I’m sure no one will be able to answer, but I might get lucky and get a crypto tax wizard in the UK.
So I made quite a bit of money selling my own ERC20 token last year. I invested most of my profits into ETH and the rest into multiple defi projects.
Now I’ve added literally all my wallets and exchanges to Koinly and it says I don’t have to pay any taxes because I have a -25k loss.
This is wonderful as I made over 6 figures this year, but could this be correct? Seems too good to be true…
Do I not have taxes to pay because I invested my profits back into crypto or is Koinly completely useless?
I paid for the most expensive plan, if that matters.
Just to clarify this is for 21/22 in the UK.