Should I hire a CPA for my taxes this year?
February 2, 2013 8:19 AM   Subscribe

Should I hire a CPA for my taxes this year? 1. I relocated for my job this year and received multiple relocation benefits. 2. I sold off stocks that were gifted to me and I do not have any cost bases for them because they were purchased so long ago.

1. For my relocation, my company hired movers who packed and unloaded my stuff as well as a car transportation service. In addition, I received two 'bonuses' that were grossed-up for taxes.

2. For my stocks situation, I inherited a portfolio of stocks that my uncle purchased on my behalf since I was a little kid. One of those companies in the portfolio went bankrupt so that had zero value, but the rest? I sold them. The problem is I didn't get any cost basis information with them because they were purchased so long ago, and at that time, the brokerage companies weren't enforced to record cost basis information.

Not sure if this complicate things, but these stocks were purchased on one brokerage platform, and I transferred them over to my brokerage platform. I called both platforms to see if they could get any cost basis information and no dice on both fronts.

I typically file my taxes with Turbo Tax online and I don't know if I'll be able to do so this year with these complications.

Also, one minor, semi-related question: I got a letter about 10 months ago from the IRS saying I owed them around $148 in taxes from a college job where I made like $2,000 or something like that. I used one of these online services to pay that $148 and haven't heard anything since from the IRS or the likes. Am I in the clear now? Am I now on some special IRS watch list because I underpaid my taxes? Are they going to audit me now forever?!
posted by 6spd to Work & Money (2 answers total)
I have found it very worthwhile to pay someone to prepare my taxes. It's not that expensive (and my situation is much more complex than yours sounds), and I enjoy both the peace of mind and the time I save. My one piece of advice is to take the time to find someone really good. Try to get personal recommendations. Don't just go to H&R Block or something...
posted by primethyme at 9:59 AM on February 2, 2013 [2 favorites]

I agree with prime. Your item 2 definitely needs professional assistance. A CPA may have some solutions that won't occur to random people on the internet.
posted by megatherium at 11:40 AM on February 2, 2013 [1 favorite]

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