Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. So pay attention to this as you might consider an alternative like. 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. I was having challenges with a particular wallet. We may receive compensation from our partners for placement of their products or services. It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. * $99 for 1,000 transactions. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! Staking, Lending & DeFi. You can also register using a Coinbase account. Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. 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. I was mostly paying 800 before the crash. Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. Same with BTC. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). My tax figures for the CSV were way out before noticing this, so it is abit of a concern. R . In a word yes, Koinly is a perfectly safe service to use. The cost-basis shown on a transaction is wrong! Koinly is a very easy to learn, user friendly crypto tax software. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! 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). Past performance is no guarantee of future results. finder.com is an independent comparison platform and information service We Koinly Review - CryptoVantage gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. accurate but you should confirm any information with the product or If still have issue, the koinly youtube video has guides. 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. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. When Koinly merges the sent ABC with received XYZ . 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. It's easy to use and accurate. This means coverage of some obscure coins and tokens is variable. On the reviews platform Trustpilot, Koinlys had more than 700 reviews and about 4 in 5 rated the software Excellent. Please note that some links on CaptainAltcoin.com are affiliate links. I am unable to adjust the cost basis though. The official subreddit for all things Koinly and crypto tax! No, Koinly does not share information with anyone. their customer service is there and very responsive.get it now!! I am not seeing how to do this though. Your cost basis is now $30,310. For example. Chances are the cost-basis is really low. Written by Robin Singh Updated over a week ago The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com. Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. 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. There are feature requests for these independently - lock tax year which includes cost basis used. Free. koinly cost basis wrong Latest Post. You can keep track of your costs in a universal pool shared across all connected wallets or separately for each wallet. The official subreddit for all things Koinly and crypto tax! Support people probably didnt graduate high school and dont know simple math. 1) Coinbase Pro wallet with a CSV 'fills' import. Heres a brief list of its key functions. 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. When you create a new ETH, BSC, or Polygon wallet, Koinly can automatically import all trades and liquidity transactions from Uniswap, Sushiswap, Cream, Value, Balancer, PancakeSwap, and many other DeFi platforms. Register with your email or link your Google account. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. I've looked at tokentax, cointracker, hr block, turbotax and koinly. 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. I need to manually change the cost basis. I love how easy it is to generate annual year-end tax reports. 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're right that only Youtube videos aren't the full scope of what support is. This content is for information only - it's not tax advice. In the UK, HMRC uses share pooling rules to calculate your CGT. One of Koinlys strengths is that it broadly caters to every experience level. You can check Koinly plans. This content shouldn't be interpreted as a recommendation to invest. Although I originally paid 46k for it. Complete transaction history My issue was solved within hours. Any way to fix this? Koinly offers 5 plans, including a free one. 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! Crypto and equities both provide tax-loss harvesting. Paul specialises in cutting through jargon to make money and tech more accessible. This is essential, and I am concerned it's not available. You pay another 0.5% sell fee, so $160. Since Koinly records capital gains and losses each asset, its easy to know which coins to sell and how much youll lose. 2023 Trustpilot A/S. I will move to a different country soon with different cost basis. An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. 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. You can also register using a Coinbase account. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. 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. 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. BingX Review Is BingX.com Copy Trading Any Good? We endeavour to ensure that the information on this site is current and keeping all prior tax years on koinly? : r/koinly - Reddit Before you invest, you should get advice and decide whether the potential return outweighs the risks. Is the API option reliable or should I try and get .CSV files and upload them? The software and service I receive at Koinly was second to none. I'll connect with you now via Trustpilot to receive contact details. Overall tax reporting. Complete waste of time. A vast number of supported exchanges and wallets + newer crypto services like lending or cloud mining platforms separate it from its main rivals. Taxes are stressful enough means a lot to get this kind of customer support. $578,126 or more. I contacted support with my issues and got back to me promptly. Tax Plans and Pricing | Koinly Koinly Cost Basis Issue, and incorrect Gains/Profit : r/koinly - reddit The cost-basis shown on a transaction is wrong! - Koinly Have an awesome day shining your light! Companies can ask for reviews via automatic invitations. Other gains. By providing every advantage to succeed with available information and customer support, we are keen to help at every step. Written by Robin Singh . The most common CoinTracker support issue is incorrect cost basis, capital gain, or market value. We really appreciate the beautiful compliments to our support team. offer credit facilities from a panel of lenders. Artjoms was quick to respond and solutions-based all the way! Your cost basis would be $30,150. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. We hope to hear back from you soon, J E! Koinly offers a wide range of localized tax reports as well. 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. The user interface is for the most part intuitive and it continues to evolve with the crypto market.02. Press question mark to learn the rest of the keyboard shortcuts. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. It is a real swiss-knife for crypto taxes. I have several transactions with a cost basis of 0. 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. 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). ZA227007. 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. After your import is finished, Koinly gets down to work of crunching numbers. koinly cost basis wrong - bilverkstedsentralen.no I had an similar issue of having my manually editted cost-basis not functioning correctly. Your capital is at risk. There are feature requests for these independently - lock tax year which includes cost basis used. Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. FIFO in 2021, LIFO in 2020, HIFO in 2019, etc. Joseph Goss. Thank you for being so thorough!! And their customer service is top notch! Filing Your Australia Crypto Tax? Here's What the ATO Wants - Koinly If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . After Koinly is done with calculating your gains, a small notification will pop up asking you to Refresh your page. So the exchange fee is applied twice. One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). Crypto taxes are a fluid topic as more and more country regulators come to grips with it. Incorrect Cost Basis? : r/koinly - reddit The entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. If it has no record of how you acquired the coin the irs rule is to consider it a gift at 0. Create an account to follow your favorite communities and start taking part in conversations. My actual cost basis in my excel sheet I have marked as $33.47. Koinly supports around 380 exchanges, including the following: If Koinly has highlighted that youve achieved either gains beyond your tax-free allowance when selling your crypto or income from crypto at any point in the tax year, then you should report this to HMRC by submitting a self-assessment return as youll need to pay tax. Please send our gratitude for the kind compliment from your accountant! But more importantly I need my cost basis for every coin I now hold. Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. 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 . While we are independent, we may receive compensation from Thank you for taking the time to shine your experience to others, Bernd. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. It appears as if the fee is then added again to arrive at the cost basis. Keywords: Resolve Unknown Gains Flags. Koinly CSV cost basis error vs API | Bug reports (public) | Koinly How Do I Resolve Unknown Gains? - TaxBit It includes selling securities at a loss to offset capital gains. Thank you! We are a credit broker and not a lender and Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. The range of options could overwhelm beginners. Capital gains tax on profits may apply. Have a beautiful day! reference number: 786446). Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! It has successfully calculated thousands of transactions year to year that would be near impossible to do manually. Email support is available only with the highest 2 tiers. Koinly is a Strong Recommend! Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. "We have assumed a cost of zero for some assets" - Koinly . Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. product or commit to any plan. Koinly is a popular cryptocurrency tax software that helps out with this conundrum (as most traders have a lot of crypto transactions = taxable events to deal with) in an easy and automatic way. Click the Sign up button on the Koinly homepage. 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. For support start here: help.koinly.io, Press J to jump to the feed. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. So Glad I found it!!!.. Paul is a freelance writer who's blogged about personal finance for many years. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. while all other features are the same and offered for all paid pricing models. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. Press question mark to learn the rest of the keyboard shortcuts. Without further ado, lets move to the first chapter of this Koinly review by looking at what Koinly is and how does it work. Choose your location for tax tracking. Prices are for a year. It is not an offer to buy or sell any security, product, service or investment. There is a record, the software is not pulling the info correctly. The XYZ received transaction is not being imported for some reason. We're grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. All content on CaptainAltcoin is provided solely for informational purposes. Koinly Reviews | Read Customer Service Reviews of koinly.io - Trustpilot It's impossible to have a correct tax report without this feature. 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? By extension, that same option is not available to a potential hacker that would corrupt the Koinly platform. Miscellaneous | Crypto.com Help Center 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. This is specific to the US. We'll connect with you through Trustpilot to ask about your contact info. If it is the cost basis in CB that is the problem, you can manually change it per transaction. Your Ultimate Australia Crypto Tax Guide 2023 | Koinly Cookie Notice Hit refresh and then go to the Tax Reports page to see a brief overview of your capital gains and income. We also ensure all reviews are published without moderation. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. So, a manual transaction is made. 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. 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?" I dont like to write negative reviews, but these people will screw your taxes. 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. The cost basis is way too low, as I know I didn't buy ETH for 170! Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. My cost basis / return / capital gain / market value is - CoinTracker