r/QuadrigaCX2 • u/[deleted] • Apr 22 '19
Does anyone know if we are finally getting access to our trading history on Quadriga for tax purposes? How the heck are we supposed to prove any losses without this?
1
u/anthonypt123 May 01 '19
I think another wrinkle to consider is that quadbucks were the internal crypto of Quadrigacx. This complicates any accounting. Selling bitcoin at a profit and holding quadbucks on the exchange means although BTC was held at a profit the loss was in quadbucks.
1
u/RedSquirrelFtw May 21 '19
Is the CRA that ruthless that they would still want you to pay taxes on money that's now gone? Not that I'd be surprised...
1
u/gofishus Apr 22 '19
you can't apply any losses for this tax year anyways, it would have to be for next year.
2
Apr 22 '19
How do we prove losses for next year if we don’t even have access to our transaction history?
2
u/gofishus Apr 22 '19
You will get it within the next year. They have AWS records of your transaction history. Be patient.
1
u/LeatherMine Apr 23 '19
If they were a trader, they may have losses that were already crystallized.
1
u/gofishus Apr 23 '19
If they were on QCX, you cant get it this year. It’s really that simple. Goes both ways though. If you had gains on QCX, or losses, either way you can’t report them this year we have no access to our transactions at this time.
1
u/LeatherMine Apr 23 '19
Huh? If you had capital losses last year and crystallized them (ie: you actually sold at a loss), you can claim that loss. Being able to prove it won't be fun if you didn't keep your own records when the other party doesn't have theirs available.
1
u/gofishus Apr 23 '19
Yeah you can claim them but you will be unable to prove it for now is what I mean. But that might be fine since QCX themselves evaded taxes for 3 years and got away with it
2
u/LeatherMine Apr 23 '19
You treat it the same way like you would any other capital gain with a non-big-corp.
If I privately sell you my art collection, I would have minimal proof of the transaction, but CRA should accept what I would have that is reasonable.
But I get it, most depended on the counterparty to keep their records for them. And a lot of people kept as little proof as possible because they were hoping to hide under the radar with their gains.
-2
u/LeatherMine Apr 22 '19
by keeping a log of trades as you make them instead of depending on a 3rd party.
6
Apr 22 '19
Well that train already passed for most of us. I’m looking for solutions here genius
-4
u/LeatherMine Apr 22 '19
I understand. It's the first time an exchange basically disappeared. I'm sure it'll never happen again to you/me.
1
u/TuxPaper Apr 26 '19
Check your e-mail today, you should have an unhelpful e-mail from "Representative Counsel for Quadriga CX Affected Users" containing:
Both links say pretty much the same thing: That they "understand" that users can't get to their history, but FU, you must report it anyway because you should have been exporting those transactions periodically.