Display Lost/Stolen Crypto as Capital Loss

[tomwatto]

Hi guys,

I’ve hit a bit of a snag preparing my tax report- I recently had a chunk of crypto stolen from my Binance exchange.

In Australia, this can be claimed as a loss, however, when I mark it as lost/stolen in cointracker, it does not recognise this as a capital loss.

Wondering if there is a work around to have it added to my capital losses?

Thanks!

[archhern]

Hi CoinTracker team,

I have the same question. I lost and had some crypto stolen. How can I report that as a Capital Loss? When I mark them as Lost / Stolen in the transaction area, they do not reflect as a Loss in my tax area. Any help would be helpful.

Thanks!
Arch

[archhern]

Hi Chandra & CoinTracker Team,

I found this thread in the forum and it suggest undoing “Mark as Lost / Stolen” and to mark it as a Trade but to set the amount to AUD 0.00000001" to force a loss. Should this be done for USD, too?

Could you let us know? Your suggestion is below and link. This is from October 2020 and want to see if this is still the way we should mark Lost / Stolen crypto.

Thanks!
Archie

Adding lost wallet transactions

Hi, loving this site, so far it’s very helpful. I’ve been investing since 2015, my first ever BTC purchase was from LocalBitcoins in 2015 and I did transfer out everything from that wallet but not all at once. I’ve never disposed of any funds for dollars either apart from exchanging some altcoins which I have gains and losses on. I’m trying to backdate my taxes and amend my previous tax returns (which is possible in Australia). The trouble is LB only show records of wallets that were used earlie…

“Chandan - Oct '20
If you want to force a 100% capital loss, then instead of marking it as lost / stolen, undo that and edit the transaction and make it a trade for AUD 0.00000001”

[NFTFan]

Just to be sure, has anyone consulted a tax advisor on this? Can we for sure mark lost crypto as a capital loss?