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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12021
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I didn't file my forex trading losses at about 1800

Customer Question

I didn't file my forex trading losses at about 1800 for last year. Do I need to amend my taxes or can I let it go? I don't feel like amending my taxes if I won't get in trouble.
Submitted: 2 years ago.
Category: Tax
Expert:  Lane replied 2 years ago.
No you're fine here.
Underreporting income .. or omissions that reduce taxable income that are not correct will cause an issue.
but the division that handles tax returns at IRS is the collections division. Their objective is collecting revenue.
For example, a return that is filed for refund (or LOWERING tax liability) purposes that is more than three years old is past the statute of limitations for filing an amended return to LOWER tax liability.
Even if amending would generate a several thousand dollar refund, after three years, it won't be accepted.
IRS calls this an excess collection.
You are fine here.