Wednesday, May 6, 2020

Taxes on bitcoin gambling?

I was messing around with some bitcoin I had in my wallet and gambled it. I ended up down $100 and cashed out.

1) Is this a taxable event even tho I lost $100? I’m assuming yes, even though gambling isn’t taxed in Canada, I’m leaning towards that I have to calculate the difference between what I bought the BTC at and what I ended up selling it for. 2) If so, how do I report this on my taxes in 2020? Is there an area for reporting cryptocurrency? I’ve downloaded the transaction summary so I do have all the cost basis for my bitcoin purchases and what I sold it for.

Thanks


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