Client is retired and traveling the country after getting a divorce. His X called him and is sending him two checks and some information she received in the mail. Client became the "Day Trader" for a couple of years back in the late 1990s and really lost money. capital loss carryforwards are around $230,000 and the first check is made out to both the X and him for about $23,500. She says that was his because it took place before their marriage. So in 2019 I will record it as a long term gain.
The second check is made out to his IRA account for $43,500. I told him to get it back into your IRA. He said he got desperate when trading and did use and lose IRA moneys.
DHB Class Action - Remission is where it is coming from. DHB is David H. Brooks, It says amount is as a result of the Class's Settlement approved in 2008, and then more approvals after that...
Is there anything more I should know or find out.
Thanks.