How far back can I file tax filings to claim refund if I didn’t have significant income to report it

[i-am-andrewchun]

It says 3 years or so, but if I filed a 1040-X Ammended return than removes me as a dependent and o change filing status of Head of Household, would I still be able to deduct Crypto Losses as part of a W-2 and 1099 from Uber driving, where I lost pretty much everything, but my CPA didn’t correctly take that into account in Schedule C: Profit/Loss statement and Coinbase or other crypto exchanges aren’t very good at simply seemlessly sending any. Or all 1099 related documents to the IRS so it’s easier for that individual audit his/her own record.

[xmasbaby0]

Amending to change your filing status from Single to Head of Household after previously saying that you could be claimed as someone else's dependent seems like a pretty unusual change.   Do you understand what Head of Household filing status means?    Did you provide support for a qualified dependent of your own?

Am I Head of Household?

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-filing-status/qualify-head-household...

• What is a "qualifying person" for Head of Household?

If you qualify as Head of Household, when you enter your marital status (single or married filing separately) into MyInfo, and then enter your qualifying dependent, TurboTax will offer HOH as your filing status.

[Opus 17]

If you never filed, you don’t file an amended return, you file an original return.  There is no deadline, but any refund that might be due won’t be paid if the return is filed more than 3 years after the due date.  

Amended returns to correct a previous return can be filed any time, but any refund that might be due won’t be paid if the amended return is filed more than 3 years after the due date, or more than 2 years after the original return was filed if it was filed late.  

I would recommend filing a correct return so that all the correct information is on file, even if a refund can’t be paid because of the time limit.  

I can’t address the body of your question because it is too confused and non-specific.  Whether or not you can deduct crypto losses depends on how you use the crypto (to invest and hold, or use for purchases).  If you have crypto investments, self employment, and wages, that should all be reported on one single tax return that combines all your income, deductions, credits and dependents.  

[Opus 17]

Cryptocurrency gains and losses are not reported on schedule C unless investing is your day to day business (you are a day trader and that is your job).   The requirements to be be considered a schedule C self-employed investor are complicated and I don't know them all.  Here is a quote from a previous expert answer:

Traders
Special rules apply if you're a trader in securities, in the business of buying and selling securities for your own account. The law considers this to be a business, even though a trader doesn't maintain an inventory and doesn't have customers. To be engaged in business as a trader in securities, you must meet all the following conditions:
You must seek to profit from daily market movements in the prices of securities and not from dividends, interest, or capital appreciation;
Your activity must be substantial; and
You must carry on the activity with continuity and regularity.
The following facts and circumstances should be considered in determining if your activity is a securities trading business:
Typical holding periods for securities bought and sold;
The frequency and dollar amount of your trades during the year;
The extent to which you pursue the activity to produce income for a livelihood; and
The amount of time you devote to the activity.
If the nature of your trading activities doesn't qualify as a business, you're considered an investor and not a trader. It doesn't matter whether you call yourself a trader or a day trader, you're an investor. A taxpayer may be a trader in some securities and may hold other securities for investment. The special rules for traders don't apply to those securities held for investment. A trader must keep detailed records to distinguish the securities held for investment from the securities in the trading business. The securities held for investment must be identified as such in the trader's records on the day he or she acquires them (for example, by holding them in a separate brokerage account).

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/schedule-c-for-personal-investin...

If you are not a schedule C self-employed investor, then your gains and losses are reported on schedule D as with any other capital gains and losses.  You can deduct losses up to the amount of your gains plus $3000, if your losses are more than that, they carry forward to the next year.

If you have already been working with a CPA, you should go back to them, you already paid for their advice and they have a duty to get it right for you. 

[M-MTax]

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@Opus 17 wrote:

If you are not a schedule C self-employed investor, then your gains and losses are reported on schedule D as with any other capital gains and losses.

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Gains and losses from digital assets and other securities are never reported on Schedule C unless the taxpayer is a dealer thereof (where the assets/securities exchanged are treated as inventory).

There are only three categories: Investors, Traders, and Dealers. Those who qualify as "traders", generally report trades on Form 8949 (or Form 4797 with an MTM election); only relevant and related expenses are reported on Schedule C.

[Opus 17]

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@M-MTax wrote:

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@Opus 17 wrote:

If you are not a schedule C self-employed investor, then your gains and losses are reported on schedule D as with any other capital gains and losses.

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Gains and losses from digital assets and other securities are never reported on Schedule C unless the taxpayer is a dealer thereof (where the assets/securities exchanged are treated as inventory).

There are only three categories: Investors, Traders, and Dealers. Those who qualify as "traders", generally report trades on Form 8949 (or Form 4797 with an MTM election); only relevant and related expenses are reported on Schedule C.

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If someone is a trader, can they deduct capital losses in excess of $3000 or is that still the limit?

[M-MTax]

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@Opus 17 wrote:
If someone is a trader, can they deduct capital losses in excess of $3000 or is that still the limit?

No, that's the limit for investors or traders unless a trader makes a mark-to-market election in which case all gains/losses are treated as ordinary income/loss (i.e., no capital gain treatment).

Here is an IRS tax topic: https://www.irs.gov/taxtopics/tc429

Note that Schedule C is still used for traders to report their trading-related expenses, but they report their gains/losses on Form 8949/Schedule D.