Customer service is excellent, compared to other crypto platforms. We'd love to help sort this out and have a smooth import into Turbo Tax. 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. decisions. 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. Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). 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. 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 . Koinly Review 2023 - Koinly Is LEGIT But Pay Attention - CaptainAltcoin Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. Automated import of transaction data via API, Price records going back 5 years, and the option of integrating all your activity in this period. In the UK, HMRC uses share pooling rules to calculate your CGT. Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. This would be HUGE. Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. Trades/withdrawals with very high gains | Koinly Help Center Press question mark to learn the rest of the keyboard shortcuts, https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. I contacted support with my issues and got back to me promptly. Trader account, $179 (about 135). but however, it doesn't support all of tax . For more information, please see our Missing purchase history (missing costs) It's common that a cost-basis might seem wrong even if it actually isn't. Scenario: You deposited 1 BTC worth 1000 USD into a wallet and withdrew it later but the cost-basis on the withdrawal transaction doesn't match the cost of the 1 BTC (1000 USD). A single statement shows your income from airdrops, forks, staking, DeFi activities and other transactions that have netted you income. It can do a lot of calculations, quickly and accurately. Support people probably didnt graduate high school and dont know simple math. Data Protection ICO registration number: The first thing it does is fetching market prices, matchtransfers between your own wallets,and calculate your capital gains. Please Edit to set the net worth of this Gift. Joseph Goss. unsure you should get independent advice before you apply for any 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. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). I click edit, and it let's me change the worth but I am not seeing how to change the cost basis. They also provide different plans for different needs. You can just edit the cost basis from there prior to uploading to turbotax. $693,751 or more. If you dont trade much and want cheap plans, Koinly is a great choice. So the exchange fee is applied twice. 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. Koinly CSV cost basis error vs API | Bug reports (public) | Koinly Have an awesome day shining your light! Click on the transaction to open up more information about it Or it's a very low cap coin and no pricing available. If you are It also doesnt offer support for DeFi, margin, and futures trades. "We have assumed a cost of zero for some assets" - Koinly Should I add wallets, or only exchanges? https://koinly.canny.io/feature-requests/p/lock-in-last-years-tax-to-allow-new-cost-basis-for-this-year. 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. The percentage of Income Tax you'll pay is the same as your personal Income Tax rate, starting only from earnings above $18,201. Have a beautiful day! How much does Koinly cost? 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. manually add up cost basis and proceeds then just input them into the csv. You can confirm this on the Prices tab on the app, which will have the most up-to-date information. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Find out how we combat fake reviews. Your cost basis is now $30,310. Same with BTC. 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. Thank you for taking the time to shine your experience to others, Bernd. It's impossible to have a correct tax report without this feature. VAT number: 259751759. This content is for information only - it's not tax advice. Their excellence shines through a proficient and efficient approach all around! 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 . 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. You can have this overview for free. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. We 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. Cost basis / calculations | Koinly Help Center Transfer matching. It's also reasonably priced. For example. Anyone can write a Trustpilot review. Reddit and its partners use cookies and similar technologies to provide you with a better experience. I want to be able to choose which method I'm using for every tax year, i.e. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! Income reporting. This needs to be a top feature I am disappointed it's not even available. Register with your email or link your Google account. There needs to be a way to allow different settings per year (freeze / snapshot / lock?). I'd recommend this to heavy users or first time crypto tax filers alike. Exchanged ABC (sent) for XYZ (received) for an end value of $292. In my experience, Koinly is a total waste of time. Please upvote the existing one instead of creating new ones. Please BEWARE! . If you need a sophisticated tax solution, you likely have some level of crypto experience, but there are extensive support resources to support newcomers, and the interface is user-friendly. I was having challenges with a particular wallet. 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. Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. Past performance is no guarantee of future results. Our dev team works their dreamy magic to make the experience a smooth one. 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. Staying true to our goal, we're continually evolving the service to save you time and energy. Useless - The Koinly totals do not add up, the api synch does not work on Kucoin, there is no way to download a csv to see why Koinly makes no sense and if you want support, they point you to irrelevant youtube videos. Phil Traugott is a staff writer at CaptainAltcoin. They worked on thousands of my transactions quickly and with a positive attitude. You later sell your 0.5 BTC for $32,000. 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. accurate but you should confirm any information with the product or 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. You cant generate a capital gains summary with the free tier, but you can preview your total profit/loss and capital gains. Yes, Koinly is one of the best tax software for crypto traders. This means coverage of some obscure coins and tokens is variable. 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. My tax figures for the CSV were way out before noticing this, so it is abit of a concern. How likely would you be to recommend finder to a friend or colleague? Are the manually changed transactions mentioned in the report that koinly produces? This is specific to the US. Access the central dashboard and link your exchange accounts and wallets. Is it actually saying the cost basis for the CB XLM is zero under the transaction? 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. Save yourself some time and trouble. 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. The limit is 10,000+ transactions and theres email support. 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. Cryptocurrency Taxes 2023 - Forbes Advisor Tyler He also has a keen interest in technology and the rapid development of fintechs, cryptocurrency and Web3 - the move towards a decentralised online ecosystem. * $179 for 3,000 transactions. 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?" 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. You can check Koinly plans. Even Defi!! Have a wonderful day! Read Customer Service Reviews of koinly.io | 3 of 46 - Trustpilot Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. One of Koinlys strengths is that it broadly caters to every experience level. Date of experience: 28 January 2023. Koinly is like an Excel sheet on steroids. Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. Your capital is at risk. They also have excellent customer service. 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 do recommend it to anyone in the same field of crypto investors. Koinly is the perfect tool for my tax reporting purposes. Koinly making a mess of my tax/cost basis? Any idea why Create an account to follow your favorite communities and start taking part in conversations. Koinly offers 5 plans, including a free one. All in all, Koinly and ZenLedger are two of our preferred crypto tax software options. Learn more about it in our crypto tax guide. For support start here: help.koinly.io, Press J to jump to the feed. 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! If it has no record of how you acquired the coin the irs rule is to consider it a gift at 0. The final step is exporting complete tax reports generated by Koinly (you will need to buy one of the offered packages in order to do this) and filing your taxes, either manually or using tax software like TurboTax. 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. Cost basis. Everything on the dashboard is spot on EXCEPT LINK which is showing I almost doubled my return when in reality I am barely at break even currently. Extremely happy with the service. $578,126 or more. Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. is non alcoholic beer bad for your kidneys None of it makes sense. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. Any one else replicate this? koinly cost basis wrong. If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. Hodler account, $99 (about 75). We endeavour to ensure that the information on this site is current and I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. Aria was so helpful and provided a detailed explanation to my issue. Koinlys dashboard shows unrealized profits and losses. Special mentions to the two biggest rockstars; Mariia and Jack! Prices are for a year. By extension, that same option is not available to a potential hacker that would corrupt the Koinly platform. The official subreddit for all things Koinly and crypto tax! This company doesnt calculate transactions accurately. finder.com is an independent comparison platform and information service 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 [email protected] and we'd be happy to help! 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). Verification can help ensure real people write reviews about real companies. The user interface is for the most part intuitive and it continues to evolve with the crypto market.02. 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. Access the central dashboard and link your exchange accounts and wallets. ADA-GBP,BUY,2022-06-22T08:30:26.029Z,626.49,0.5931294075,-237.8448924,GBP. Filing Your Australia Crypto Tax? Here's What the ATO Wants - Koinly and our Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. thanks. This crypto tax report has all the information you need to file with the ATO using the myTax portal. Once we have your email we'll connect directly with you to successfully import your report!We look forward to hearing from you, Jason! Miscellaneous | Crypto.com Help Center There is a record, the software is not pulling the info correctly. 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.