JT on Nostr: I think you were taken for a ride there honestly. You'd have been taxed on the ...
I think you were taken for a ride there honestly.
You'd have been taxed on the 500,000 cash at 45%, and then the 500,000 dollars or shares would've been the capital gains cost basis,, so you'd have paid that tax rate (saw 37% tossed around for >300,000). When you sell assets that is when realized tax comes into play.
It doesn't sound like this was an unpaid unrealized tax, really looks like earned income to me, and that you were double-taxed somewhere. That really sucks.
You'd have been taxed on the 500,000 cash at 45%, and then the 500,000 dollars or shares would've been the capital gains cost basis,, so you'd have paid that tax rate (saw 37% tossed around for >300,000). When you sell assets that is when realized tax comes into play.
It doesn't sound like this was an unpaid unrealized tax, really looks like earned income to me, and that you were double-taxed somewhere. That really sucks.