Reporting Crypto Losses

I’m from Canada and I’ve put $15,000 into something I’ve lost. I deposited fiat through an exchange and sent it to a wallet where then I lost it through sports betting. This is one of the worst mistakes in my life and I will never make this same mistake again. I’m not sure how to report this to taxes as the exchange has my KYC so they know that I’ve deposited over 10k. I don’t want to be in trouble with taxes as I usually have someone file them for me. How would I go about reporting this and do I even have to since I lost all of it?

Bump, please let me know.

Hi @learningthingy,

Thanks for your message!

You should make sure you have your data, on the exchange you mentioned, is imported into Koinly. If it is a supported exchange, you will find in-app instructions and if it is an unsupported platform, we have this article just for this.

I suggest you talk to a Crypto-aware Tax Accountant to find the best way to document this but if you wish, you can use the “lost” tag on the $15k withdrawal.