Your capital is at risk. $693,751 or more. Thank you for being so thorough!! Written by Robin Singh . Koinly complies with all the applicable tax laws in a host of different countries. I've compared them all and they're all either insanely expensive (tokenetax is 3 fucking thousand dollars if you want a full accounting across your wallets and you want an accountant). They enjoy immaculate reputation in the crypto circles. Have a wonderful day! Cookie Notice 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. We want to go through the nuances of the issues and help inform how to best navigate the platform and have it work optimally for you! We use dedicated people and clever technology to safeguard our platform. Finder, or the author, may have holdings in the cryptocurrencies discussed. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! After Koinly is done with calculating your gains, a small notification will pop up asking you to Refresh your page. This one will take some explaining. Ive tried to also try switching them to an exchange txn where I trade the 10 ETH for coins but then it says I got the 10 ETH for free which also gives me the same 35k profit. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. 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. Koinly will then identify your cost basis, identify your taxable transactions and calculate your subsequent capital gains, losses and income - all in one easy to read tax summary (and totally . 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. I did this multiple times - now Koinly is claiming my cost basis is $0 for the original XLM saying I need to pay the gains - is there any way I can correct this? If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. August 24, 2022. My issue was solved within hours. We'd love to help sort this out and have a smooth import into Turbo Tax. Date of experience: 28 January 2023. The main competitors of Koinly are listed below. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. I dont like to write negative reviews, but these people will screw your taxes. I can track where every coin came from, where it went, and how much it cost. YES, YES, YES please. Thank you! We love reading that the software is easy to learn and use! . This needs to be a top feature I am disappointed it's not even available. Thanks Koinly anda big thanks to Nina for her excellent customer service. 2) The same Coinbase Pro Wallet but this time with just API data. Or is just woefully bad at security and/or actually doing the job. In my experience, Koinly is a total waste of time. Email support is available only with the highest 2 tiers. 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. No, Koinly does not share information with anyone. SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit? And thats it. 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. authorised and regulated by the Financial Conduct Authority (firm I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. By this time, as much as Koinly has grown while refining their product over the last couple of years, anyone who needs to deal with cryptocurrency, taxes, and the IRS would have to be crazy to attempt using any other product. 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. And their customer service is top notch! Cost basis. But more importantly I need my cost basis for every coin I now hold. 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. 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. Create an account to follow your favorite communities and start taking part in conversations. I was stressing over doing my crypto taxes. If you find a transaction with a very high gain then look on the left side to see it's cost-basis. koinly cost basis wrong Latest Post. Capital gains tax on profits may apply. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. Registering for Koinly is simple: Click the "Sign up" button on the Koinly homepage. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. 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. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: $49: 100: Everything in the free plan, plus: IRS forms 8949 and Schedule D; International tax reports . Privacy Policy. The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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). Reddit and its partners use cookies and similar technologies to provide you with a better experience. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. Our dev team works their dreamy magic to make the experience a smooth one. Create an account to follow your favorite communities and start taking part in conversations. Koinly offers 5 plans, including a free one. Trader account, $179 (about 135). I have tried everything recommended and that has not fixed it. I click edit, and it let's me change the worth but I am not seeing how to change the cost basis. Press question mark to learn the rest of the keyboard shortcuts. Types of transactions supported on Koinly, Find a Cryptocurrency Tax Accountant via Koinly, Koinly as a cryptocurrency portfolio tracker, Sia Coin (SC) Price Prediction 2023 | 2025 | 2030 Future Forecast For SIA Price. Last 5 days I've been trying all the popular tax software programs with No success either exchange sync issues or lack of exchange and wallets offered! 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. R . Perfect! If still have issue, the koinly youtube video has guides. He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! 7. A consolidated report displays all your taxable gains in crypto. Crypto and equities both provide tax-loss harvesting. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. I need to manually change the cost basis. Date of experience: 24 January . I was so concerned about having a simple huge listing of my trades for my tax pro to wade through. Koinly is the perfect tool for my tax reporting purposes. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! Adjust the basis back on the deposit of the coin. decisions. 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. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. WOW! CGT is a tax on the profit you make when you sell an asset that has increased in value. Koinly is like an Excel sheet on steroids. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. and our Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. This content shouldn't be interpreted as a recommendation to invest. unsure you should get independent advice before you apply for any Hodler account, $99 (about 75). You can have this overview for free. Seems way better than doing it on koinly since it still definitely needs a lot of work. That means right now changes could be made to a year that has already been submitted, this is crazy! Companies can ask for reviews via automatic invitations. lorrae desmond family; crime in rosarito, mexico. This is much the same information, however a per-asset calculation would be good. What tax reports can you make with Koinly? It's also reasonably priced. This needs to be a top feature I am disappointed it's not even available. Koinly made it super simple to combine all transactions across all platforms for the financial year. If it is the cost basis in CB that is the problem, you can manually change it per transaction. Complete transaction history Income reporting. our partners for featured placement of their products or services. Is it safe to connect Koinly to Coinbase? 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. I have a feeling it might be something to do with adding my cold wallets, it seems to be factoring in prices just for sending crypto from exchange to wallet, even when there was no trade. Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. My actual cost basis in my excel sheet I have marked as $33.47. Transfer matching. I put that the net worth of the txn is 46k at the time of the transaction. We are a credit broker and not a lender and Finder.com Comparison UK Limited (company number: 10482489) is If you are a high volume trader, Koinly might cost you a fortune. Try Koinly first. I click edit and it does not allow me to adjust the cost basis. By providing every advantage to succeed with available information and customer support, we are keen to help at every step. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! They also provide different plans for different needs. Cant thank them enough for taking the time to thoroughly explain it with screenshots, and a link to an article. I made a lot of trades in 2018, losing ones, so I'm sure I don't owe CG tax, but I know I made some losses which I'd like to declare now. New tokens are automatically added once they start trading on exchanges. * $99 for 1,000 transactions. 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. Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! 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. I was mostly paying 800 before the crash. Wallet in the Koinly ecosystem represents a container for all your transaction from one exchange accounts or actual crypto wallet. The thing about Koinly pricings is transactions limit, and yes the free plan has 10,000 transaction limit. Thank you, Koinly. The limit is 10,000+ transactions and theres email support. Other transactions are messed up too. CaptainAltcoin.com does not offer any sort of financial or investment advice. I am unable to adjust the cost basis though. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. I will use this method every year, its worth the extra $$ to save us $$ Special Thanks to Mariia Tkachuk, extremely responsive and step-by-step thorough/professional.Couldn't have been a better help (:Sam. Chances are the cost-basis is really low. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. It almost seamlessly organised all of my crypto trading history over the last five years which for me was financially lifesaving a brought a lot of peace of mind. They're actually focused to help and get the job done, which is pretty refreshing imo. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Stay away and use a different software. I couldn't agree more that Artjoms is top-notch when it comes to all things crypto and Koinly! Free. It's clear they really value customer satisfaction, no matter how complicated the situation, they always look at ways to help and dont get stingy on the number of iterations needed to get the work done. Choose your location for tax tracking. Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. Optional, only if you want us to follow up with you. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. For support start here: help.koinly.io, Press J to jump to the feed. gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. The official subreddit for all things Koinly and crypto tax! Press question mark to learn the rest of the keyboard shortcuts. 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. Hi Mark, Thank you for this amazing review! You can just edit the cost basis from there prior to uploading to turbotax. 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. that aims to provide you with the tools you need to make better I had an similar issue of having my manually editted cost-basis not functioning correctly. None of it makes sense. CaptainAltcoin.com 2022 - All Rights Reserved This crypto tax report has all the information you need to file with the ATO using the myTax portal. For each trade the CSV cost basis is different to the API. Lock a tax year, including the cost basis used. The XYZ received transaction is not being imported for some reason. Paul specialises in cutting through jargon to make money and tech more accessible. You cant generate a capital gains summary with the free tier, but you can preview your total profit/loss and capital gains. It looks like the fee is being incorrectly handled so we'd want to fix that asap. For more information, please see our One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. For example. Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. This is my 2nd year using Koinly and the product, although not perfect yet, it is the best for crypto/nft taxes and I've tried them all. Koinly is the easiest way to track your crypto activity and generate accurate tax reports! I was at my wits end!!! This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. There is a record, the software is not pulling the info correctly. $578,126 or more. We hope to hear back from you soon, J E! It's impossible to have a correct tax report without this feature. 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 - BingX Review Is BingX.com Copy Trading Any Good? Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. Note that pricing is currently available only in US dollars. You can adjust your jurisdiction down the line if you move to another country. So Glad I found it!!!.. Both have free plans, which makes it easy to try out each platform. 37%. Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. Have an awesome day! Click on the transaction to open up more information about it Koinly was extremely easy to link exchange accounts and was the only program which I did not have to upload a custom formatted CSV to get all of my transacations in one place. Same with BTC. Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. Anyone can write a Trustpilot review. The top two paid tiers of the Koinly app are Hodler and Trader. 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). Past performance is no guarantee of future results. Same with BTC. There are feature requests for these independently - lock tax year which includes cost basis used. Since Koinly records capital gains and losses each asset, its easy to know which coins to sell and how much youll lose. Newbie, $49 (about 39). Koinly helps you find a certified tax professional specializing in cryptocurrency taxes to help with your tax reports. Or it's a very low cap coin and no pricing available. It is just a tool that needs information from you in order to automatically generate your tax reports. You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. 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. Staying true to our goal, we're continually evolving the service to save you time and energy. Have a beautiful day! Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. Keywords: Resolve Unknown Gains Flags. There are no other steps needed to do this. To add a new wallet, navigate to the Wallets page and tap on Add Wallet. I was having challenges with a particular wallet. Is there any chance that you can contact us at. Are the manually changed transactions mentioned in the report that koinly produces? In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. Pricing Details: Koinly gives you more for less, with a generous free plan that features 10,000 transactions and support for over 700+ integrations including DeFi and NFTs. You may update the cost basis by clicking the 3 dots menu and then Edit on the right-hand side of the transaction, and then you can manually adjust the cost basis by clicking Set Net Worth on the edit transaction page. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: Trades/withdrawals with very high gains. In a word yes, Koinly is a perfectly safe service to use. All rights reserved.

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