I held crypto since 2017 and now want to cash out roughly $6000, despite an unclear investment cost. Will this sale trigger any CRA tax flags?
hey sophia, i’m not a tax pro but messy records could catch cra’s eye. try to piece together your old trx if you can and maybe chat with a tax guy. just my 2 cnts
hey sophia, try scrounging up any old bank alerts or wallet logs, they help even if they’re not perfect. not a surefire fix but might help if cra asks, plus it eases your mind a bit. good luck on getting those records sorted!
hey sophia, interesting topic indeed- i been pondering similar issues. i totally get that lacking a precise cost base might feel like a bit of a trap for CRA, though im not a tax expert; its just that with crypto stuff everything gets a bit messy sometimes, right? have you thought about trying to trace back transactions even if its not perfect? i wonder if maybe others have had to reconstruct their history from wallet logs or rough bank statements. its kinda curious how these situations may end up in the gray zone. what are you thinking of doing next? maybe it would be useful to chat with someone who specializes in crypto taxes? keen to hear if anyone else has navigated this kind of stuff.
Based on my experience, while the rough amount may not necessarily trigger an automatic investigation, the lack of clear investment cost details could potentially complicate your tax situation with CRA. In previous cases where recordkeeping was incomplete, the emphasis was on providing as much reconstruction evidence as possible to support the capital gain calculation. Even though the sale may appear modest, ensuring that you have device logs, bank statements or other supporting documents is essential. Consulting a tax professional remains a wise precaution.
hey sophia, i’ve been following this thread and your concern got me thinking too. it’s kinda wild how even a $6000 sale can cause stress if your records ain’t perfect, right? i too have had a few mix-ups with older crypto transactions, and in my case, even a rough timeline from wallet apps helped clear some doubts. perhaps checking if any of those old apps you used or even some of your bank statements can shed some light on the dates and amounts might ease the worries a bit. i’m curious, have you tried reaching out to any crypto forum tool or maybe someone who’s been through a similar ordeal? sometimes a fresh angle might offer a less stressful workaround. what d’you think could be a viable method in this case?