Scammed out of your crypto?
Depending on your country…
🇺🇸 You might owe tax
🇦🇺 You might claim a loss
🇬🇧 You might need a police report
🇨🇦 You might need a lawyer
Let’s break it down 👇
2/ You bought 10 SOL at $200 each
Sent it to a memecoin presale
$0 tokens received.
Rugged.
Here’s how each country treats that tax-wise 🧵
3/ 🇺🇸 United States
❌ Theft loss deduction = mostly gone (since 2018)
BUT: you can still claim a capital loss
If you can prove your cost basis and rug status
Pro tip: set the proceeds to $0 in your tax software
🇦🇺 Australia
ATO lets you deduct crypto scams as a capital loss
If the token is gone, the value is nil
You need:
– Wallet evidence
– Transaction history documented
– Maybe a written explanation
✅ Very doable, thanks ATO
🇬🇧 United Kingdom
HMRC does not treat theft as a disposal
So you can’t claim a loss just because tokens were stolen/scammed
You can only claim if:
– You received tokens
– They’re now worthless
– You file a negligible value election
Boo.
🇨🇦 Canada
CRA treats stolen crypto as an involuntary disposition.
You can claim a capital loss:
Proceeds = $0
Minus your adjusted cost base = full loss.
Carry forward or back against capital gains.
Not bad.
7
2.64K
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.