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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121592  
Subject: Re: IRS said I owe them $31,000 Date: 4/24/2005 10:43 AM
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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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