Not calculating loss when selling crypto to cash
Example sold 1000 XRP cost was 2500 and received cash of 2450
it does not show lost of 50
it does show gains when selling
Not calculating loss when selling crypto to cash
Example sold 1000 XRP cost was 2500 and received cash of 2450
it does not show lost of 50
it does show gains when selling
Hi @PR99
This depends on many factors, especially your cost basis method.
From the screenshot, I can infer that you are using the Adjusted Cost Basis method (Canada).
I believe there is a wash sale rule triggered on this transaction.
The wash sale rule is the CRA’s way to prevent taxpayers from realizing superficial losses and the investors are unable to realize losses due to that.
This is explained in our article below:
https://koinly.io/blog/calculating-crypto-taxes-canada/
Check the Cost Analysis tab of the transaction for more details of how this is calculated.