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Should I file amendment for crypto trades if the result is loss but no refund/due tax?

I've traded crypto throughout 2018 and filed returns without mentioning it as was not aware and there was no actual sale to fiat. Although now I see the rule all trades should be reported.

 

Facts:

- no gains previous year, almost all crypto purchased in 2018 and realized loss same year because of trades between crypto pairs

- overall result is capital loss

- for my specific return TurboTax calculated it doesn't influence my tax refund at all, just small capital loss as carryover to the next year (not really important for me).

 

So should I file amendment? It changes nothing, I pay nothing to IRS in addition to already payed and no refund. Technically no influence on real finance. Is it allowed not to file amendment if I owe no tax or I should file anyway? I've heard any amendment increases probability of audit. 

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1 Reply
Anonymous
Not applicable

Should I file amendment for crypto trades if the result is loss but no refund/due tax?

in your situation there is no requirement to file an amended return.    so it your choice since an amended return carries a TT fee.   you can wait to see how much the loss would save you on your 2019 return

 

The IRS will accept an amended return up to 3 years after the date you filed the original return. If you filed before the April deadline, the IRS considers the April deadline to be the filing date.  if you extended your 2018 return the amended return due date is on or before 3 years the date the IRS received your return 

 

 

 

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