Tax Return - claiming Hotbit losses - value on date of closure?

Koinly Support
1

Describe the problem:
Hotbit closure with my crypto permanently lost

Which exchange/wallet is this regarding?

HOTBIT

How did you import data into this wallet?

CSV

What have you tried to fix this so far?

Everything

2

Hey @BMC_23

Thanks for your message. :waving_hand:t2:

Correct me if I’m wrong, but I’ll assume you have all of your Hotbit data imported already until the date they shut down.

To deal with the lost coins, you can add a manual Withdrawal transaction for each asset you still held in Hotbit on the date you lost access:

https://support.koinly.io/hc/en-us/articles/9914594792092-How-to-add-transactions-manually

Once you have the manual Send (withdrawal) transactions, you have two options:

  1. You can tag them as Lost. This will add them to the ‘Gifts, donations and lost’ and you would then report these losses to your tax authority when you file. You will not see an immediate loss realised in Koinly using this method.

  2. You don’t tag as Lost and instead change the value of the Send transaction to zero, immediately realising a 100% loss.

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You should check with an accountant or your local tax authority if you’re unsure which method you’re allowed to use. :+1:t2: