Hey guys, i am in the process of trying to pull all of my trade information from exchanges to meet my reporting requirement as recomended. First question is that if i pull and record all of this information as you request we do. Wouldnt that activity make us conducting a business on its own?
I am also having issues with small amounts of fragments of crypto stuck in multiple wallets that are a too small of a qty to be traded. I want to remove all of my money, pay my tax and put all of this down as a big waste of my time and money. I cannot remove these fragments and it can add up to a few dollars over multiple wallets and probably multiple exchanges. Am i to take a loss leaving them there? Can i claim these losses? I have tried trading some crypto back in and then back out to try and trade those fragments out, but it is just complicating my transaction list. Do i have to pay CGT on these amounts when i close my accounts? I am at the point of considering taking time off work to process and calculate my transactions for bugger all value.
I would pay someone to do this for me, but i have been quoted $10-25 per transaction to convert values to AUD, work out profit fees etc and most of my trades are nowhere near that value of profit. So i would be well into the negatives for all of my activities. If it has to come to this can i claim this? Or would this be added to the managing my tax affairs for next years tax return? If i had to pay that amount can i claim them as an exspense for each transaction in this year?
Pulling my hair put here. Anyone have any suggestions to simplify this process? Thanks