950502
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.
You'll need to sign in or create an account to connect with an expert.
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
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
zena-moore
New Member
fellynbal
Level 3
in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
cmcrowley72
New Member
margueritearden
New Member
mulleryi
Level 2