I bought USDT (crypto) to invest. I was convinced to use a scam trading site. They stole my funds and refused to let me withdraw. Can I claim my loss against my taxable earnings?
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Hi @Mooftai123
It depends, If you owned an asset, you can potentially claim a loss. Check out further info about Crypto and your taxes.
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I'm no expert, but you don't need to claim anything, as that USDT is written off so you're not being taxed on it anyway as you don't have it.
Correct me if i'm wrong but it's already accounted for in being wiped out of your portfolio which holds true for CGT (if you're an investor) and Trading Stock method (if you're a trader).
I did read about this a couple years back and the ATO has some great docs for lost assets in regards to CGT, there's some rules and I guess try take screenshots and keep the best evidence you can of this scam, because its a very troubling area if people can willy-nilly just say "oh it was stolen" with no proof, especially in a complex anonymous system like blockchain.
Hi @Mooftai123
It depends, If you owned an asset, you can potentially claim a loss. Check out further info about Crypto and your taxes.
I need an advice. I am currently processing a crypto recovery,with an agency called easyrecoveryassets@gmailcom and we did some transaction validation. Out of 200k USD which was lost they where able to recover 90% of my lost, and I have only received only 60k USD and its been four days already since we started. I am a bit worried, i will like to know if they took the remaining of my money or if it is actually impossible to recover entirely everything i lost
Hey @Dennisgideon
We'll provide a response to your question on your other post.
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