Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. Transfer matching. It appears as if the fee is then added again to arrive at the cost basis. 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. Extremely happy with the service. You can also register using a Coinbase account. Below is a graph with supported countries: As we mentioned earlier, Koinly is not only for spot trading but rather a comprehensive tool that recognizes various types of crypto transactions: There are 4 different pricing packages on Koinly one free and 3 paid. Koinly doesnt need your private key and never asks for direct access to your funds. This feature is essential, otherwise Koinly becomes useless. In my experience, Koinly is a total waste of time. I had an similar issue of having my manually editted cost-basis not functioning correctly. Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. Is it actually saying the cost basis for the CB XLM is zero under the transaction? So not sure what to do at all. I am unable to adjust the cost basis though. Phil Traugott is a staff writer at CaptainAltcoin. I contacted support with my issues and got back to me promptly. Try Koinly first. Koinly is a very easy to learn, user friendly crypto tax software. We also ensure all reviews are published without moderation. I don't know why I'd ever leave. 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. I have only purchased LINK on coinbase and coinbase pro, and I now hold ~15 on Celsius. 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). Thanks Koinly anda big thanks to Nina for her excellent customer service. Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. Finder.com Comparison UK Limited (company number: 10482489) is Create an account to follow your favorite communities and start taking part in conversations. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. The range of options could overwhelm beginners. Staying true to our goal, we're continually evolving the service to save you time and energy. The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. Cookie Notice Your cost basis is now $30,310. Finder, or the author, may have holdings in the cryptocurrencies discussed. Heres a brief list of its key functions. It also doesnt offer support for DeFi, margin, and futures trades. Lock in last years tax to allow new cost basis for this year, Now that 2021 tax is over, I want to change from HIFO to FIFO next year. This content shouldn't be interpreted as a recommendation to invest. 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. Have an awesome day! So, is Koinly Safe? gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. They also have excellent customer service. Koinly allows for universal or Wallet-based cost tracking. It will automatically import your transactions, calculate all the market prices at the time of your trades, match transfers between your own wallets (so you dont pay taxes on these transfers), calculate your crypto gains/losses, and generate your crypto tax reports! They also provide different plans for different needs. The official subreddit for all things Koinly and crypto tax! 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. Yes, it is safe to connect Koinly to Coinbase or any other exchange since Koinly only requires read-only API rights to work. It has successfully calculated thousands of transactions year to year that would be near impossible to do manually. 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 - We use dedicated people and clever technology to safeguard our platform. You can also register using a Coinbase account. By any chance, would you happen to have purchased a lot of the same coin in a prior transaction that it might be picking up with FIFO? It shares the name with cryptocurrency wallets but functionally, it is a different thing. Paul is a freelance writer who's blogged about personal finance for many years. For example. The main competitors of Koinly are listed below. 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? Complete transaction history Amazing Customer Service ! We are a credit broker and not a lender and Staking, Lending & DeFi. Learn more about it in our crypto tax guide. manually add up cost basis and proceeds then just input them into the csv. login viber with email 6th June 2022 - by. Let's fly together with a positive approach! Cost basis / calculations. Really need to work this out before the tax year endsthanks. Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The main difference between the paid packages is in the number of transactions you can import. None of it makes sense. You cant generate a capital gains summary with the free tier, but you can preview your total profit/loss and capital gains. Unless we've said otherwise, products are in no particular order. But on my txns on the koinly app it says I made a 35k profit. At least my experience with Artjoms was, when I had an issue with a tiny coin that wasn't listed in Koinly yet. 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! Even Defi!! Taxes are stressful enough means a lot to get this kind of customer support. $578,126 or more. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! We'd love to help sort this out and have a smooth import into Turbo Tax. They enjoy immaculate reputation in the crypto circles. Koinly has a free account that you can use as a portfolio tracker and it allows you to create all tax reports like paid versions, except you cant export them in a ready-made format for filing. We really appreciate the beautiful compliments to our support team. Newbie, $49 (about 39). but however, it doesn't support all of tax . $346,876 or more. Available in more than 20 countries, including the US, UK, Australia, New Zealand, Japan, South Korea, Singapore and most European countries. 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. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Koinly is the perfect tool for my tax reporting purposes. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. I used API for all 3. 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've looked at tokentax, cointracker, hr block, turbotax and koinly. 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. All content on CaptainAltcoin is provided solely for informational purposes. Anyone can write a Trustpilot review. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. Koinly automatically imports NFTs (ERC-721 and ERC-1155) for most EVM-based blockchains like ETH, BSC, FTM, AVAX, Poly, Cronos, and so on. our site. 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. Email support is available only with the highest 2 tiers. Privacy Policy. Complete waste of time. Koinly offers 5 plans, including a free one. If you dont trade much and want cheap plans, Koinly is a great choice. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. My tax figures for the CSV were way out before noticing this, so it is abit of a concern. 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. Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). Yes, Koinly is one of the best tax software for crypto traders. Income reporting. I was mostly paying 800 before the crash. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. I was at my wits end!!! When Koinly merges the sent ABC with received XYZ . Some of the methods and tax forms they employ are: Koinly absolutely dominates this criterion with its integration with, essentially, every crypto platform, wallet, exchange, service under the sun. 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. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. 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. We'll connect with you through Trustpilot to ask about your contact info. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? We really appreciate you taking the time to share this recommendation with the community, Colin. The entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. medical records charges 2022; Hi J E, We are so sorry to hear about your experience!!! Cant thank them enough for taking the time to thoroughly explain it with screenshots, and a link to an article. 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 . While we are independent, we may receive compensation from You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. . You can just edit the cost basis from there prior to uploading to turbotax. If you find a transaction with a very high gain then look on the left side to see it's cost-basis. Same with BTC. 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. Koinly Help Center. Press question mark to learn the rest of the keyboard shortcuts, https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. When manually adding the missing transaction and merging it with the sent, the cost basis of the sent is lost (set to 0.00). Lock a tax year, including the cost basis used. Koinlys dashboard shows unrealized profits and losses. Cost basis. Customer service is excellent, compared to other crypto platforms. Artjoms was quick to respond and solutions-based all the way! 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. 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. Hodler and Trader - $99 or $179. Or is just woefully bad at security and/or actually doing the job. Koinly lacks a tax-loss harvesting calculator. Please note that some links on CaptainAltcoin.com are affiliate links. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. Yes, you can trust Koinly as it is a legit and registered company with known founders and big team behind it. Register with your email or link your Google account. Aria was so helpful and provided a detailed explanation to my issue. Koinly helps you find a certified tax professional specializing in cryptocurrency taxes to help with your tax reports. By extension, that same option is not available to a potential hacker that would corrupt the Koinly platform. Any way to fix this? Any one else replicate this? lorrae desmond family; crime in rosarito, mexico. This company doesnt calculate transactions accurately. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. Data Protection ICO registration number: 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. Missing Cost Basis. 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. The next step is to check all calculations to make sure everything is imported correctly. You can see my txn where i sell is here : https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa you can see that I took a loss on this. We're grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. Chances are the cost-basis is really low. 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. By providing every advantage to succeed with available information and customer support, we are keen to help at every step. I couldn't agree more that Artjoms is top-notch when it comes to all things crypto and Koinly! Koinly is a legit business but even if it wasnt the case the risk of losing your funds to hacker attacks because you used Koinly is zero. Prices are for a year. You can adjust your jurisdiction down the line if you move to another country. It would be better if you can provide screenshots of the koinly transactions that you are having issues with. This was a very nice surprise, and gave me confidence beyond what I had expected. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. 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?" R . $578,101 or more. Our address is Level 2, 20 St And that's it. Trades/withdrawals with very high gains. our partners for featured placement of their products or services. Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. The software and service I receive at Koinly was second to none. 2) The same Coinbase Pro Wallet but this time with just API data. 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. Exchanged ABC (sent) for XYZ (received) for an end value of $292. I click edit and it does not allow me to adjust the cost basis. Wallet in the Koinly ecosystem represents a container for all your transaction from one exchange accounts or actual crypto wallet. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. August 24, 2022. 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. To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. 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. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. My accountant has said it is highly sophisticated software. Seems way better than doing it on koinly since it still definitely needs a lot of work. finder.com is an independent comparison platform and information service A vast number of supported exchanges and wallets + newer crypto services like lending or cloud mining platforms separate it from its main rivals. Optional, only if you want us to follow up with you. income report Koinly can create a statement with all your Airdrops, Forks, Staking Rewards, DeFi, and other income transactions. The limit is 10,000+ transactions and theres email support. It goes against our guidelines to offer incentives for reviews. As part of your self-assessment, you need to submit a CGT summary supplement. I have tried everything recommended and that has not fixed it. This content is for information only - it's not tax advice. 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). Although I originally paid 46k for it. 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. Please BEWARE! The dev team is equally charged to keep evolving the UI for that total intuitive experience.Thank you for taking the time to share this review, Frederick. In the UK, HMRC uses share pooling rules to calculate your CGT. Is the API option reliable or should I try and get .CSV files and upload them? The first thing you need to do is to import your transactions into the app. I was mostly paying 800 before the crash. An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed.
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