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Its-a-write-off t1_iye5vf5 wrote

Losses in 2022 can't offset the taxes on gains in 2021. This is not a good position to be in. I'm sorry. Ask the CPA if an offer in compromise might be an option.

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Buttercoins OP t1_iyeklvv wrote

Thank you, if a CPA does advise an offer in compromise, and my uncle is willing to be fully transparent showing his brokerage statements, bank account, etc., would they take into account his financial ignorance and the lack of any meaningful gain? His trading history is very straightforward, and the paper trail is not complicated.

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Its-a-write-off t1_iyelgfc wrote

All they really look at is his ability to pay it back. Ignorance of the law is not usually taken into consideration.

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