Some investors fear that submitting an amended return may increase their risk of a future audit. You have three years from the date that you filed your return to file an amended return. What should you do if you already filed your tax return, but you forgot–or didn’t know you had to–report your cryptocurrency gains on that return? The best idea is to amend your tax return from whichever year(s) you didn’t include your crypto trades. What should I do if I forgot to report my crypto taxes in the past? In the past, the agency has worked with contractors like Chainalysis to analyze blockchain transactions and identify ‘anonymous’ wallets. Figuring out an individual’s activities on that ledger essentially comes down to associating a wallet address with a name. It’s important to keep in mind that blockchains are distributed public ledgers, meaning anyone can view the ledger at any time. What happens if you don’t report cryptocurrency on your taxes? For more information, check out our guide to how cryptocurrency is taxed.
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