Are there any limitations on how many years the IRS can audit cryptocurrency transactions?

3 answers

• Nov 26, 2021 · 3 years ago
  The IRS has the authority to audit cryptocurrency transactions for up to six years. This is the same time frame as for other types of financial transactions. It's important to keep accurate records and be prepared for potential audits.
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• Nov 26, 2021 · 3 years ago
  When it comes to auditing cryptocurrency transactions, the IRS generally has a three-year statute of limitations. However, this can be extended to six years if there is a substantial omission of income (more than 25% of the reported gross income) on the tax return. It's crucial to consult a tax professional for specific advice regarding your situation.
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• Nov 26, 2021 · 3 years ago
  As an expert in the field, I can confirm that the IRS can audit cryptocurrency transactions for up to six years. It's essential to maintain proper documentation and ensure compliance with tax regulations. If you have any concerns or questions about IRS audits, feel free to reach out to me for assistance.
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