keeping all prior tax years on koinly? : r/koinly - Reddit Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. It's easy to use and accurate. while all other features are the same and offered for all paid pricing models. Wrong Cost Basis : koinly - reddit If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . First one is a Deposit of 5 BTC (cost: $5000) Second one is a Trade of 8 BTC to 20 ETH (market value of total ETH is $10000) Here, when Koinly tries to calculate the cost of your 8 BTC, it only has the previous transaction of 5 BTC to work with, so it only knows that the cost of 5 BTC is $5000. Yes, it is safe to connect Koinly to Coinbase or any other exchange since Koinly only requires read-only API rights to work. FIFO in 2021, LIFO in 2020, HIFO in 2019, etc. For more information, please see our Koinly can generate different tax forms, like Form 8949, Schedule D.If you are filing in the US, Koinly can generate filled-in IRS tax forms. Koinly provides anumber of tax reportsfor download in CSV, excel, and pdf formats. 2) The same Coinbase Pro Wallet but this time with just API data. If it has no record of how you acquired the coin the irs rule is to consider it a gift at 0. * $179 for 3,000 transactions. My tax figures for the CSV were way out before noticing this, so it is abit of a concern. login viber with email 6th June 2022 - by. 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. Gifts, donations and losses. Amazing Customer Service ! koinly cost basis wrong Latest Post. Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. This is essential! New tokens are automatically added once they start trading on exchanges. offer credit facilities from a panel of lenders. Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. I will move to a different country soon with different cost basis. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com. Koinly uses recommended settings for the Home country that you selected when signing up. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! Coinbase: missing transactions, cost basis lost on trades The limit is 3,000 transactions and theres email support included. You could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. Koinly says it supports more than 17,000 cryptocurrencies. Same with BTC. Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). Is the token linked to the right token in coinmarketcap? And their customer service is top notch! I am unable to adjust the cost basis though. Tax Plans and Pricing | Koinly FREE Simple pricing Usage Transactions 10,000 100 1000 Wallets & exchange accounts Unlimited Unlimited Unlimited Unlimited Portfolio tracking Capital gains preview Defi, Margin trades, Futures FIFO, LIFO, Average Cost & more Wallet-based cost tracking (Spec ID) Avalanche trades Tax Reports Form 8949, Schedule D - It is a real swiss-knife for crypto taxes. 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. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. I'll connect with you now via Trustpilot to receive contact details. "Cost-basis method" Explained | Koinly Help Center 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. 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). A single statement shows your income from airdrops, forks, staking, DeFi activities and other transactions that have netted you income. I was mostly paying 800 before the crash. Is there any chance that you can contact us at. Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. If still have issue, the koinly youtube video has guides. Currently the dashboard shows the total cost basis for your entire portfolio. Find out how we combat fake reviews. 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. medical records charges 2022; In Australia, although it is referred to as Capital Gains Tax, there is no separate tax and any gains you make will be assessable income subject to Income Tax. But more importantly I need my cost basis for every coin I now hold. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. There is a record, the software is not pulling the info correctly. reference number: 786446). Authentication via Google or Coinbase reduces the chances of a data breach. We use dedicated people and clever technology to safeguard our platform. It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. The value of investments can fall as well as rise and you may get back less than you invested. The dev team works their magic to make the UI intuitive and sophisticated. But it also admits that HMRC does not audit crypto tax software currently, meaning that HMRC will not accept Koinly reports. This is much the same information, however a per-asset calculation would be good. The cost-basis shown on a transaction is wrong! VAT number: 259751759. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. Yes, Koinly is worth the money you pay for it as it reliably automates most of the tax work you need to do when reporting to tax authorities in your country. I was so concerned about having a simple huge listing of my trades for my tax pro to wade through. The official subreddit for all things Koinly and crypto tax! August 24, 2022. SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit? I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. They worked on thousands of my transactions quickly and with a positive attitude. Hi Colin, Thank you for this stellar feedback and review! Broad coverage. Thank you for taking the time to shine your experience to others, Bernd. Hodler is basically the same as the Newbie tier, with the only exception being that you can import up to 1,000 crypto transactions rather than just 100. service provider and read the information they can provide. We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. Thank you! The range of options could overwhelm beginners. Koinly offers a wide range of localized tax reports as well. It can do a lot of calculations, quickly and accurately. Really need to work this out before the tax year endsthanks. There is already a feature request for this. I need to manually change the cost basis. And thats it. 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. Hi Bernd, Thank you for sharing this review! To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. 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. These two had been sticking points before. Or it's a very low cap coin and no pricing available. There are feature requests for these independently - lock tax year which includes cost basis used. For each trade the CSV cost basis is different to the API. Filing Your Australia Crypto Tax? Here's What the ATO Wants - Koinly CSV file is not formatted to where turbo tax accepts it and wont upload. From what I understand (please correct me if I'm wrong) is that we need to keep all prior tax years on koinly so each following year is pulling your cost basis correctly as it all carrys over. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Koinly allows for universal or Wallet-based cost tracking. Koinly Review Is Koinly Crypto Tax Software Safe To Use To Generate Tax Reports? We'd love to help sort this out and have a smooth import into Turbo Tax. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! I had an similar issue of having my manually editted cost-basis not functioning correctly. Koinlys dashboard shows unrealized profits and losses. We are a credit broker and not a lender and For most exchanges listed on Koinly, you will have aSetup auto-syncoption that uses API keys to download your transaction history and keep your data in sync even in the future. By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use, Level 2, 20 St Thomas St, In my experience, Koinly is a total waste of time. Your cost basis is now $30,310. Have an awesome day! Please note that some links on CaptainAltcoin.com are affiliate links. Koinly covers 6,000+ blockchains, 350+ exchanges and 50+ wallets, so even power users outside the mainstream are likely to find what they need. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! our partners for featured placement of their products or services. Date of experience: 24 January . I have tried everything recommended and that has not fixed it. This means coverage of some obscure coins and tokens is variable. The entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. Koinly review 2023 | Is it good for Aussie crypto taxes? | Finder For each trade the CSV cost basis is different to the API. You can do that by getting API keys from your wallet or exchanging and adding them to Koinly. These are complex and are designed to stop crypto investors from manipulating their gains by selling and rebuying crypto assets to create an artificial loss. So, a manual transaction is made. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Koinly is a great app it will streamline your crypto tax activities by collecting all relevant data, calculating, and presenting it in a neat, concise, IRS-ready format. As part of your self-assessment, you need to submit a CGT summary supplement. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. This is similar to the Newbie plan but with a limit of 1,000 transactions. We also ensure all reviews are published without moderation. But more importantly I need my cost basis for every coin I now hold. I need to manually enter it. Tax Plans and Pricing | Koinly I have only purchased LINK on coinbase and coinbase pro, and I now hold ~15 on Celsius. 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). Customer service is excellent, compared to other crypto platforms. 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 . Unless we've said otherwise, products are in no particular order. Koinly complies with all the applicable tax laws in a host of different countries. Artjoms was quick to respond and solutions-based all the way! We want to cheer your success on and be a helpful tool that saves you time and energy. may also receive compensation if you click on certain links posted on yeah, a complete oversight - this should be something they included with their platform. They also have excellent customer service. At least my experience with Artjoms was, when I had an issue with a tiny coin that wasn't listed in Koinly yet. I've tried many of these softwares and so far koinly seems to add it best, but it still has problems, especially for some bridged transactions. Special mentions to the two biggest rockstars; Mariia and Jack! https://koinly.canny.io/feature-requests/p/lock-in-last-years-tax-to-allow-new-cost-basis-for-this-year. From your settings, Koinly will know the financial year you're reporting on - so from the 1st of July 2021 to the 30th of June 2022. As far as I can tell the fee in the CSV is being interpreted incorrectly by Koinly, and is skewing the cost basis. BingX Review Is BingX.com Copy Trading Any Good? For support start here: help.koinly.io, Press J to jump to the feed. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Koinly Cost Basis Issue, and incorrect Gains/Profit : r/koinly - reddit Access the central dashboard and link your exchange accounts and wallets. By providing every advantage to succeed with available information and customer support, we are keen to help at every step. Koinly is a Strong Recommend! R P . Cookie Notice The user interface is for the most part intuitive and it continues to evolve with the crypto market.02. How likely would you be to recommend finder to a friend or colleague? koinly cost basis wrong. Optional, only if you want us to follow up with you. The official subreddit for all things Koinly and crypto tax! is non alcoholic beer bad for your kidneys Learn more about it in our crypto tax guide. There are two options in Turbo Tax that look very similar to each other, and you're spot on that one of them is a completely different format. Hodler and Trader - $99 or $179. In the event that you cant find this option or prefer to import using CSV files, you can do that too, by selectingUpload CSV files. Click the Sign up button on the Koinly homepage. Finder.com Comparison UK Limited (company number: 10482489) is 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. If you are a high volume trader, Koinly might cost you a fortune. Trades/withdrawals with very high gains | Koinly Help Center I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. You do not need to buy a Koinly paid plan to view the summary, however, you will need to shell out for one if you want to download it. I stumbled on to koinly gave it a try and to my surprise EVERY single wallet and exchange was found and sync in minutes with no issues!! Or is just woefully bad at security and/or actually doing the job. My actual cost basis in my excel sheet I have marked as $33.47. While we are independent, we may receive compensation from I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. Other transactions are messed up too. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. I was having challenges with a particular wallet. Have an awesome day shining your light! It supports more than 350 exchanges, more than 50 wallets, over 6000 different coins, and more than 10 diverse crypto services (like lending platforms, cloud mining platforms, etc). Please upvote the existing one instead of creating new ones. accurate but you should confirm any information with the product or There needs to be a way to allow different settings per year (freeze / snapshot / lock?). But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. This company doesnt calculate transactions accurately. Incorrect Cost Basis? : r/koinly - reddit