One thought on “Can the IRS look back at any of my prior period tax returns at any time?

  1. Arti says:

    In general, this means that you left off more than 25% of your gross income in a given year. The general statute of limitations is three years from the original due date of your return (or the filing date if you filed late without an extension). Additionally, if you don’t file a tax return in a given year or the IRS can prove that there was fraud involved in the filing of the return, there is no statute of limitations and the IRS can look back at that tax year forever. However, the statute gets exseemed to six years for “substantial understatements of income”. The IRS is limited by a statute of limitations as to how far back they can review your tax returns. If you held currency that was hardforked and units of the new currency were airdropped, but you do not have “dominion and control” over the new coins, you do not have taxable income. Your basis in the new coins is equal to the fair market value at the time you received the coins. The IRS provides the following example: if the new coins are airdropped to a wallet managed through an exchange that does not support the newly-created currency such that the airdropped cryptocurrency is not immediately credited to your account at the exchange, you do not have taxable income. If you later acquire the ability to transfer, sell, exchange, or otherwise use the new coins, you are treated as having received the coins at that time and will then have taxable income. If you later acquire the ability to transfer, sell, exchange,

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