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.
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