What if I didn't file my 2012 tax returns and I know I owe money

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12 posts
samhradh
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Postby samhradh » Sat Jan 18, 2014 11:54 pm

djrez4 wrote:I'm guessing his comment stems more from the fact that the statute of limitations may be three years when they owe you money, but it's seven years when you owe them.


Ah, I am largely uninformed when it comes to tax code so this is news to me. I would agree the discrepancy is bogus.
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chas0039
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Postby chas0039 » Mon Jan 20, 2014 8:30 am

djrez4 wrote:I'm guessing his comment stems more from the fact that the statute of limitations may be three years when they owe you money, but it's seven years when you owe them.


The 7 year limitation is when fraud is involved. Otherwise 3 years apply, although some states go longer.



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