It's impossible to have a correct tax report without this feature. Privacy Policy. My issue was solved within hours. He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! The range of options could overwhelm beginners. You cant generate a capital gains summary with the free tier, but you can preview your total profit/loss and capital gains. Choose your location for tax tracking. Once we have your email we'll connect directly with you to successfully import your report!We look forward to hearing from you, Jason! The user interface is for the most part intuitive and it continues to evolve with the crypto market.02. 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. I am not seeing how to do this though. My cost basis / return / capital gain / market value is - CoinTracker It operates via API connections, so if youre particularly security-conscious and technically-minded, you may want to disable withdrawal and trading functions when you are setting your API configurations. Koinly Cost Basis Issue, and incorrect Gains/Profit : r/koinly - reddit Please note that some links on CaptainAltcoin.com are affiliate links. Create an account to follow your favorite communities and start taking part in conversations. Cryptocurrency Taxes 2023 - Forbes Advisor I've looked at tokentax, cointracker, hr block, turbotax and koinly. The official subreddit for all things Koinly and crypto tax! In a word yes, Koinly is a perfectly safe service to use. 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! If you are my transactions were spread across numerous platforms. Reddit and its partners use cookies and similar technologies to provide you with a better experience. I had an similar issue of having my manually editted cost-basis not functioning correctly. Free. We also ensure all reviews are published without moderation. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. How Do I Resolve Unknown Gains? - TaxBit This content shouldn't be interpreted as a recommendation to invest. They also provide different plans for different needs. And that's it. I have only purchased LINK on coinbase and coinbase pro, and I now hold ~15 on Celsius. Yes, Koinly is one of the best tax software for crypto traders. Adjust the basis back on the deposit of the coin. Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. CaptainAltcoin.com does not offer any sort of financial or investment advice. The official subreddit for all things Koinly and crypto tax! Date of experience: 28 January 2023. There are feature requests for these independently - lock tax year which includes cost basis used. How likely would you be to recommend finder to a friend or colleague? This feature is essential, otherwise Koinly becomes useless. Register with your email or link your Google account. Hi Mark, Thank you for this amazing review! 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. thanks. R P . $578,126 or more. This was a very nice surprise, and gave me confidence beyond what I had expected. Prices are for a year. Have an awesome day shining your light! Taxes are stressful enough means a lot to get this kind of customer support. CaptainAltcoin.com 2022 - All Rights Reserved 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. We'll connect with you through Trustpilot to ask about your contact info. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. Their development team is probably some hippies smoking all day, who dont know how to write a correct code. Koinly uses recommended settings for the Home country that you selected when signing up. 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 . We use dedicated people and clever technology to safeguard our platform. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com. To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. Is the API option reliable or should I try and get .CSV files and upload them? This is specific to the US. Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. decisions. Koinly Reviews | Read Customer Service Reviews of koinly.io 13 Mar 2022 woo urban dictionary crip. 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. Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. How To Calculate Cost Basis in Crypto & Bitcoin | Koinly Pro, $279 (about 222). 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. Amazing Customer Service ! Have an awesome day! I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. Press question mark to learn the rest of the keyboard shortcuts, https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. Companies can ask for reviews via automatic invitations. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. We really appreciate the beautiful compliments to our support team. 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. Koinly review 2023 | Is it good for Aussie crypto taxes? | Finder Written by Robin Singh Updated over a week ago 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. You later sell your 0.5 BTC for $32,000. Cost basis / calculations. So pay attention to this as you might consider an alternative like. London, SE1 9RS. We may also receive compensation if you click on certain links posted on our site. Income reporting. Your capital is at risk. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: 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. So not sure what to do at all. It includes selling securities at a loss to offset capital gains. Pricing Details: Koinly gives you more for less, with a generous free plan that features 10,000 transactions and support for over 700+ integrations including DeFi and NFTs. This needs to be a top feature I am disappointed it's not even available. Chances are the cost-basis is really low. 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. Currently the dashboard shows the total cost basis for your entire portfolio. Our address is Level 2, 20 St We are a credit broker and not a lender and 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. Extremely happy with the service. I put that the net worth of the txn is 46k at the time of the transaction. 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. In the UK, HMRC uses share pooling rules to calculate your CGT. 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). I was having challenges with a particular wallet. Koinly supports all kinds of crypto activities, not only spot trading. Incorrect Cost Basis? : r/koinly - reddit The most common CoinTracker support issue is incorrect cost basis, capital gain, or market value. This checklist resolves 99% of these problems. may also receive compensation if you click on certain links posted on Koinly offers 5 plans, including a free one. New tokens are automatically added once they start trading on exchanges. 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. It has successfully calculated thousands of transactions year to year that would be near impossible to do manually. None of it makes sense. In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. Cost basis. There are no other steps needed to do this. Koinly is a Strong Recommend! Access the central dashboard and link your exchange accounts and wallets. 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. So the exchange fee is applied twice. If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. service provider and read the information they can provide. Koinly making a mess of my tax/cost basis? Any idea why product or commit to any plan. Date of experience: 24 January . 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? I couldn't agree more that Artjoms is top-notch when it comes to all things crypto and Koinly! Hodler and Trader - $99 or $179. . Verification can help ensure real people write reviews about real companies. The cost-basis shown on a transaction is wrong! - Koinly Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. The limit is 3,000 transactions and theres email support included. I love how easy it is to generate annual year-end tax reports. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. I click edit and it does not allow me to adjust the cost basis. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. How do I manually change the cost basis? : r/koinly - reddit