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Awkward Tax Situation, looking for some advice

  • 28-10-2021 1:00pm
    #1
    ConcernedStoat
    Registered Users, Registered Users 2 Posts: 2 ✭


    My question relates how Futures trading factors in to CGT

    My situation is fairly complex so I'll take some liberties and boil it down to the bare essentials. Last year, I made some decent gains trading crypto. Because I am an idiot, I decided to take those gains and try leveraged futures trading on binance and bitmex. And in my idiocy, I managed to get myself liquidated several times, completely wiping out the gains I had previously made from traditional trading. All of this occurred within the same tax year.


    Now, obviously I was somewhat upset about where my impulsive stupidity had led me, but there was a light at the end of the tunnel, and a silver lining on the cloud: Because I'd wiped out my gains via leveraged trading/gambling, I wouldn't have to pay any CGT for 2020. And so I didn't.



    Having done some further reading on the subject, I've come to the conclusion that I may have been wrong. I'm not sure about Ireland, but in certain other countries, you can't write off futures trading losses against CGT. I'm trying to figure out if I owe anything. As painful as it would be to pay tax against money I have subsequently lost, I'll happily do it if required. I'm in a bit of a rush as the deadline for submitting a 2020 tax return is October 31st, and I'd rather not incur any further penalties.


    Thanks for reading.



Comments

  • #2
    horgan_p
    Moderators, Education Moderators Posts: 2,610 Mod ✭✭✭✭horgan_p


    Get an accountant.

    Do not gamble with Revenue.

    They do not f**k around.



  • #3
    ConcernedStoat
    Registered Users, Registered Users 2 Posts: 2 ✭ConcernedStoat


    https://www.boards.ie/discussion/comment/118085260#Comment_118085260

    I'm considering it. From looking at other threads here there seem to be a few users who are well versed in Crypto tax, so just wanted to test the waters.


    Believe me, I am terrified of revenue, but I don't think it would be in their best interests to come down hard on people who are making an earnest effort to pay tax on their crypto, given the nature of the space.



  • #4
    el diablo
    Registered Users, Registered Users 2 Posts: 5,767 ✭✭✭el diablo


    Any updates on this? Did you contact an accountant? I'd be interested in hearing the outcome.

    Orange pilled.



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