has anyone here a recommendation for an accountant? thanks
https://koinly.io/guides/crypto-tax-ireland/
Lost or stolen cryptoMany 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.
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^^^
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.
Great. Thanks for the information
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.
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.
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.
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.
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).
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.
When cashing out, do ye contact yere bank to tell them of the transactions?
Taking money pout is irrelevant. Taxable event happens when you sell any coins.
You need to declare it as far as I'm aware.
CGT Tax Free threshold amount of €1270 question here….is it possible to take this amount out via Coinbase before the end of this year without declaring it? I have been dabbling in Crypto since 2017, buying and selling different coins over the years without taking any money or declaring CGT gains and losses on the few coins that I traded back and forth. Like many sat and held it through the couple of bull runs and bear runs leading to a whole load of what if's moments.
Currently, I hold a minimal amount of Crypto, sub $5k at the moment, but am wondering can I take €1269 out via Coinbase without having to go through the hassle of doing a Crypto related tax return????
I spoke again to him this morning as I am curious about this whole thing myself. (I have crypto). No, he didnt file, never filed for any year. He said he didnt know that he had to as it was only about 1k. Loads and loads of little transactions, selling and swapping making small gains and losses. A hundred up and down. He had several wallets but has one main one in an exchange where all transfers were put back into this main one. Then he moved all crypto to a hardware wallet. For DCAing, he'd buy on the exchange and move it to hardware wallet.
So if he sells all this crypto in a few years and makes a tax return, does he put his wallet address in the return form or how does that work?
If he filed returns for 2017/18 and 2018/19, the Revenue can reopen those returns up to four years after they were filed (NB not four years after the tax years to which they relate, but four years after the filing date).
However if the Revenue have grounds for thinking that there has been fraud or neglect incompiling the return or that the return does not contain a full and true disclosure of allmaterial facts (rather than, say, there just being an error of of judgement or a misunderstanding about how a particular item should be shown in the return) then no time limit applies.
If he failed to file returns for 2017/18 and 2018/19 then no time limit applies. The Revenue can require him to file a return now, and when he does they have four years to enquire into that return.
Whether they would reopen his tax affairs for 2017/18 and 2018/19 is another matter. But, within the rules outlined above, they could.
A lad at work bought and sold crypto many many times in 2017 and 2018. Using profits ~1k to buy the top3. But he stopped that in 2019 and just being DCAing since then. He reckons he'll sell all his holdi gs in the next cycle; his estimate would be about 150k. He is prepared to declare CGT at 33% when that time comes. My question is whether there's a statute of limitations with regards to what he did in 2017-2018/19 ? Or is he right in saying that revenue can/will only be able to go after his 33% net profit?
run it through Koinly
Hi lads,
Sorry if this is mentioned explicitly somewhere in the thread but I will be paying capital gains on crypto for the first time this year. I understand it must be paid by 15 November? Do I do this through the myAccount portal on revenue?
second more tricky question. I have been buying in dribs and drabs for years. Would it be acceptable to revenue for me to calculate the cost of my assets to me presale using my banks historical outgoing payments to binance or am I expected to go into more detail. Some coins may have been bought through decentralised exchanges etc. and it would be a nightmare for me to track exactly what I was up to at the time on pancake swap etc.
ta
☝🏻
By 'other revenue stuff', I mean file a tax return and then later pay the CGT.
What would be the proper steps to take when selling BTC for cash? I presume first contact the bank, to say you're selling CC and there will be multiple transactions into your current account. Then apply for CGT status on revenue.ie. Then carry on with the other revenue stuff? What worries me is to be falsely accused of money laundering. Have any of ye had trouble when cashing out?
Thanks. Getting rewards but they aren't that large. How would you even declare them? Deffo well under the threshold. Would that be a yearly thing?
If you were rewarded for the staking then that would be taxable.
A couple of questions. I have some crypto I bought between 2017 and 2020. I have never sold or exchanged any. The only thing I have ever done is staked the BTC and ETH.
Should I have been declaring anything to revenue each year or am I ok to wait until I sell it to declare it?
Thanks
Thank you, again. (:
In that scenario you can cash in crypto B in the same year and write off those crypto losses against your capital gains. Tax loss harvesting
Yes of course. I take it you're new to all this? Make sure you have an account with them, verified and KYC/AML checks done and it's open and active. There will be a deposit button on the dashboard. If you have any questions or issues their support is one of the best in the industry so I suggest you contact them through chat via the link on the site.
Hello again, Elessar. Sorry to bother you again but do you know if I can transfer Bitcoins from an offline wallet onto the Coinmetro website account?
Ok, thank you. :-)
No you can do everything on the website too, you don't need the app. I just use the website.
