who cashed in my stock??

**Slug** · 11-18-2011, 03:38 AM

Which stocks? It could be that the company you owned stock in was taken private. In that case, all shares are bought out.

You would only owe taxes on your profit, not on the full amount of the sale. YOu just need to find out your cost basis.

**disneysteve** · 11-18-2011, 04:34 AM

Have you contacted the brokerage that held your account? You should have gotten a transaction statement when the stock was sold and the sale should appear on your monthly account statement.

If the stock was liquidated for some reason, as Slug mentioned, then you wouldn't have had a choice but you still should have gotten notification beforehand that it was going to occur.

**bjl584** · 11-18-2011, 09:59 AM

Originally posted by zakinson4 View Post

ive had these stocks since i was born....building.. steady checks for life awol, called irs, they want me to know i will need to pay 10k on the income i recieved from selling my stock to a ?Pershing LLc? i had never even considered selling them, now theyre gone and i owe for it? i dont think so! someone please enlighten me as to how i may find documents or information which would lead me to discovering the culprit(S). im 26, with open heart surgery in two weeks..i could use the money that was mine before being sold w.o my consent or knowledge; more importantly, i cannot afford to be responsible for paying 10k in taxes on this awol cash!
please help!

#legbreakin'!

You need to contact the brokerage firm that held the investment and find out waht happened.

**amarowsky** · 11-19-2011, 05:14 AM

When I had stocks that were given to me at a very young age, they were "custodian'ed" to me by my parents. Which means they have ownership of them until I'm of legal age, and it has to be transferred to me by their authorization. If they were sold that could be a possibility that it went to the people that gave them to you so long ago.

But again, you broker that held the stocks would be able to give you all/any information.

**Nobulladvisor** · 11-21-2011, 10:49 AM

Originally posted by zakinson4 View Post

ive had these stocks since i was born....building.. steady checks for life awol, called irs, they want me to know i will need to pay 10k on the income i recieved from selling my stock to a ?Pershing LLc?

Pershing LLC is a securities services company. Its a company that provides record keeping and securities services to publicly traded companies. They are the middle man between you and the stock that you own. It sounds like the stock you own is not at brokerage firm but held at the company itself. You need to call Pershing directly.

do you have statements?

I'm going to assume when you turned 21 your parents changed the ownership the stock to your name. In other words, it looks like you made X ( value of the stock )of money that year. Any movement is money the IRS will want to tax it. If that is the case contact an accountant to help you.

**jteezie** · 11-22-2011, 09:53 PM

Another possibility might be related to Trust accounts. Perhaps the money was previously in another trust account, but transfered to a separate trust account made for you at age 26 (you can lay out as many rules as you want in a Trust). Your new trust might have some conditions that prevent it from holding everything in 1 security (it is risky to have all your money in a small basket). So, your trustee, whoever is in charge of the money (this is laid out by the Trust statement), was probably just following the rules laid out for them.

Just speculating.

As for the taxes... I'm not sure. Depends on how its all structured I'm guessing.

**AceBarks** · 11-23-2011, 08:50 PM

If you faced a capital gains tax of $10,000, I believe you should also receive the income associated to the sale of stock. You may want to ask about this as well.

**GrimJack** · 11-23-2011, 09:13 PM

Unfortunately, this is not true. There are many stock option owners who get screwed by capital gains when their options mature at the beginning of the year and by the end of the year the actual value of the stock won't cover the tax.

who cashed in my stock??