RE: Koinly - Handy Tool To Calculate Crypto Taxes
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Interesting. I may have to invest in this at some point soon.
Dunno if I can even remember all the exchanges from back in 2017 tho. Also, I have some bags of alts that have gone to zero or depreciated beyond the point of no return. Basically I made some silly ICO decisions and paid the price. the worst one was something called FACE (faceater) which I dropped the eqivelant of $200 of ETH at the time on, now that ETH would be worth $550... current value of my FACE bag $2.62
Faceplant with the faceater investment! Bleedin south African rip off artists 😂
I wonder if these types of loses can be put down as tax deductibles? To be honest I don't have the energy for it now but will defo look into this app in the future.
Thanks Nicky
It's definitely worth setting up an account and using the free one just to get all your calculations and transactions lined up. Then if it shows you as needing to submit a tax return then you need to pay their subscription model but think it's once per year (I've only got the free one at the moment).
You shouldn't have to worry about things in 2017 as crypto was still considered gambling back then but if you made losses and haven't even realised them yet by "trading out", wouldn't worry about it. It's only if you have made gains of over £12,300 in a tax year from one pool of crypto to another pool/fiat. If you haven't made anywhere near that then no need to worry as far as I have read (but obviously I'm not a tax/financial advisor 😀)
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🤣 you should make one of those disclaimers that all the crypto trading youtubers say but for your crypto tax posts.
I am not a crypto accountant and none of this information should be taken as crypto tax advice. This information is for entertainment purposes only, and I can not be held responsible for any tax implications you may incur based upon this content🤣Boom, any liability avoided through the magic disclaimer.
I'll get on it once I get a break from the fatigue that's kicking my ass right now. Just considering the detective work involved is giving me a headache 😂... time to take a breath and watch the footie I think.
Hahaha well it's in my profile and I usually put in that bog standard disclaimer "not a Financial Advisor" sentence in but if people are going to believe what they read on the Internet without doing their own research, they really need to see a psychiatrist! (Not medical advice) 🤣
Good plan with the footie, doing that myself!