Received 6174-A from IRS

MamaPrince — Tue, 08 Apr 2025 04:46:51 GMT

First of all, It is my understanding that the order of these letters go in the order of a 6174 first, then the 6174-A and finally a 6173. Although I never recall receiving a 6174 to begin with; I am having a hard time understanding why I received this letter from the IRS to begin with. I have no business in crypto-currency currently and haven't had any actual trading other than the dabbling in it from December 2017 to March 2018 and never exceeded $400. I even went through the hassle of accessing these old accounts I could remember. Accounts such as Binance US (Which is no longer supported in the USA), Poloniex (shutdown last year) and finally Coinbase.

None of these accounts I got into have any trading currently let alone any holdings in them other than Coinbase which to my surprise has a very minuet amount of LTC but its only 0.00000002 which shows only worth $0.01.

I'm just really confused on why I am getting this letter when I haven't bought, sold and/or used virtual currency for transactions in over 7 years. If someone could please shed some light on this or give me some answers of relief, I'd be happy.

Re: Received 6174-A from IRS

JamesG1 — Tue, 08 Apr 2025 14:45:32 GMT

Receipt of an IRS 6174-A letter means that you are on their radar. Given your limited activity in recent years, it is hard to understand why that is the case.

At the very least, construct a file of your crypto holdings should you be contacted by a tax authority in the future.

To ease your mind, you may want to contact an accounting or legal professional who is familiar with crypto tax reporting.

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Received 6174-A from IRS

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