At least my experience with Artjoms was, when I had an issue with a tiny coin that wasn't listed in Koinly yet. The top two paid tiers of the Koinly app are Hodler and Trader. We reviewed all of them and can safely say that crypto tax tools are a neck and neck race with all tools following each other in lockstep when it comes to features and pricing. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. Pro, $279 (about 222). CSV file is not formatted to where turbo tax accepts it and wont upload. Tyler 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. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. 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. Transfer matching. If it is the cost basis in CB that is the problem, you can manually change it per transaction. Trades/withdrawals with very high gains | Koinly Help Center and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. But more importantly I need my cost basis for every coin I now hold. lorrae desmond family; crime in rosarito, mexico. Our address is Level 2, 20 St Really need to work this out before the tax year endsthanks. You're right that only Youtube videos aren't the full scope of what support is. Create an account to follow your favorite communities and start taking part in conversations. This would be HUGE. Lock a tax year, including the cost basis used. 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. Have an awesome day shining your light! It appears as if the fee is then added again to arrive at the cost basis. And thats it. Special mentions to the two biggest rockstars; Mariia and Jack! Cost basis / calculations | Koinly Help Center But when I go to the txn that says that I sell those same coins it says my cost basis for those same coins that I paid 46k for is 0. We use dedicated people and clever technology to safeguard our platform. CaptainAltcoin.com 2022 - All Rights Reserved There are feature requests for these independently - lock tax year which includes cost basis used. Exchanged ABC (sent) for XYZ (received) for an end value of $292. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. Email support is available only with the highest 2 tiers. To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. Optional, only if you want us to follow up with you. A vast number of supported exchanges and wallets + newer crypto services like lending or cloud mining platforms separate it from its main rivals. It's impossible to have a correct tax report without this feature. 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. Prices are a bit steeper than with competition but you do get more out of this app, especially if you did a lot of advanced crypto activities like margin trading or borrowing/lending. Currently the dashboard shows the total cost basis for your entire portfolio. 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. The official subreddit for all things Koinly and crypto tax! If you are in the US you should be able to choose from a variety of cost basis methods. Ended up spending a lot of time talking with Aria, they took their time, was very patient and worked with me to correct my mistakes.They took away my nightmare and allow me to sleep again. Missing Cost Basis. One of Koinlys strengths is that it broadly caters to every experience level. My issue was solved within hours. And that's it. You can adjust your jurisdiction down the line if you move to another country. unsure you should get independent advice before you apply for any The official subreddit for all things Koinly and crypto tax! R . Hit refresh and then go to the Tax Reports page to see a brief overview of your capital gains and income. 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. For each trade the CSV cost basis is different to the API. 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! income report Koinly can create a statement with all your Airdrops, Forks, Staking Rewards, DeFi, and other income transactions. Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. We're so proud of our service, reasonable pricing, frequent discounts, product and support teams (and beyond).We really appreciate the time you took to recommend Koinly as the starting point, Mark. Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. Newbie, $49 (about 39). This needs to be a top feature I am disappointed it's not even available. In this instance, $32,000 - $30,310 = $1,690. Register with your email or link your Google account. Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. Other gains. Joseph Goss. Phil Traugott is a staff writer at CaptainAltcoin. It is a real swiss-knife for crypto taxes. I have only purchased LINK on coinbase and coinbase pro, and I now hold ~15 on Celsius. This feature is essential, otherwise Koinly becomes useless. Before you invest, you should get advice and decide whether the potential return outweighs the risks. You can confirm this on the Prices tab on the app, which will have the most up-to-date information. This crypto tax report has all the information you need to file with the ATO using the myTax portal. After Koinly is done with calculating your gains, a small notification will pop up asking you to Refresh your page. Koinly Review - CryptoVantage Press question mark to learn the rest of the keyboard shortcuts. $578,101 or more. Although I originally paid 46k for it. There are no other steps needed to do this. Thank you, Koinly. Keywords: Resolve Unknown Gains Flags. 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). our site. Hodler account, $99 (about 75). Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. and our Koinly Help Center. 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. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. Anyone can write a Trustpilot review. We'll connect with you through Trustpilot to ask about your contact info. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. 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. While we are independent, we may receive compensation from It also doesnt offer support for DeFi, margin, and futures trades. Access the central dashboard and link your exchange accounts and wallets. Even Defi!! In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. finder.com is an independent comparison platform and information service Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! I was mostly paying 800 before the crash. That means right now changes could be made to a year that has already been submitted, this is crazy! You can keep track of your costs in a universal pool shared across all connected wallets or separately for each wallet. By extension, that same option is not available to a potential hacker that would corrupt the Koinly platform. You later sell your 0.5 BTC for $32,000. Please Edit to set the net worth of this Gift. When manually adding the missing transaction and merging it with the sent, the cost basis of the sent is lost (set to 0.00). 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). Your cost basis would be $30,150. FIAT Cost Basis | Feature requests (public) | Koinly Amazing Customer Service ! I click edit, and it let's me change the worth but I am not seeing how to change the 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 cost basis wrong - tuvyasjudaica.co.uk Create an account to follow your favorite communities and start taking part in conversations. Capital gains tax on profits may apply. Koinly Review and Alternatives, Is It The Best? - Crypto Listy Stay away and use a different software. Since Koinly records capital gains and losses each asset, its easy to know which coins to sell and how much youll lose. Koinly Reviews | Read Customer Service Reviews of koinly.io If you are 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. Press question mark to learn the rest of the keyboard shortcuts. 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. Koinly is the perfect tool for my tax reporting purposes. I dont like to write negative reviews, but these people will screw your taxes. Is it actually saying the cost basis for the CB XLM is zero under the transaction? Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. koinly cost basis wrong - bilverkstedsentralen.no "We have assumed a cost of zero for some assets" - Koinly The range of options could overwhelm beginners. 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. !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. ADA-GBP,BUY,2022-06-22T08:30:26.029Z,626.49,0.5931294075,-237.8448924,GBP. Artjoms was quick to respond and solutions-based all the way! In comparison to paid versions, the free Koinly account has no support for Form8949, Schedule D, internation tax reports, export to TurboTax, and other tax tools and it limits your integration to only 50 exchanges/wallets. It's a fucking mess. Koinly review 2023 | Is it good for Aussie crypto taxes? | Finder Have an awesome day! FIFO in 2021, LIFO in 2020, HIFO in 2019, etc. They are still working on adding NFT support for other chains like SOL, WAX, XTZ, etc.To add NFTs that Koinly doesnt support, see How to manually add NFT trades. Does Koinly work with DeFi protocols and NFTs? Koinly uses recommended settings for the Home country that you selected when signing up. Coinbase: missing transactions, cost basis lost on trades Incorrect Cost Basis? : r/koinly - reddit Supported wallets, exchanges, and services on Koinly. Prices are for a year. We love reading that the software is easy to learn and use! thanks. I actually changing country with different cost calculation method. . Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. 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. You can calculate whether you made a capital gain or loss by subtracting your cost basis from your sale price. Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. while all other features are the same and offered for all paid pricing models. Their excellence shines through a proficient and efficient approach all around! Register with your email or link your Google account. If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. There needs to be a way to allow different settings per year (freeze / snapshot / lock?). They also provide different plans for different needs. Koinly supports all kinds of crypto activities, not only spot trading. is non alcoholic beer bad for your kidneys Koinly is the leading cryptocurrency tax calculator what Binance is among crypto exchanges, Koinly is among crypto tax software. Click the Sign up button on the Koinly homepage. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! For support start here: help.koinly.io, Press J to jump to the feed. Firstly, let's talk about Koinly plans. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. 1) Coinbase Pro wallet with a CSV 'fills' import. The cost basis is way too low, as I know I didn't buy ETH for 170! By providing every advantage to succeed with available information and customer support, we are keen to help at every step. I can track where every coin came from, where it went, and how much it cost. SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit? CGT is a tax on the profit you make when you sell an asset that has increased in value. Date of experience: 24 January . 1 Koinly CSV cost basis error vs API closed b b Two wallets for comparison: 1) Coinbase Pro wallet with a CSV 'fills' import. Koinly Cost Basis Issue, and incorrect Gains/Profit : r/koinly - reddit Koinly also offer annual plans for when you are ready to generate your tax report: * $49 for 100 transactions. You pay another 0.5% sell fee, so $160. 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? All content on CaptainAltcoin is provided solely for informational purposes. Replies to negative reviews in < 24 hours. The value of investments can fall as well as rise and you may get back less than you invested. ZenLedger includes a standalone tool for tax-loss harvesting in a spreadsheet. I'd recommend this to heavy users or first time crypto tax filers alike. It can do a lot of calculations, quickly and accurately. None of it makes sense. 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. 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? The user interface is for the most part intuitive and it continues to evolve with the crypto market.02. I've seen where the XLM had a zero cost basis in KuCoin when selling and that was because of different time stamps between when it was received from CB and when it was sold for USDT. I think it is still the customer service department what makes the difference between different solutions for your needs. This is much the same information, however a per-asset calculation would be good. 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 found that happening to me "oh I just bought this lot, transferred to my wallet and exchanged for something else, why is my cost basis off?" There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. login viber with email 6th June 2022 - by. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. I love how easy it is to generate annual year-end tax reports. You could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. $693,751 or more. It covers every coin listed on CoinMarketCap and every token based on the Ethereum, BSC and Polygon chains. Click on the transaction to open up more information about it finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. 2) The same Coinbase Pro Wallet but this time with just API data. You have to manually add transactions if there is no record of the crypto putting purchased. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. 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.