Long term capitol gains of $3.5m not reinvested in like kind exchange. Is tax rate 15%? 1 Answers as of December 18, 2010

Polish friend did not file 2008 individual return on $3.5m long term capitol gain on hotel property sales. Poor written language skills and divorce were main reasons. Recieved IRS letter and appealed 5 Dec 2010 for FTF and FTP fines. Working on documents to offset gain based on 2006-7 returns. Because recent gain was result of cumulative gains from long term property exchanges, how is the actual last gain number arrived at? I have unlimited power of attorney, and this needs to be filed. I would welcome a phone call to answer details.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
You need to retain a CPA to help you prepare the tax return(s).
Answer Applies to: Illinois
Replied: 12/18/2010
Click to View More Answers: