2000 then got with my tax lady did an amendment and sent it off but got another letter back cp3219a... I looked to see where my amendment is since I sent it off in November and had got the a2000 in august..
I used to send these notices. Did you get your issue resolved? I can help.
i just got this notice from the 2019 tax season, i didnt make much money and i am a student, didnt sell or buy anything. i had 1 W-2 and some school paper work. im about to repsond with a disagreement. anyone have any advice?
they sent me one 2 from 2019 on some shit i paid in 2018. its the EXACT same information
@@larryburks592Hi Larry, please provide more info so I can help you. (I used to send these notices to taxpayers).
What was the notice questioning? I used to send these notices so I can help you.
I got this latter today. And it says give them 2 of my paystubs
I used to send these notices. Did you work for 2 companies but not report the income? Or did someone possibly steal your identity and work in your name and SSN?
@radioguy801 I have a question, can I fax my response of my cp2000 by fax or I have to do it by mail??
Just happened as well. My question is - I am reading that I should have receive 1099-S during the closing process. I did not. I called the bank, but they mentioned that a form 1099-S was not generated and could not send me one. How does the IRS then know I sold my home? Thanks for your answer!
I wouldlike to nkow too..it happen to e to
Thank you. I hope you don't owe the $280,000
I just one 😭😭😭😭😭 today wtf
Me too. I totally freaked out
Me too. Fucking bullshit !
@@ams1890 what did you do? I just got one and I’m scared
@Ttcw89 what did u do?