As a tax professional/ accountant, I recommend filing a amendment before you receive letter from IRS. The one copy of your 1099s are sent to IRS and another to you by your crypto brokerage bank or financial institution. Usually IRS will try to match the incomes, forms and eventually will send a interest/ penalty notice to you. Its better to amend return in timely manner than wait for that letter. If there was capital loss, then those can be carried forward as well. I can provide you free consultation if you want to discuss this matter further.
Jiwan Guragain (J)
A Square Accounting services
Last edited: 28-Feb-22 03:44 PM