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I have just responded to the notice, and included a letter with a humble apology for reporting the sale on the wrong form ... which I attached.

Excellent. Now, for what to expect.

In about 45 - 60 days you'll get a letter from the IRS thanking you for your reply and saying they need additional time to process your letter. There's nothing to do at that point but continue to wait.

Then another 2 months or so will pass and you'll get another letter. That one will either say they've resolved the issue OR it will say what additional information they need. If they're happy, you're done!

But if they need additional information, you'll have to send in whatever else they need, then repeat this process. In the mean time, the automated portion of their process may generate a letter attempting to finalize the proposed changes from their very first letter. This is where things can get ugly. Hopefully, you won't need to know how to deal with this, but if you do, just post back here.

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