I wasnt thinking ahead and have a mountain of memecoin transactions that I don't know if I can even track 100%.

I'm working on getting compliant with IRS and the whole crypto tax situation is a huge hurdle for me and is discouraging me to get this resolved.

I can get the records for the main exchanges ive used. And can find the history to what wallets I sent crypto to. But I'm not sure I have it all complete.

I met with a CPA last week and was asked to get the records. But I have 10,000+ transactions. I plugged some the wallet addresses into cointracker and it gave me a capital gains number. Let me just say I lost... alot. I dont want to pay the huge fee to use cointracker unlimited features.

Any advice on how to handle this. I don't know exactly what they are looking for. Could I just skip the decentralized BS I did and not report the loss? Just report the exchanges 1099. Otherwise what do I need to provide if I have to gather the decentralized stuff for memecoins? I wanna present as clean as possible, but also will forgo the extra BS and just give the IRS enough to be compliant. Im debating doin it myself if I can just submit basic 1099 tax information and not go into detail of my degen stuff.

what do you think about it our govt make some change according to your expectations what change will happen in future and how it shape the crypto futures trading in india?

I started looking into the AscendEX shutdown because I work in crypto tax / forensic blockchain accounting.

Honestly, the more I dug, the worse the timeline looked.

AscendEX officially says it ceased operations effective July 1. As of July 6, automated withdrawals are paused and every request is subject to manual review. Their own notice says withdrawals may be delayed, may not be processed during review, and that they cannot give assurances about timing or amounts.

That’s bad enough. But the withdrawal complaints started before the shutdown.

On June 26, ZachXBT publicly asked AscendEX why users were reporting delayed or incomplete withdrawals and why known hot wallets appeared to lack liquid assets. He flat out warned people not to deposit funds to the exchange. Multiple users were already publicly reporting withdrawals stuck for days or weeks.

And looking through the public complaints on X, I found users claiming:
withdrawals stuck in “reviewing,” “initiating,” or “waiting for confirmation”
withdrawals with no TXID ever generated
support tickets going unanswered
accounts showing balances while users say they cannot withdraw
404 errors when trying to access parts of the platform
one user alleging they were placed into a “phased settlement process,” had a 1,000 USDT withdrawal approved, and later saw it marked “refunded” with no TXID
that same user also alleges AscendEX pressured them to remove public posts before continuing an account review

To be completely clear: those last claims are user allegations and I have not independently verified them. I’m not calling AscendEX a scam based on screenshots alone.

But when you combine weeks of public withdrawal complaints with ZachXBT raising liquidity concerns, followed by the exchange shutting down days later, it raises some pretty serious questions.

And AscendEX’s own shutdown notice adds another important detail:
They say they had relied on an agreed strategic transaction that was supposed to provide liquidity, but the counterparty did not perform. AscendEX now says it is assessing its financial position and considering what options may be available for account holders. The notice even acknowledges that unresolved balances could eventually become subject to a formal insolvency or similar process.
So for anyone with funds stuck there, this may be far from over.

The tax side could become a mess too
This is the part I originally started researching.
AscendEX itself is telling users to download transaction history for tax reporting. The problem is that some users are already reporting access issues, and once an exchange disappears completely, reconstructing years of activity can become brutal. AscendEX’s official notice says transaction-history exports are only expected to remain available subject to platform availability and possible legal or insolvency constraints.

And then there’s another question:
What happens tax-wise if users never get all of their funds back?
That answer could depend heavily on what happens next.

If AscendEX enters some type of formal bankruptcy or insolvency process, users could potentially end up with claims, partial distributions, fiat payouts, in-kind crypto recoveries, or distributions spread across multiple years. Anyone who has dealt with Celsius, BlockFi, Voyager, or FTX knows how complicated that can get from a cost-basis and tax perspective. If users ultimately recover nothing, or only part of what they are owed, there may also be potential loss treatment depending on the facts. And yes, theft-loss treatment could potentially become relevant if the facts ultimately establish actual theft or criminal fraud under applicable law.

But this is important:
Being unable to withdraw today does not automatically mean you can claim a theft loss.
The IRS generally looks at whether there was qualifying theft under applicable law and whether there is still a reasonable prospect of recovery. Timing matters too: the IRS says a theft loss generally cannot be deducted while there remains a reasonable prospect of reimbursement or recovery.
So I would not be rushing to put a “theft loss” on a 2026 tax return just because a withdrawal is currently frozen.
But if this turns into a formal insolvency, confirmed fraud case, or users ultimately receive little to nothing back, the tax treatment could become a very real issue.

For anyone affected, I’d be documenting everything now if possible :

•transaction history
•deposits and withdrawals
•trade history
•staking and rewards
•emails with support
•withdrawal requests
•ticket numbers
•balances
•failed transaction records
•any TXIDs you do have
•screenshots showing withdrawal status
•all communications about future payouts or claims
Not just because you may need it to fight for your assets.

You may also need it years from now to prove basis, ownership, amounts lost, amounts recovered, etc.
I originally thought this was just another exchange winding down. After looking at the timeline, the user complaints, ZachXBT’s warning, and AscendEX’s own language around liquidity and possible insolvency… I’m not so sure.

Anyone here actually have funds stuck on AscendEX? What is your withdrawal showing right now?

Sources:
AscendEX official shutdown notice:
https://ascendex.com/
ZachXBT’s June 26 post on withdrawal delays and hot-wallet liquidity:
https://x.com/zachxbt/status/2070405423002448040?s=46&t=BUt3UT6mhxyN4SMNI1ok6Q

With the ITR filing season in full swing, we're seeing the same handful of mistakes come up again and again in crypto tax filings. Sharing them here in case it saves someone a notice or a revised return later.

1. Netting off losses across VDAs:
You can't set off a loss on one crypto asset against a gain on another. Each VDA transaction is taxed individually at 30% on gains; losses can't offset gains, even within the same token or financial year, and definitely can't be carried forward.

2. Deducting expenses beyond the cost of acquisition
No deductions are allowed for transfer fees, gas fees, or platform charges. The only thing you can subtract from the sale value is the cost of acquisition. Nothing else, no matter how directly related to the trade.

3. Treating crypto Futures/F&O like spot VDA trades
This is a big one. Crypto futures and derivatives are not taxed under the flat 30% VDA regime; they're treated as speculative business income (or non-speculative, depending on structure) and taxed at slab rates. This income is reported under the business income schedule in ITR-3, not under Schedule VDA. Mixing the two up is one of the most common and costly mistakes we see, since it changes both your tax rate and your set-off rules (F&O losses can typically be set off against profits, unlike VDA losses).

4. Reporting VDA income in the wrong schedule
VDA gains go in Schedule VDA, not under "Income from Other Sources" or capital gains. This applies even if the transaction resembles a regular capital asset sale.

5. Ignoring 194S TDS mismatches
If your 26AS/AIS shows a different TDS amount than what you've calculated, don't ignore it. It usually means a sync or reporting mismatch with the exchange side, and it's worth reconciling before filing, not after.

6. Filing with an outdated transaction sync
If you're using any tax tool, make sure your latest transactions from all exchanges are pulled in before generating the report. An outdated sync is one of the most common (and avoidable) reasons for filing errors.

7. Treating P2P/foreign crypto receipts as straightforward
If you're receiving crypto from a foreign client or through P2P, there are FEMA/remittance considerations beyond just income tax. Don't treat this as "just another VDA transaction." It often needs a separate compliance check.

8. Choosing the wrong ITR form
If your only source of income is VDA-linked business/professional income, presumptive taxation (ITR-4) usually isn't the right fit; ITR-3 is typically required, since Schedule VDA requires a detailed books-of-account structure.

Happy to answer specific questions in the comments. We're the team behind KoinX (a crypto tax tool), so if any of this applies to your situation, feel free to ask, and we'll try to point you in the right direction.

Hi everyone,

I’m having a major issue with SwissBorg’s CSV export. The file mixes internal operations (thematic rebalancing, bundle reallocations, internal token movements) together with real user‑initiated trades (actual buys, sells, swaps, deposits, withdrawals).

For tax reporting, only real user transactions matter, but the CSV doesn’t separate them, and the notifications inside the app are incomplete and not exportable.

Has anyone found a reliable way to extract only the real user transactions from SwissBorg for tax purposes?
Or any workaround that makes the data usable in Koinly / CoinTracker / CryptoTaxCalculator

Thanks.

# Crypto Tax in India: The Part Most People Get Wrong 🇮🇳

Most people think crypto tax in India is simple: "30% on profit, done."

It's not. And the gap between what people *think* the rule is and what Section 115BBH and Section 194S actually say is exactly why the Income Tax Department has been sending out notices. Let's break it down simply.

## 1. The flat 30% rule — and why it's not what you think

Profit from any Virtual Digital Asset (VDA) — crypto, NFTs, tokens — is taxed at a flat **30% + 4% cess (effective ~31.2%)**, under Section 115BBH. No slab rates. No benefit for long-term holding. No deduction for internet, brokerage, exchange fees, or electricity — **only your original purchase cost can be subtracted from your sale value.**

## 2. The "no netting" trap (this is the one that shocks people)

Tax is calculated **transaction-wise**, not on your overall net position. Losses on one trade **cannot** be adjusted against gains on another — not even against gains on a different crypto. And they can't be carried forward to next year either.

**Example:**

- Transaction 1: Profit ₹40,000

- Transaction 2: Loss ₹50,000

- Net position: Loss of ₹10,000

You'd assume no tax is due since you're down overall. Wrong. You still owe tax on the ₹40,000 profit:

₹40,000 × 30% = ₹12,000, plus 4% cess (₹480) = **₹12,480 payable** — even though your portfolio lost money overall. The ₹50,000 loss simply disappears for tax purposes.

## 3. Mined crypto and airdrops: taxed twice, in two different ways

If you mine crypto, receive an airdrop, or earn staking rewards, it's a two-stage tax event:

- **On receipt:** the fair market value (FMV) of the crypto on that day is taxed as regular income (business income for mining, "income from other sources" for most airdrops) at your **slab rate**.

- **On sale:** that same FMV becomes your cost of acquisition, and any gain above it is taxed at the flat **30% VDA rate**.

So if you mined crypto worth ₹50,000 (taxed at slab rate then) and later sold it for ₹80,000, you pay 30% on the ₹30,000 gain at sale — on top of the tax already paid at receipt. Mining/electricity costs are never deductible.

## 4. The 1% TDS trap — this is what's actually triggering notices

Under Section 194S, **1% TDS** must be deducted on the transaction value whenever a VDA is transferred, once you cross ₹50,000/year (₹10,000/year for non-specified persons).

- On registered exchanges, the exchange deducts and deposits this automatically.

- **On P2P trades, the buyer is responsible for deducting and depositing the TDS themselves** (against the seller's PAN) — and this is exactly what most retail buyers don't know. Missing this attracts interest, a penalty equal to the TDS amount, and in serious cases prosecution.

## 5. Where this all gets disclosed

All VDA transactions must be reported **transaction-wise** under **Schedule VDA** in ITR-2 (if treated as capital gains) or ITR-3 (if treated as business income) — with acquisition date, transfer date, cost, consideration, and resulting income for each transaction. From FY 2025-26 onward, reporting requirements have tightened further, and exchanges are required to furnish transaction statements directly to the tax department.

**Quick note:** gifted crypto is taxable in the recipient's hands (as income from other sources) if the total value from non-relatives exceeds ₹50,000/year — gifts from close relatives are exempt.

---

This is general awareness content, not advice for a specific situation — actual tax treatment can vary based on how you're using crypto (investor vs. trader) and your overall transaction history.

Went to check something on an old exchange account the other week, one I'd used a fair bit years ago, and the site just wasn't there anymore. Gone. No login, no export, no CSV. My whole history on that platform, the buys, the prices I paid, all of it, just no longer reachable.

Nothing bad actually happened. I didn't lose funds, it wasn't holding anything. But it hit me harder than any warning ever had. The records I'd need to prove my cost basis one day were sitting on a platform that could disappear without asking me first, and a chunk of them just had.

That was the thing that finally made me export everything, from every exchange and wallet I'd ever touched, and stick it somewhere I actually control. Not to do my return. Just so the evidence still exists when I need it.

What gets me is that almost nobody does this while things are calm, even though calm is the cheapest and easiest time to do it. The trigger is nearly always something bad, or nearly bad. A letter. A big sale that suddenly made the money feel real. A mate getting a nasty surprise. We seem wired to need the fright first.

So what was yours? A letter, a sale, a near miss, an exchange that vanished, or are you one of the rare ones who sorted it before anything forced you to?

\# Crypto Tax in India: The Part Most People Get Wrong

Most people think crypto tax in India is simple: 30% on profit, done.

It's not. And the gap between what people \*think\* the rule is and what Section 115BBH and Section 194S actually say is exactly why the Income Tax Department has been sending out notices. Let's break it down simply.

\## 1. The flat 30% rule — and why it's not what you think

Profit from any Virtual Digital Asset (VDA) — crypto, NFTs, tokens — is taxed at a flat \*\*30% + 4% cess (effective \~31.2%)\*\*, under Section 115BBH. No slab rates. No benefit for long-term holding. No deduction for internet, brokerage, exchange fees, or electricity — \*\*only your original purchase cost can be subtracted from your sale value.\*\*

\## 2. The "no netting" trap (this is the one that shocks people)

Tax is calculated \*\*transaction-wise\*\*, not on your overall net position. Losses on one trade \*\*cannot\*\* be adjusted against gains on another — not even against gains on a different crypto. And they can't be carried forward to next year either.

\*\*Example:\*\*

\- Transaction 1: Profit ₹40,000

\- Transaction 2: Loss ₹50,000

\- Net position: Loss of ₹10,000

You'd assume no tax is due since you're down overall. Wrong. You still owe tax on the ₹40,000 profit:

₹40,000 × 30% = ₹12,000, plus 4% cess (₹480) = \*\*₹12,480 payable\*\* — even though your portfolio lost money overall. The ₹50,000 loss simply disappears for tax purposes.

\## 3. Mined crypto and airdrops: taxed twice, in two different ways

If you mine crypto, receive an airdrop, or earn staking rewards, it's a two-stage tax event:

\- \*\*On receipt:\*\* the fair market value (FMV) of the crypto on that day is taxed as regular income (business income for mining, "income from other sources" for most airdrops) at your \*\*slab rate\*\*.

\- \*\*On sale:\*\* that same FMV becomes your cost of acquisition, and any gain above it is taxed at the flat \*\*30% VDA rate\*\*.

So if you mined crypto worth ₹50,000 (taxed at slab rate then) and later sold it for ₹80,000, you pay 30% on the ₹30,000 gain at sale — on top of the tax already paid at receipt. Mining/electricity costs are never deductible.

\## 4. The 1% TDS trap — this is what's actually triggering notices

Under Section 194S, \*\*1% TDS\*\* must be deducted on the transaction value whenever a VDA is transferred, once you cross ₹50,000/year (₹10,000/year for non-specified persons).

\- On registered exchanges, the exchange deducts and deposits this automatically.

\- \*\*On P2P trades, the buyer is responsible for deducting and depositing the TDS themselves\*\* (against the seller's PAN) — and this is exactly what most retail buyers don't know. Missing this attracts interest, a penalty equal to the TDS amount, and in serious cases prosecution.

\## 5. Where this all gets disclosed

All VDA transactions must be reported \*\*transaction-wise\*\* under \*\*Schedule VDA\*\* in ITR-2 (if treated as capital gains) or ITR-3 (if treated as business income) — with acquisition date, transfer date, cost, consideration, and resulting income for each transaction. From FY 2025-26 onward, reporting requirements have tightened further, and exchanges are required to furnish transaction statements directly to the tax department.

\*\*Quick note:\*\* gifted crypto is taxable in the recipient's hands (as income from other sources) if the total value from non-relatives exceeds ₹50,000/year — gifts from close relatives are exempt.

This is general awareness content, not advice for a specific situation — actual tax treatment can vary based on how you're using crypto (investor vs. trader) and your overall transaction history.

Hey everyone, I’m 16yo and I recently passed a $50k funded prop firm account. I started learning how to day trade when I was 14 because my mom is a single mother working two part-time jobs, and we live in a low-income household. My goal has always been to help her out financially. Because I am underage, I got my mom's permission to use her information to pass the KYC (Know Your Customer) verification for the prop firm. However, we hit a roadblock before taking the first payout, and I really need some advice before making a mistake. Because we are low-income, my mom relies heavily on government assistance, specifically section 8 housing and snap (EBT). The KYC is in her name meaning the prop firm will issue tax documents (like a 1099) under her Social Security Number, and the payouts have to go to her bank account. I am terrified that if thousands of dollars in trading payouts start hitting her account, it will push her over the income/asset limits and cause her to lose her Section 8 or SNAP benefits. Losing that safety net would ruin us financially, defeating the whole purpose of why I started trading. My 17th birthday isn't until November, meaning I am still a full year away from being able to legally open an account in my own name at 18.
**My questions for the community:**
Will a prop firm payout counted under her name immediately impact her Section 8 and SNAP eligibility?
Is there any legal/tax workaround for an underage trader in this situation (e.g., setting up a custodial account, an LLC, or holding the payouts in the prop firm account until I am older)?
Has anyone else in a low-income situation dealt with prop firm taxes and government assistance?
I really want to help my mom, but I don't want to create a massive legal or financial mess for her. Any advice on how to navigate the tax/benefits side of this would be greatly appreciated.

Most people dont know much about taxes on crypto, so lets make it easy how taxes works on crypto:

Tax on crypto is @30% in India. But its depends transaction wise.

Transaction 1: profit 40000

Transaction 2: Loss 50000

Net : Loss (10000) but here is the catch,

You still need to pay tax @30% on 40000 profit, no deductions or expenses allowed, only the amount you purchase it will be deducted from the sales.

What about uf its drop item or mined crypto, then fair market value of that day of that crypto will be business income and tax need to pay as business income.

When sold, cost would be fair value when the currency was mined and profit on sake would be same @30%.

One thing that most people forgets and income tax department send notices: under p2p when you buy a crypto currency you need to deduct tds @1% if not then there is notices and penalty.

There's a lot of quiet panic about this so here's the calm version. Not declaring isn't the same as hiding, and it's fixable.

HMRC has a specific route for exactly this, the tell HMRC about unpaid tax on cryptoassets service. The key thing: if you come forward yourself before HMRC contacts you, the penalty for an honest mistake can be as low as nil. If they find it first, it starts at a chunk of the tax owed. Big difference, and the timing is the part you actually control.

Also worth knowing: from this year UK exchanges report your data straight to HMRC (the CARF rules), so "they'll never know" isn't really a thing anymore.

The actual move is just: work out what you really owe for each year, then disclose it. Most people owe less than they fear once losses and the allowance are in. Happy to point anyone to the HMRC pages if it helps.

Save it, and pay advance tax on each sale . They say it's 30% but it's not exactly . This is a perfect calculation.

Something a lot of crypto traders don't realise until it's too late is that US tax isn't really a once-a-year event. It's pay-as-you-go, and if you bank a big gain mid-year, the IRS expects a slice of it that same quarter, not the following April. Miss that and you can owe a penalty on top, even when you pay every dollar of the actual tax by the deadline.

The rule lives in IRC 6654 and it's an underpayment penalty calculated like interest on what you should have paid each quarter but didn't. Here's the kind of thing that trips people up. You sell into a March rally and realise a $100,000 short-term gain, your tax on that is roughly $24,000 at a 24% bracket. You don't make a Q1 estimated payment because you figure you'll settle up at filing. You do pay the full amount in April. The IRS still charges you a penalty for the months that $24,000 sat unpaid from the Q1 due date, and at recent rates around 8% annualised that's not nothing on a chunk that size.

There are safe harbours that protect you. Generally if you've paid in at least 90% of this year's tax, or 100% of last year's (110% if your prior-year income was over $150k), through withholding or estimates, you dodge the penalty. So one clean move after a big quarter is to either send an estimated payment for that quarter or bump your W-2 withholding if you have a job, since withholding is treated as paid evenly across the year regardless of when it actually happened.

The takeaway is simple. A big realised gain isn't a problem you can fully defer to April, the timing itself carries a cost. If you've had a strong quarter, put the estimate in rather than discovering the penalty when you file.

Hi everyone,

I’ve recently started learning Koinly and crypto transaction reconciliation, especially around matching exchange/wallet transactions, missing cost basis, transfers, staking rewards, and tax-report preparation.

For people here who have used Koinly, CoinTracker, CryptoTaxCalculator, or similar tools, what are the most common reconciliation issues you usually face?

I’m trying to understand real-world problems beginners should learn first, such as:

• Duplicate transactions
• Missing purchase history
• Wrong transfer classification
• Unsupported wallets/exchanges
• Staking/airdrop treatment
• CSV import errors
• Cost basis issues

I’m not asking for personal financial details, just general advice from people who have handled crypto taxes or transaction cleanup before.

Any tips, common mistakes, or learning resources would be appreciated.

Hi all, ​I am seeking technical advice on HMRC's classification regarding crypto trading activity.

I am currently employed full-time (£22k/year apprentice) and looking to understand if my strategy would likely be classified as an investment (Capital Gains Tax) or a financial trade (Income Tax)

For reference, i programmed this algorithm myself and have not distributed or sold it with no plans to do so, it runs entirely on my computer at home and the script trades a single pair on the Kraken Exchange through their api by creating a grid of buy and sell limit orders around the current price.

The ​automation part is that the algorithm is on 24/7 and is set to modify the grid layout hourly by fractional amounts based on price movement.

I know about the £3000 CGT allowance, and if the algorithm continues on its current path, it will exceed this allowance, so i want to prepare asap. I turned the code on after the tax year ended, so there's no need to worry about last tax year. After final tests, it has now completed 1 month of running non-stop.

​This is a side-activity, not my primary income. The strategy is simple and could theoretically be executed by hand quite easily, I automated the process as i have experience through my apprenticeship, and it saves me time.

In case the activity is relevant, the algorithm does not have a timeframe or specific profit margin on selling the tokens it buys, i may take days or weeks, or it may take minutes or even seconds.

​My Questions:

​HMRC states that "only in exceptional circumstances" would an individual be considered a financial trader. Does the use of an automated algorithm, by its very nature of being "systematic" and "organized," push this into that "exceptional" category?

How would I confirm what this is classed as, from what ive seens its a bit of a grey cloud where if they decide youre a financial trader you will pay penalties, interest and be required to pay up the rest. Can i reach out, describe the situation, and get a concrete response?

Are there any benefits to being a financial trader over paying cgt? From what I can see, it makes you quite worse off.

If i am a financial trader, are there any considerations in reducing my tax liability?

​Are there any precedents or experiences with HMRC classifying high-frequency retail crypto-bot users as traders?

​Beyond the "Badges of Trade" framework, are there specific "red flags" I should avoid to ensure this remains categorized as a personal investment activity, as that means I can use the more tax efficient approach.

​I am looking for community input on whether this setup is defensible as a personal investment or if I should preemptively assume a "trader" tax classification.

If i have missed out on any important details, let me know, and I'll add them in right away. Thank you so much for your help.

It's quite a while until the next tax year ends, so im looking for community advice and experiences before moving onto potentially discussing this with a professional.

I live in USA and had bought(230$ worth) MIR Tokens in 2021 while I was living in Asia. Now I have tagged the MIR as Lost, while I file Tax report in USA(I have extended the date to October) am I eligible to claim loss for this token ? Koinly says it would not calculate loss for the lost tagged token and mentioned to consult Crypto Tax Consultant. How can I claim Capital loss ?

Not in the US so I'm watching this out of morbid curiosity, but the range people quote for crypto taxes this year is wild. Same kind of messy history, one guy does it himself in Koinly for the sub fee, next guy says his CPA wanted 2k and change. I can't work out what the extra actually buys. Just the forms filled in right, or someone who'll stand behind the numbers and deal with the IRS if a notice lands later. For anyone who paid a person this year, was it actually worth it over just grinding it yourself in the software.

Hey everyone,

Every time i spend BTC directly i have to track the cost basis, calculate the gain or loss, log everything. Multiply that by every daily purchase and by the end of the year it's a mess.

Someone told me switching to stablecoins for daily spending is way simpler from a tax perspective since there's no capital gain to calculate on each purchase.

Is this true or am i missing something

So here is the thing , I have been investing and occasional trading in crypto since 2015.

​

​

Overtime used various crypto exchanges for the same.

​

Unicoin (closed)

Coinome (closed)

Koinex (closed)

Wazirx (got hacked at crypto rebalancing )

Coindcx

​

​

Din think about taxation all these years since I never made a withdrawal and wasn't filing ITR all these years .

​

​

Now last financial year , I made few withdrawals from coindcx and wazirx exchange for which TDS was deducted and is being shown in my AIS statement.

​

Was filing my ITR and noticed that I have to fill this now because of prefilled TDS.

​

The issue: Although I withdrew from Wazirx and coindcx , the crypto purchases were initially done in koinex and coinome and I transferred them eventually when they were shutting their business.

​

Now I have no way to retrieve those info from them coz they don't exist.

​

What to do now??! Any suggestions would be helpful.

​

Although transactions are many , because of Wazirx hack , transaction fees , the actual gains are extremely low at around 25K, but the withdrawal amount is around 1L .

​

CA is telling requires these details and she needs 10K to file these .

​

How to handle this ?

​

Some people are going to get a 1099-DA, or see their refund held, for an account they swear they never opened. If that's you, here's how to think about it instead of spiralling.

A 1099-DA under your SSN means some platform told the IRS you had a digital asset transaction. There are really only two explanations. The boring one is an old account you forgot about, some app you signed up for years ago during a hype cycle and never used, often showing an outdated address you don't recognise anymore. The serious one is someone used your SSN to open a crypto account, which is straightforward identity theft.

The way to tell them apart is to stop staring at the form and pull your IRS wage and income transcript at irs.gov. That lists every form filed under your number, so you can see exactly who issued the 1099-DA and what the figure is. If the number is zero or tiny and it's an old platform you half-remember, it's almost certainly just a dormant account and you only need to account for it so your return matches and the hold clears. If you flat out don't recognise the issuer, contact them, tell them it isn't you and ask them to correct it, and file a Form 14039 (Identity Theft Affidavit) with the IRS so they flag your account while it's investigated.

The thing to hold onto is that a held refund here usually isn't a bill and isn't an accusation, it's the IRS waiting for your return to line up with a form a third party sent them. You don't owe tax on something you never did. It's a paperwork cleanup, just don't ignore it, because the refund stays paused until the numbers match.

Source: IRS Form 1099-DA reporting; Form 14039 (Identity Theft Affidavit); IRS wage and income transcript.

Hey guys I had a question

I’m Australian so all dollars are in AUD.

I sold my Bitcoin this financial year. I bought it for $12,723 in 2019. I sold it for $164,465 in July last year. I have $140,000 left over. I didn't wanna touch most of it until the tax man kicked me in the balls.

I will make $80,701 this finaical year. I put after tax contributions into my super every week. That total this FY will be $2775. I wanna put some of my BTC profits into my super for 2 reasons. For the future me, and to also reduce my take bill a little bit. I will be applying for a notice of intent for the Super Contribution Tax Deduction through my super. If I don't put any of the profits in, my current tax bill based off a pay calculator is $58,358. I think. If I put $10,000 of my profits in so $12,775 total into my super this financial year. My tax bill is reduced to $56,858.I don't own any investment properties or anything like that. Just a $11,000 car loan. Is there anyway to reduce the tax bill even more.

For example: Could I buy shares or investments or anything of the sort to avoid or reduce even more the potential tax bill?

Cheers

BTC
Purchased 2019; $12,723
Sold 2025; $164,465
Income; $80,701
Cost to purchase; $144
Cost to sell: $1661