Costs & expenses for initial BTC purchase

Tax Questions
#1

On my first year of trading tax report, there are no Costs & expenses to include my initial purchase of BTC from my own money, as in when I first used my own cash to purchase them. Should this equal what I first put in, or is this calculated within the system elsewhere?

I used coinfloor which at the time was just a facilitator for privately buying from individuals.
Should I add manual transactions and label them as ‘cost’ for these purchases?

The coinfloor wallet only shows the deposits from the private purchase as transactions.

#2

Hi, your purchase cost are already factored into the capital gains so you wont see them on that column. Costs & expenses is for extra costs that are related to your trading and can be deducted. If you are not sure what Cost is for then dont use it since its probably not what you need.

#3

Please explain what you mean by “purchase costs” being factored into the capital gains. Are you saying that trade fees and network fees are automatically subtracted from the gains? Wouldn’t you want to be able to list/deduct your expenses against your gross gains?

#4

Yes, all trading fees are factored into the capital gains. You can deduct any additional expenses but the fees are already deducted (you wont see fees on your tax reports page).

#5

Thanks, yeah I’m probably misunderstanding the definitions and intricacies of it all. I shall trust the system

#6

I still don’t understand, I have a cost and expenses as much capital gain, and it says i can deduct cost/expense against my capital gain