Post
Topic
Board Beginners & Help
Re: Lost BTC in hard drive failure, still have to pay taxes?
by
Juggy777
on 26/01/2020, 13:42:10 UTC
It all depends on where you live and how you obtained the BTC.

Where I'm at if I'd just bought it then no. If I got it by earning it and trading if it's above the limits they give then I'm still liable for the tax on those earnings even if I have no way of paying it.

Look at these people who did a million shitcoin trades, wound up with nothing and didn't realise every trade was taxable.

Still, I wouldn't bother mentioning it.

The op has not provided any kind of information to us whether he brought those coins or he earned it via some services he may have provided, and till he doesn’t clarify this how are we supposed to guide him about his tax liability?. @gentlemand how does the taxman find about these trades if the person doesn’t disclose it?, or do taxmen get inputs from the exchanges regarding these transaction can you clarify this part?.