Doing my tax online, and they are requesting a report from Koinly etc, but these are so expensive! Is there a way I can do it myself? I only made a few small (and I mean SMALL) deposits. Moneys tight at the moment and it feels rough having to pay for such an expensive service for it. My fault I guess!
Thanks so much :)
I am new to all of this and have some questions to ask relating to tax and crypto.
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If I am trading on a crypto centralised exchange. When would I need to pay tax? I assume you only have to pay tax if you have made profit right? If you haven’t made any profit then you don’t need to care about tax?
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If I did not make any profit but decided to exchange to another crypto token I won’t need to pay tax right?
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How would one work out how much to pay in tax etc? What should I keep a copy of? What are some important things that I should know? Can someone fill someone who has no knowledge at all with crypto tax.
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If I am not connected to a CEX and someone sent me crypto say $3000 to my wallet will I need to do any tax for this? How would the taxation even know the amount in my wallet was sent from a friend or if it was an investment profit?