In case it isn't obvious what Phil is referring to here, if your unreported taxable capital gain were in six figures, you would be looking at substantial understatement of income. The statute of limitations for the IRS to pursue substantial understatement is six years, not the usual three. Each state has its own statue of limitations, and at least for California it is after the last action by the IRS which could extend the 6 years to 10 years. Debra
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