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Question
My company got acquired and the aquisition transferred me 500k to my personal bank account without any documentation. Do I have to legally pay taxes on it?
AI accountant’s answer:
Congratulations on the acquisition! In general, when you receive a payment related to a company acquisition, it is typically considered taxable income. The tax treatment, however, will depend on the specifics of the acquisition and the nature of the payment you received. It could be treated as capital gains, ordinary income, or something else based on the details. Since you mentioned you didn't receive any documentation, it's important to reach out to the acquiring company to clarify the specifics of the payment and obtain the appropriate tax forms. This will help you determine the proper tax treatment and ensure accurate reporting on your tax return.
Comment from reviewer
Judah Broussard, EA, JD
Not Correct.
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