Hi!
So while filing my 2025 taxes, I realized I made a mistake (not adjusting the cost basis of ESPP shares sold) in my 2024 taxes. I've just amended my 2024 taxes. All it affected was my capital loss carryover not the refund amount.
Should I now
- wait until the amendment is processed before I file my 2025 taxes, or
- file my 2025 taxes now using the amended capital loss carryover as the starting point, or
- file my 2025 taxes using the old capital loss carryover pre-amendment to avoid the IRS throwing out my 2025 return because the carryover numbers don't match what I had filed for 2024?
Option 2 seems easiest but I'm worried it increase the risk of getting contacted or audited by the IRS. (but does it really?)
Option 3 seems safest but will involve extra work amending my 2025 return later.
Thanks!
Posted by PeaSea2296
1 Comment
Option 2 is fine. The IRS computer will catch up eventually. You may or may not get a matching notice, but they run far enough behind they’ll probably sync everything up before they do.
You can also do Option 1 with basically no hassle as long as they process the amendment by October 15.
Don’t do Option 3, it will just be more hassle.