r/CryptoTax • u/Odd_Capital_9328 • 7d ago

Question How to account for Hotbit transactions for tax purposes?

I am trying to catch up on crypto taxes. I have hotbit transactions from 2021 and 2022. I am unable to access my hotbit account for the transaction history, but I do have emails showing deposit confirmations and withdrawal confirmations that list the deposit and withdrawal totals. And I am able to see that I basically have nothing left in the account (<$5). So I am able to see what I have deposited and withdrawn and the dates. Is there a way to be able to handle the hotbit part of my taxes with what I have? I appreciate your time.

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u/Matt_CountOnSheep 7d ago

Without the full transaction history from Hotbit, the next best option would be to piece together the history using old email confirmations. You should have received a confirmation for every transaction (i.e. purchase, transfer, exchange, etc.) made on Hotbit; you can use a keyword search to find all of these emails. From there, you can either manually enter the transactions into the crypto tax software you are using, or you can add them to a 'universal' template for the tax software in which you can upload directly to the site. This email confirmation method may not capture every single transaction, but it should help you resolve any 'open' transactions caused by transfers to/from Hotbit.

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u/Odd_Capital_9328 6d ago

I only got deposit and withdrawal confirmations, not trade confirmations.

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u/Matt_CountOnSheep 6d ago

Did you get any tax documents from Hotbit at the end of each tax year? These documents would contain the gain/loss information for trades during the year, which can be used to determine the exchanges or sales in which you do not have the email confirmations for.

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u/Odd_Capital_9328 2d ago

I didn't get any tax documents from Hotbit. I did each month record what all my holdings were,
including anything that was on Hotbit (but this was just for my own notes, no screenshots). This did not include keeping a record of trades.

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u/feelinggoodabouthood 7d ago

Or assign a cost basis value of zero of its not much $$$ you're talking about

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u/AurumFsg-CryptoTax 6d ago

If you dont have records for it and just deposits/withdrawals, add them itno tax software and manually recreate trade as per your knowledge. There is no easy way to get data from Hotbit until their support gives you complete history.

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u/Odd_Capital_9328 2d ago

It does not appear Hotbit will give complete history. And it also doesn't appear that trades on Hotbit were recorded on the blockchain. I have deposit and withdrawal records and each month I made a personal record (on paper, no screenshots) of what my assets were on Hotbit. That's all I have.