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BLS1
Level 1

I received an IRS 6174 Letter, "Reporting Virtual Currency Transactions."

I double checked that my form 8949 was included in my return.  I have used CoinTracker for several years to follow my many small transactions.  I am hoping that this 6174 letter is "Educational" but I want to be sure I am doing the right thing.  I am curious to call the IRS hotline, but I am thinking that I should be contacting intuit/turbotax/auditdefense first.  I have an audit defense account, but this seems many steps away from an audit.  Is there a way to contact intuit, etc. regarding the 6174?  Should I refrain from contacting the IRS?  Perhaps someone here has an idea about the direction I should take; or do I just leave it alone and wait?

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2 Replies

I received an IRS 6174 Letter, "Reporting Virtual Currency Transactions."

The letter is a reminder that you have to report crypto SELL transactions.

You don't have to do anything.

This assumes your filed return is complete and accurate.

 

@BLS1 

rjs
Level 15
Level 15

I received an IRS 6174 Letter, "Reporting Virtual Currency Transactions."

I assume that the IRS letter you got is 6174, and not 6174-A.


If you correctly reported all of your crypto sales or exchanges you don't have to do anything. As it says in the letter, "You do not need to respond to this letter."


If you have questions, I don't think there's any harm in calling the IRS hotline number at the top of the letter if it will make you feel more comfortable, but there is certainly no need to call.


You can contact Audit Defense for any IRS letter. It does not have to be an actual audit. But I don't think there is any need to contact them. There is probably nothing they can do for you, since there is nothing that needs to be done


I don't think you will get any useful help from Intuit. They will just refer you to the IRS.

 

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