![]() ![]() How Crypto Investors Should Treat Basis For Tax Purposes However, in cases where transgressions are of more substance, we would recommend using a tax accountant to contact the IRS on your behalf and amend your tax return. ![]() Generally, you would be able to do that yourself if the difference in amounts is not too big. This means that you need to correct your income for past years before the IRS finds out that you actually received more than you declared. ![]() Since there isn’t a formal amnesty process in such scenarios, timing will be of the greatest importance to you. We, however, have a few bits of advice for you. The problem comes from the fact that there’s no real amnesty program implemented as of now by the IRS and it becomes a little unclear how to amend your tax returns if you have Bitcoins and other cryptocurrencies. As promising as cryptocurrencies investment sounds, there is an issue when it comes to amending your tax returns when you hold or have held such assets. With the recent boom of cryptocurrencies, it is not surprising that thousands of Americans have invested in at least one, even if it isn’t the very famous Bitcoin. ![]()
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