How can I exit my Crypto investment without paying tax?

[scoobychookchook]

I bought a total of 5 bitcoins since 2017, 3 bitcoin in 2017 and 2 bitcoins in 2021. I bought them all on KYC exchanges, but these exchanges have my address of my older country, not my current new country in which I am resident in.

Until 2021 I was a tax resident of a country that does not recognize Crypto, and therefore does not tax it.


I am now a resident of a country that will tax me if I move out the country, basically they will forcefully tax me on my Crypto gains even if I never sell them, on the day I move out this country! (Insane I know).


The issue is I can't just sell them before I move out this country because I accumulated bitcoin over the years and I no longer know the average prices on which I bought the bitcoins over time,
so it would be a huge guessing and definitely a mistake from my side.


I refuse to simply guess my average price and sell them now before I move overseas permanently, that would definitely flag me and put me in a list of crypto holders with potential investigations since I cannot provide the exact price on which I purchased the coins!



What can I do?

 

[Martin Everson]

Is taxman aware you have that crypto its not clear?

I refuse to simply guess my average price and sell them now before I move overseas permanently, that would definitely flag me and put me in a list of crypto holders with potential investigations since I cannot provide the exact price on which I purchased the coins!

You can look on the chain to see date when you acquired them into your wallet and then check market value on those dates. That Mark To Market will be good enough for taxman.

 

[scoobychookchook]

Is taxman aware you have that crypto its not clear?



You can look on the chain to see date when you acquired them into your wallet and then check market value on those dates. That Mark To Market will be good enough for taxman.

1. How can the taxman be aware I bought crypto if I bought them on exchanges prior moving in my current country, AND the exchanges know I am a citizen/resident of a totally different country from the one I reside now?


2. I cannot longer log in/access those older wallets, some btc were bought through exchanges, some were earned, some were mined, etc... I lost 80% of the wallets showing the transaction dates so I have no idea what my profit is right now, and even worse, what my profit will be in 1 year when I move out my current country to become a non - resident for tax purposes!

If BTC gets above $100,000 each, the sum of money I own will be enough to raise some flags.

 

[Martin Everson]

1. How can the taxman be aware I bought crypto if I bought them on exchanges prior moving in my current country, AND the exchanges know I am a citizen/resident of a totally different country from the one I reside now?

I asked you a simple question and you answered me with a question. Are you mentally ok in the head?

2. I cannot longer log in/access those older wallets, some btc were bought through exchanges, some were earned, some were mined, etc... I lost 80% of the wallets showing the transaction dates so I have no idea what my profit is right now, and even worse, what my profit will be in 1 year when I move out my current country to become a non - resident for tax purposes!

You can still look at the address movements on any chain explorer. If you failed to keep records thats your mistake and no one else's.

If BTC gets above $100,000 each, the sum of money I own will be enough to raise some flags.

You can speak to CRA in Canada and discuss your particular situation. There are many people all around the world in same situation who didn't keep track of their crypto holding movements. Your not alone. Best to declare your crypto to CRA and pay any tax due.

 

[RealDude]

I asked you a simple question and you answered me with a question. Are you mentally ok in the head?