i have a judgement for unpaid taxes in 98 for $68,000 (i tried to become a daytrader and each sell was reported as a capital gain, i ultimately lost everything and the true tax owed is next to nothing. but i lost all the records for that year and it was such a mess i threw my hands up). my question is: the lien is from the state of california and will it ever go off my credit records? does a court judgement for taxes ever expire? how could i get it removed besides filing my taxes for that year and begging the state to delete it? this has obviously seriously affected my credit rating. along with some late payments for 98 and 99 my fica is a lowly 590. any suggestions besides laughter would be appreciated.
Tax liens are the worst. Paid tax liens are reported for 7 years from the date they are paid. Unpaid liens are reported for 15 years. The FTB will pursue collection on an amount this high especially since California has a $14 billion deficit. They are not easy to deal with. They don't do offers in compromise like IRS which allows you to pay pennies on the dollar. My suggestion is that you contact a tax relief service or a tax lawyer to work this out. If you filed a return for that year, you may want to do the best you can to dig up the records and file an amended return showing your true income. Your broker should have all the records you need to do it. Don't know if they will delete in exchange for payment. Good luck.
You have no choice. Gotta get the records from your brokerage firm. They keep it for years and with a little effort you will get it from them. They you have to go trade after trade and match each buy with sell. Then you file amended tax return. It will drive you nuts but it is worth spending a couple of weekends doing it than paying 68k. Good luck
Totally agree. You need to prove you were a daytrader, as a daytrader capital gains and losses are treated much differently. If you want to continue daytrading, it is much better to incorporate your trading and treat it as a business. Your broker should have trades for 1998. www.creditsense.com
