What can you do now if you haven't been reporting your crypto investment in your tax returns for several years?
What can you do now if you haven't been reporting your crypto investment in your tax returns for several years?
According to the IRS, you have three years from the date that you filed your return to file an amended return. Amended returns must be filed on Form 1040-X within 3 years from the date you filed your original tax return or within 2 years of the date you paid the tax, whichever is later. Now what happens if, for example, you haven't been reporting your crypto investment in your tax returns for several years? Can you get away with it? At what point will the IRS really start auditing these crypto traders and investors? These are good questions that many people are asking. Fortunately, some of them will be getting answers as more cryptocurrency traders are coming under scrutiny from the U.S. Internal Revenue Service (IRS).
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