You can calculate whether you made a capital gain or loss by subtracting your cost basis from your sale price. 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. 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. $693,751 or more. If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . This would be HUGE. I want to be able to choose which method I'm using for every tax year, i.e. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. 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. Koinly allows for universal or Wallet-based cost tracking. That means right now changes could be made to a year that has already been submitted, this is crazy! R . Access the central dashboard and link your exchange accounts and wallets. This means coverage of some obscure coins and tokens is variable. The range of options could overwhelm beginners. A vast number of supported exchanges and wallets + newer crypto services like lending or cloud mining platforms separate it from its main rivals. 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? I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. When Koinly merges the sent ABC with received XYZ . None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The contents of your crypto tax report include: Capital gains summary. We use dedicated people and clever technology to safeguard our platform. that aims to provide you with the tools you need to make better income report Koinly can create a statement with all your Airdrops, Forks, Staking Rewards, DeFi, and other income transactions. . 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. I recommend Koinly for EVERYONE in crypto. FIFO in 2021, LIFO in 2020, HIFO in 2019, etc. Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. VAT number: 259751759. 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. To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. Find out how we combat fake reviews. They're actually focused to help and get the job done, which is pretty refreshing imo. Koinly doesnt need your private key and never asks for direct access to your funds. It's a fucking mess. 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. 2) The same Coinbase Pro Wallet but this time with just API data. Customer service is excellent, compared to other crypto platforms. Koinly is the leading cryptocurrency tax calculator what Binance is among crypto exchanges, Koinly is among crypto tax software. This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. Have a beautiful day! This could mean that the market price that Koinly used for it when you bought this coin is wrong. service provider and read the information they can provide. I have only purchased LINK on coinbase and coinbase pro, and I now hold ~15 on Celsius. Press question mark to learn the rest of the keyboard shortcuts, https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? $346,876 or more. Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). 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. Taxes are stressful enough means a lot to get this kind of customer support. koinly cost basis wrong Latest Post. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. Thank you for taking the time to shine your experience to others, Bernd. For more information, please see our If you are in the US you should be able to choose from a variety of cost basis methods. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. I've looked at tokentax, cointracker, hr block, turbotax and koinly. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. It's been a tough couple of years, but it's now becoming more natural each and every day. And thats it. 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. Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. We are a credit broker and not a lender and Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. August 24, 2022. Wallet in the Koinly ecosystem represents a container for all your transaction from one exchange accounts or actual crypto wallet. 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). How much does Koinly cost? Date of experience: 28 January 2023. The tax you need to pay depends on your individual circumstances and can change over time. This company doesnt calculate transactions accurately. I love how easy it is to generate annual year-end tax reports. 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). Also without the ability to lock the cost basis too, we cannot change cost basis going forward, ever, we are stuck using the same cost basis as changing it will create completely invalid data, as the tax years already submitted to the tax office will re-calculate using the new method. ZenLedger includes a standalone tool for tax-loss harvesting in a spreadsheet. Transfer matching. The software and service I receive at Koinly was second to none. Newbie, $49 (about 39). I was having challenges with a particular wallet. 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. If it is the cost basis in CB that is the problem, you can manually change it per transaction. I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. So not sure what to do at all. I have tried everything recommended and that has not fixed 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. Save yourself some time and trouble. So pay attention to this as you might consider an alternative like. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. Should I add wallets, or only exchanges? Koinly is the perfect tool for my tax reporting purposes. their customer service is there and very responsive.get it now!! Koinly offers a wide range of localized tax reports as well. The top two paid tiers of the Koinly app are Hodler and Trader. 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. yeah, a complete oversight - this should be something they included with their platform. Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. There needs to be a way to allow different settings per year (freeze / snapshot / lock?). The XYZ received transaction is not being imported for some reason. This content is for information only - it's not tax advice. 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 support@taxbit.com and we'd be happy to help! 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. Perfect! If still have issue, the koinly youtube video has guides. I am unable to adjust the cost basis though. Same with BTC. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. but however, it doesn't support all of tax . ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. I need to manually enter it. In my experience, Koinly is a total waste of time. Yes, it is safe to connect Koinly to Coinbase or any other exchange since Koinly only requires read-only API rights to work. 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! R P . Other transactions are messed up too. 1 Koinly CSV cost basis error vs API closed b b Two wallets for comparison: 1) Coinbase Pro wallet with a CSV 'fills' import. Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. 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. 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. After your import is finished, Koinly gets down to work of crunching numbers. I'll connect with you now via Trustpilot to receive contact details. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. Have a wonderful day! 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. For example. I've tried many of these softwares and so far koinly seems to add it best, but it still has problems, especially for some bridged transactions. I am not seeing how to do this though. 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. The dev team works their magic to make the UI intuitive and sophisticated. 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. Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. Paul is a freelance writer who's blogged about personal finance for many years. offer credit facilities from a panel of lenders. Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. * $179 for 3,000 transactions. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. At least my experience with Artjoms was, when I had an issue with a tiny coin that wasn't listed in Koinly yet. 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). 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. The main difference between the paid packages is in the number of transactions you can import. London, SE1 9RS. When he's not writing, Paul likes to get out on his bike around the Chiltern Hills. If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. You later sell your 0.5 BTC for $32,000. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. I do recommend it to anyone in the same field of crypto investors. koinly cost basis wrong. If you are a high volume trader, Koinly might cost you a fortune. 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. Free. Koinly supports all kinds of crypto activities, not only spot trading. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! You can adjust your jurisdiction down the line if you move to another country. 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. 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. 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. reference number: 786446). Hodler and Trader - $99 or $179. Email support is available only with the highest 2 tiers. Replies to negative reviews in < 24 hours. 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. You cant generate a capital gains summary with the free tier, but you can preview your total profit/loss and capital gains. Koinly is a very easy to learn, user friendly crypto tax software. So, is Koinly Safe? This means that every purchase or selling of cryptocurrency is a taxable event which is known as a Capital Gains Tax and has to be paid in most countries such as the USA, UK, Canada, South Korea, etc. Try Koinly first. Koinly automatically imports NFTs (ERC-721 and ERC-1155) for most EVM-based blockchains like ETH, BSC, FTM, AVAX, Poly, Cronos, and so on. Date of experience: 24 January . 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?" Your cost basis is now $30,310. I got into a right mess with my trades and balances on Koinly, I made alterations to correct myself, big mistake!! A consolidated report displays all your taxable gains in crypto. We really appreciate the beautiful compliments to our support team. Phil Traugott is a staff writer at CaptainAltcoin. We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. But more importantly I need my cost basis for every coin I now hold. our partners for featured placement of their products or services. It has successfully calculated thousands of transactions year to year that would be near impossible to do manually. It goes against our guidelines to offer incentives for reviews. 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. Other gains. ADA-GBP,BUY,2022-06-22T08:30:26.029Z,626.49,0.5931294075,-237.8448924,GBP. People who write reviews have ownership to edit or delete them at any time, and theyll be displayed as long as an account is active. 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. Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). 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. Or is just woefully bad at security and/or actually doing the job. Joseph Goss. You pay another 0.5% sell fee, so $160. Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. I'd recommend this to heavy users or first time crypto tax filers alike. Does Koinly work with DeFi protocols and NFTs? and our Missing Cost Basis. You can just edit the cost basis from there prior to uploading to turbotax. 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. One of Koinlys strengths is that it broadly caters to every experience level. Tyler I was mostly paying 800 before the crash. Since Koinly records capital gains and losses each asset, its easy to know which coins to sell and how much youll lose. Never before have I met such professional, knowledgeable and diligent staff. Extremely happy with the service. Support people probably didnt graduate high school and dont know simple math. Koinly makes it easy to track all of your wallets, transactions and balances. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. Track your trades, get a tax report preview and get support from the Koinly team. 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. By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use, Level 2, 20 St Thomas St, 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? Unless we've said otherwise, products are in no particular order. 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. They also provide different plans for different needs. 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. Hi Bernd, Thank you for sharing this review! Artjoms was quick to respond and solutions-based all the way! When manually adding the missing transaction and merging it with the sent, the cost basis of the sent is lost (set to 0.00). WOW! So, a manual transaction is made. SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit? Thank you, Koinly. It can do a lot of calculations, quickly and accurately. This is essential! Special mentions to the two biggest rockstars; Mariia and Jack! It is not an offer to buy or sell any security, product, service or investment. We show offers we can track - that's not every product on the marketyet. You cannot change the cost basis. Heres a brief list of its key functions. 13 Mar 2022 woo urban dictionary crip. If you find a transaction with a very high gain then look on the left side to see it's cost-basis. Paul specialises in cutting through jargon to make money and tech more accessible. Finder, or the author, may have holdings in the cryptocurrencies discussed. My issue was solved within hours. Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. It also doesnt offer support for DeFi, margin, and futures trades. I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. 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 - login viber with email 6th June 2022 - by.