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FAQ

Does the IRS statute of limitations refund rule have a time limit on non-existing income?
There are three possibilities. 1 It did make money but didnt pay out and eventually went belly up. This isthe most likely possibility. In this scenario you lost money on aninvestment. You have a capital loss which is reported. Any loss not used inthe current year carries forward into perpetuity until it is used up. Its agood idea to finally sell that thing worth a ton of money a fine painting inthe attic your collection of Star Wars memorobilia this year so that youcan offset the gain with the loss. 2 It said it made money but it lied and didnt make any at all. It lied onits tax returns and told the IRS that you did. This is a less likelyscenario. In this one you do the same thing as recommended at 1 above ifyou are risk averse. If you enjoy taking risks you can amend the past threeyears to reclaim the refunds. The problem with this method is the IRS willreject your initial attempts and you will need one heck of a sturdy taxaccountant to fight it. Id use an EA or CPA with at least ten yearsexperience specifically in fighting the IRS in audit battles. In addition youget a capital loss this year which will again carry onwards until used up. 3 It never told the IRS it made money. It just told you. This is the leastlikely scenario. In this scenario the IRS will agree with your amendedreturns. Amend three years and take a capital loss going forward. Use a goodaccountant who is experienced in amended returns. I recommend an EA or CPAwith at least three years experience. This answer is not a substitute forprofessional tax advice. T...
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