I need to send records for the 2021 tax year. All I did in the way of crypto during this year was gamble with Bitcoin using Coinbase to send and receive the Bitcoin.
Buy Bitcoin using GBP in Coinbase > send Bitcoin to sports book
If I won a bet:
Receive Bitcoin in Coinbase > sell Bitcoin for GBP > withdraw GBP to bank account
Overall that tax year, I lost a small amount of money.
When I use Koinly with my Coinbase account it shows a negative amount of capital gains, which is good however I’m not sure why. I was expecting it to show thousands of pounds from my winnings and I assumed the original purchase of the Bitcoin wouldn’t have counted as a loss, because I simply sent it to the bookmakers wallet.
Is anybody able to explain how this works?