Do You Have To Pay Taxes On Stolen Crypto?

In this video, we're diving into the world of crypto scams and their potential impact on your taxes. If you've ever wondered about the tax implications of falling victim to a crypto scam or if there's a way to offset your lost crypto, this video has the answers you're looking for.
We start by acknowledging that the crypto world is rife with scams, and it's crucial to stay vigilant and informed. While we've covered some common scams in a previous video, there are countless others out there, so always be on the lookout for new threats.
If, unfortunately, you've been scammed, you might be wondering about the tax consequences. The good news is that you generally won't have to pay taxes on the coins you've lost in a crypto scam. However, the ability to offset your losses may depend on your country of residence.
In this video, we focus on the top four countries where crypto investors reside and how they handle tax implications related to crypto scams:
USA/UK:
In countries like the US and the UK, stolen crypto is not typically considered a capital loss.
Prior to 2017, US investors could claim theft losses on crypto as a capital loss. However, this rule is set to end in 2025, which means it could change.
UK investors might have a chance to make a "negligible value" claim if coins bought under false pretenses become worthless.
Australia:
Australians are relatively fortunate, as crypto losses can be reported as a capital loss.
Canada:
Canada currently lacks clear guidance on how stolen crypto is treated for tax purposes.
The Canada Revenue Agency (CRA) does allow other stolen capital assets to be claimed as capital losses, raising the possibility that similar rules may apply to crypto in the future.
[Read] I Lost Money in a Crypto Scam. Will I Be Taxed?
koinly.io/blog...
[Watch] Complete Crypto Tax Guide 2022
• How To Do Your Crypto ...
[Watch] Adding Manual Transactions
• How To Manually Add Cr...
[Read] How to Legally Pay Less Crypto Tax
koinly.io/how-...
---
Koinly Feedback
feedback.koinl...
Koinly Forum
discuss.koinly...
Koinly Contact
koinly.io/cont...
Koinly Help Center
support.koinly.io/
Our tax team has done a lot of the groundwork to provide you with facts and education on crypto taxes, but neither myself nor Koinly are financial or tax advisers. This information is for educational purposes only and is not tax, financial, or legal advice. It’s not comprehensive or a substitute for professional advice. Examples given may not apply to you.
#crypto #cryptotax

[@1kmiles]

How to list swap for GALA to GALA 2 without adding extra tokens

[@nomadness5488]

You mentioned you have great support, but I have been waiting for you to respond to my support ticket sent on the 17th Sept, only to receive a reply from Tami, saying it was going to automatically close in 24 hours, which still nothing has been resolved. I replied with this message again on the 22nd Sept. Can you please help resolve this my query? I purchased the Pro package for the Australian tax reports, please reach out if more info required?

[@koinly]

So sorry to hear this. It sounds like something has gone wrong (we typically reply much faster than that!). Could you please open a live chat via koinly.io/contact and mention the issues you've had with receiving a response from us? We're always here to help! Sorry again and we hope to hear from you soon :)

[@LennyinFlorida]

That's interesting 🤔