m2m
Initiate Member
Joined: Dec 19, 2011 0:17:52 GMT -5
Posts: 81
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Post by m2m on Aug 5, 2014 11:09:38 GMT -5
Good morning,
Recently sold a NYC condo. Seller's lawyer submitted NYS IT 2664 without asking seller for cost basis. On the NYS IT 2664, he put in as cost basis the very low purchase price from 15 years ago plus a guesstimated 10% improvements. (Lawyer knew the purchase because he was also the lawyer when seller purchased condo. )
Need to submit federal estimated tax - putting in the actual cost basis which is more than twice the cost basis that was on the NYS IT 2664. Will this cause a problem?
Thanks.
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