Taxes without trade history

[Anonymous No.18681827]

This isn't a thread to debate whether or not you should pay taxes on crypto. If you think you can get away without, be my guest. I'm a bit of a pussy so I'm just playing it safe and reporting my trades.

Here's the issue: I'm going back and making amendments to my 2017, 2018, and 2019 tax returns. I'm intending to report all the crypto to crypto and crypto to fiat trades I've done since then. The issue is that I've been through a number of exchanges that have since gone defunct. QuadrigaCX, Coinsmarkets, Cryptopia, EtherDelta, maybe others, I don't know. Between non-recoverable trade history and the insane volume of trades I made during ICO mania, there is no feasible way I can honestly report the trades I made. What does one honestly do in this situation. I was going to improvise some numbers in order to get my current balances on my return to match (as close as I can) my actual balances.

I'm a leaf if that matters.

[Anonymous No.18681852]

hello sirs I lost 999999999 CAD give me tax refund pls

[Anonymous No.18681899]

>>18681827
>I'm a huge pussy cuck
>I'm a leaf
We heard you the first time.

[Anonymous No.18682091]

Just do your best and mail in 20 pages of paper detailing trades. There is software online. You can call and ask but even they dont know what line to put it on or where to report it so I dont think they are overly concerned unless you aren't reporting tons of gains.

[Anonymous No.18682173]

>>18681827
why are you going back and reporting trades? Why didn't you just report them the year of? Did you find god?

[Anonymous No.18682181]

>>18682091
hopefully the CRA is alright with
>Just do your best
I don't need a white collar criminal record. I've been using free online software which works well. Shtihead me in 2017 and 2018 didn't realize that every trade was a taxable event. I hoping amid the mess of CERB applications that this isn't really looked over. Not that I was dealing with large sums ever, anyway. Thanks anon.
>>18681899
checked

[Anonymous No.18682260]

>>18682181
>hoping amid the mess of CERB applications that this isn't really looked over.
CRA can go back indefinitely if they find out you were purposefully avoiding taxes. Basically they can audit you next year, the year after etc
Feds normally accumulate a shit ton of evidence over years, before they say anything to you

[Anonymous No.18682296]

>>18682260
>purposefully avoiding taxes
I'm trying to be honest here, though. That's my whole dilemma. Damned if I do, damned if I don't

[Anonymous No.18682314]

>>18681827
Well are you a net loser or net winner from all those trades?

[Anonymous No.18682350]

>>18682314
Made money in 2017. Lost in 2018. Net loser between those two years. Made big money in 2019 but haven't traded/sold any of it yet because I wised up to taxable events.

[Anonymous No.18682373]

>>18682296
What you are doing is fine. If they ever come back at you, just tell them stuff in your OP.
I was just pointing out some facts often overlooked by tax filers.

I have a friend who runs a side business and holds some crypto. Doesn't report any of it.

[Anonymous No.18682394]

You are overthinking this. Unless you didn't report 1 million in gains you'll worst case be audited which isn't that bad and maybe pay a penalty. They didn't even have a proper framework until like 2018, and there is literally no software up to date to report it so you just send a fat stack of trading detail.

[Anonymous No.18682400]

I'm doing the same thing as you bro, also a Leaf. I hired an accountant and he's gonna do it for me because I don't want to fuck it up.

I'm not sure what you can do about lost trading data, you might want to talk to an actual professional.

[Anonymous No.18682461]

>>18681827
>I'm intending to report all the crypto to crypto

[Anonymous No.18682493]

>>18682461

If you expect to make gains how do you think you can get away with not reporting this? I'm not gonna fuck around when it comes to this.

[Anonymous No.18682495]

>>18682350
For the current gains that you have not realized and if they are significant, it might be worthwhile to talk to an accountant or tax lawyer(think free consult) to see if there is anything you can do to mitigate the tax burden.

Maybe you can hold in a smart contract to mitigate your tax burden

[Anonymous No.18682601]

>>18682495
I think I've got my answer from this thread already. I'm going ot be as accurate as possible. I'm looking at ~10k CAD gains in 2017 and ~12k CAD losses in 2018. They nearly cancel eachother out.
>>18682493
This is my philosophy as well. Plaid man made me alot of money in 2019. When the time comes to convert a small amount of that back to cash, I'd like to be able to send it to my bank account without worry.

[Anonymous No.18682651]

i was in same situation when i cashed out in 2017... calculated rough estimate from gains plus additional 10% to make sure i paid enough

[Anonymous No.18682747]

>>18681827
DUDE THEY ARE GOING TO BE BUSY WITH THE PEOPLE FRAUDING CERB.

DONT REPORT YOUR CRYPTO GAINS.

DISCLAIMER: I DONT OWN ANY CRYPTO

[Anonymous No.18682759]

>>18681827
I don't want to report my trades

[Anonymous No.18682771]

I'm in the same situation, I have no idea how to report all my trades, I don't even know if I am in net positive or negative in terms of crypto to crypto trades. I know my current portfolio is in the green but I haven't actually sold that. Anyway, this is a huge headache and even though I tried to get all my data I just couldn't figure it out so I'll just file my crypto taxes when I actually cash out and assume zero cost basis, no brainer.