I will move to a different country soon with different cost basis. Koinly Cost Basis Issue, and incorrect Gains/Profit : r/koinly - reddit I don't know why I'd ever leave. Yes, you can trust Koinly as it is a legit and registered company with known founders and big team behind it. I couldn't agree more that Artjoms is top-notch when it comes to all things crypto and Koinly! Koinly is a hands-off approach you just need to connect your exchanges, wallets or other services via API keys to the Koinly app and it does the rest. The value of investments can fall as well as rise and you may get back less than you invested. You can just edit the cost basis from there prior to uploading to turbotax. Koinly supports all kinds of crypto activities, not only spot trading. We may receive a commission, at no extra cost to you, if you click through our links and make a purchase from one of our partners. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. I can track where every coin came from, where it went, and how much it cost. For more information, please see our A consolidated report displays all your taxable gains in crypto. There are a lot of similar software out there which one can be better than the other one but eventually and especially for the complicated transactions involved like crypto industry, the human interaction and knowledge is really important and I personally really had very prompt and pleasant experience with Koinly customer service and I highly recommend them. We use dedicated people and clever technology to safeguard our platform. Our dev team works their dreamy magic to make the experience a smooth one. You can check Koinly plans. I have found the technical assistance to be excellent because the response time is reasonable and the information on target. Replies to negative reviews in < 24 hours. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. I was mostly paying 800 before the crash. The cost basis is way too low, as I know I didn't buy ETH for 170! Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. The UK treats gains from selling crypto the same as if you sold gold or property you can be liable for capital gains tax (CGT). Have a wonderful day! Supported wallets, exchanges, and services on Koinly. Yeah a couple, Koinly Support said that I have to merge the txns but theres so many so im just going to do what another commenter said as its probably way easier. Koinly Review and Alternatives, Is It The Best? - Crypto Listy Prices are for a year. Koinly does use your API keys to read data from your exchange accounts, but that is about it it doesnt have the ability to trade or withdraw anything from your account. To use a different method each year and therefore it would have to "lock" in the method used for each year to be able to carryforward the correct cost basis and dates of purchases. When Koinly merges the sent ABC with received XYZ . As part of your self-assessment, you need to submit a CGT summary supplement. Koinly is a popular cryptocurrency tax software that helps out with this conundrum (as most traders have a lot of crypto transactions = taxable events to deal with) in an easy and automatic way. The CSV can be made to match the API if I amend the CSV to deduct the respective fee from each item in the 'Total' column. My concern if this is true is that fast forward to 10 years from now some of us will will have so many transactions that it will be impossible to load . 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. So i have been manually updating my txns but it seems like when i add a dollar value to my "deposit" txns it doesnt add the cost basis to the txns after. They also have excellent customer service. Firstly, let's talk about Koinly plans. To add a new wallet, navigate to the Wallets page and tap on Add Wallet. Are the manually changed transactions mentioned in the report that koinly produces? This one will take some explaining. ZenLedger includes a standalone tool for tax-loss harvesting in a spreadsheet. What tax reports can you make with Koinly? With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! It's frustrating that there is no way to lock a tax year, once tax has been submitted for the year, we should be able to lock it, including cost basis used. I've looked at tokentax, cointracker, hr block, turbotax and koinly. Koinly review January 2023 | finder.com Tax Plans and Pricing | Koinly Note that pricing is currently available only in US dollars. BingX Review Is BingX.com Copy Trading Any Good? Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. In a word yes, Koinly is a perfectly safe service to use. Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. If you do end up using turbotax the turbotax report from koinly is in CSV format and lists all your transactions with cost basis + proceeds (total cost of the sale). Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The way these taxes are calculated varies from country to country and Koinly uses different cost basis methods such as FIFO, LIFO, ACB (Average Cost Basis) etc. My actual cost basis in my excel sheet I have marked as $33.47. Both have free plans, which makes it easy to try out each platform. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! We really appreciate you taking the time to share this recommendation with the community, Colin. When manually adding the missing transaction and merging it with the sent, the cost basis of the sent is lost (set to 0.00). Is the token linked to the right token in coinmarketcap? 2) The same Coinbase Pro Wallet but this time with just API data. It looks like the fee is being incorrectly handled so we'd want to fix that asap. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Past performance is no guarantee of future results. If you are in the US you should be able to choose from a variety of cost basis methods. * $179 for 3,000 transactions. offer credit facilities from a panel of lenders. In my case CAD is my base currency, so cost basis for that is always1, but I also have USD and other currencies on exhanges and I need to keep track of their cost basis as I need to pay taxes on FX gains coming from those. This content shouldn't be interpreted as a recommendation to invest. Learn more about it in our crypto tax guide. So, is Koinly Safe? By extension, that same option is not available to a potential hacker that would corrupt the Koinly platform. 1) Coinbase Pro wallet with a CSV 'fills' import. Written by Robin Singh . Keywords: Resolve Unknown Gains Flags. Overall tax reporting. This checklist resolves 99% of these problems. Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. If you find a transaction with a very high gain then look on the left side to see it's cost-basis. Wrong Cost Basis : koinly - reddit You can confirm this on the Prices tab on the app, which will have the most up-to-date information. Have an awesome day! None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. Before you invest, you should get advice and decide whether the potential return outweighs the risks. . our site. This is essential, and I am concerned it's not available. If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. The entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. Perfect! Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. This feature is essential, otherwise Koinly becomes useless. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. Create an account to follow your favorite communities and start taking part in conversations. For support start here: help.koinly.io, Press J to jump to the feed. Optional, only if you want us to follow up with you. Even Defi!! They currently list 2 CPAs from USA and 8 from Ireland but the process of onboarding new tax professionals is continuous so the list will most probably grow with time. Chances are the cost-basis is really low. After an attentive reviews of many tax software out there to file my crypto tax, I used for my second year in a row Koinly, because it is very complete with all the wallet and exchanges that I used, so I did not hesitate to use it again this year and it was a breeze to update my reports for tax 2022. I had an similar issue of having my manually editted cost-basis not functioning correctly. Staying true to our goal, we're continually evolving the service to save you time and energy. So, a manual transaction is made. Did you figure out how to deal with this? Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: It also doesnt offer support for DeFi, margin, and futures trades. Finder.com Comparison UK Limited (company number: 10482489) is thanks. Capital gains tax on profits may apply. We'd love to help sort this out and have a smooth import into Turbo Tax. I put that the net worth of the txn is 46k at the time of the transaction. This needs to be a top feature I am disappointed it's not even available. We will break down the tax calculator in this Koinly review, explain how it works, is it legit and safe to use and is it worth the money you pay for their advanced packages. Koinly made it super simple to combine all transactions across all platforms for the financial year. Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies. But it also admits that HMRC does not audit crypto tax software currently, meaning that HMRC will not accept Koinly reports. If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . Access the central dashboard and link your exchange accounts and wallets. Koinly is a crypto tax calculator and a crypto tax software that helps with creating a tax report based on your trading, mining, staking, airdrops activity. I was mostly paying 800 before the crash. For each trade the CSV cost basis is different to the API. The official subreddit for all things Koinly and crypto tax! Privacy Policy. Koinly automatically imports NFTs (ERC-721 and ERC-1155) for most EVM-based blockchains like ETH, BSC, FTM, AVAX, Poly, Cronos, and so on. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. I need to manually enter it. unsure you should get independent advice before you apply for any Thank you for taking the time to shine your experience to others, Bernd. Thanks Koinly anda big thanks to Nina for her excellent customer service. They worked on thousands of my transactions quickly and with a positive attitude. I have my Coinbase and Kucoin imported and it isnt intuitive enough to see the same amount of XLM bought on Coinbase is being sold on Kucoin. medical records charges 2022; It is just a tool that needs information from you in order to automatically generate your tax reports. And thats it. The platform defaults to the primary method in your jurisdiction. koinly cost basis wrong - tuvyasjudaica.co.uk I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. The range of options could overwhelm beginners. Thomas St, London, SE1 9RG. Since Koinly records capital gains and losses each asset, its easy to know which coins to sell and how much youll lose. Date of experience: 24 January . No, Koinly does not share information with anyone. He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! The XYZ received transaction is not being imported for some reason. He also has a keen interest in technology and the rapid development of fintechs, cryptocurrency and Web3 - the move towards a decentralised online ecosystem. Authentication via Google or Coinbase reduces the chances of a data breach. Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. Any one else replicate this? You later sell your 0.5 BTC for $32,000. For example. Koinly is a very easy to learn, user friendly crypto tax software. yeah, a complete oversight - this should be something they included with their platform. All content on CaptainAltcoin is provided solely for informational purposes. For those who have been using bitcoin lending platforms such as Blockfi, YouHodler, NEXO, Compound, Celsius, Localized tax reports in more than 20 countries, Supports over 6000 cryptos and 350 exchangers, Expensive for traders that do high volumes per year. koinly cost basis wrong Latest Post. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Is it actually saying the cost basis for the CB XLM is zero under the transaction? and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. You can also register using a Coinbase account. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. You can interact with our Chatbot by selecting the Chat Widget located at the bottom right side of your screen, or send us an email at support@taxbit.com and we'd be happy to help! The official subreddit for all things Koinly and crypto tax! At last, I've been able to eliminate all "missing cost basis" errors. Paul specialises in cutting through jargon to make money and tech more accessible. $578,101 or more. I used API for all 3. Adjust the basis back on the deposit of the coin. We endeavour to ensure that the information on this site is current and So pay attention to this as you might consider an alternative like. Koinly making a mess of my tax/cost basis? Any idea why An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. I have been using Koinly for tax purposes and to track all of my crypto transactions for two years.