Crypto tax situation - Read post 1 for thread banned users

Worztron

When cashing out, do ye contact yere bank to tell them of the transactions?

Mellor

https://www.boards.ie/discussion/comment/122923989#Comment_122923989

As in cashing out to your bank account? The transaction is sent to their system from the exchange. Why would you ned to tell them in advance? You you tell them when anyone else sends you money.

Nody

https://www.boards.ie/discussion/comment/122924152#Comment_122924152

Depending on the amount they may reject the transfer, I've had it happen before relating to non crypto related transfers between banks (the new EU banking regulations basically means if they can't verify and feel comfortable with where the money comes from they can be fined).

_BAA_RAM_EWE

https://www.boards.ie/discussion/comment/122924152#Comment_122924152

it use to be a regular thing with banks blocking funds connected to crypto. I haven't heard it mentioned in a few years though so I think it has normalised/more accepted.

Worztron

https://www.boards.ie/discussion/comment/122924152#Comment_122924152

Hi. Yes, but I mean if there's many transactions being deposited into your bank account that's not the usual for you, then perhaps it would look suspicious from their point of view.

BillBen

Sorry if this has been answered before. I bought a number of different coins a number of years ago and I'm looking to get out of them all. I'm down about 2k in total. One of the coins I made 800. Am liable for any tax. Again sorry if this has been answered before.

Peregrinus

https://www.boards.ie/discussion/comment/122928413#Comment_122928413

If you dispose of all the coins, on some you'll make a gain and on others you'll make a loss. You can offset the losses against the gains. Since your losses exceed your gains, you'll have no liability to CGT.

BillBen

Great. Thanks for the information

CorneliusBrown

does anybody know if tokens that are locked in an abandoned project that went to 0 can be claimed in tax relief. I migrated the tokens early this year after which the admin abandoned the project and in any case the tokens are worthless. Obviously I can’t withdraw. This is money I invested for the purposes of profit that is lost to me forever.

_BAA_RAM_EWE

https://www.boards.ie/discussion/comment/122929872#Comment_122929872

https://koinly.io/guides/crypto-tax-ireland/

Lost or stolen crypto

Many investors have lost crypto - whether it's to a scammer, hacker, or due to a rug pull. In most instances, it's nigh on impossible to get your crypto back - but you might be wondering whether you can at least claim your lost or stolen crypto as a capital loss.

Well, Revenue doesn't have any specific guidance when it comes to lost or stolen crypto. However, they do have guidance on disposals where assets lost or destroyed become of negligible value, which may apply to crypto assets.

This guidance states that where property is destroyed, there may be a consideration for a capital loss equal to its market value at that time. The guidance also states that where assets have become of a negligible value, there may be a consideration for a capital loss equal to the market value provided there is no ready mechanism available to the investor to dispose of the asset.

All claims for a capital loss or negligible value claim are decided on a case-by-case basis by a Revenue inspector. You should speak to a tax advisor or Revenue for more information.

https://www.cryptocount.ie/

Ask Ciaran there^^^

wk222

has anyone here a recommendation for an accountant? thanks

wk222

can you describe how to define a unit of account

machiavellianme

https://www.boards.ie/discussion/comment/122928413#Comment_122928413

If you are up or down, you should file a return. Any profits above €1.3k are subject to tax, but equally any losses can be written off against any future gains taxes you might be liable for.