Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. Please send our gratitude for the kind compliment from your accountant! Koinly complies with all the applicable tax laws in a host of different countries. I click edit, and it let's me change the worth but I am not seeing how to change the cost basis. Please upvote the existing one instead of creating new ones. I can track where every coin came from, where it went, and how much it cost. Is the API option reliable or should I try and get .CSV files and upload them? Does Koinly work with DeFi protocols and NFTs? Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. It's a fucking mess. Paul is a freelance writer who's blogged about personal finance for many years. Heres a brief list of its key functions. Your cost basis is now $30,310. 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. I need to manually enter it. Finder.com Comparison UK Limited (company number: 10482489) is I got into a right mess with my trades and balances on Koinly, I made alterations to correct myself, big mistake!! 37%. The cost-basis shown on a transaction is wrong! Koinly is the perfect tool for my tax reporting purposes. 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. * $179 for 3,000 transactions. Yeah a couple, Koinly Support said that I have to merge the txns but theres so many so im just going to do what another commenter said as its probably way easier. And thats it. My tax figures for the CSV were way out before noticing this, so it is abit of a concern. This equals a classic portfolio tracker app that gives you oversight of your crypto holdings across different platforms and services. They also have excellent customer service. It looks like the fee is being incorrectly handled so we'd want to fix that asap. To add a new wallet, navigate to the Wallets page and tap on Add Wallet. Here are 8 tips for writing great reviews. ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. Koinly can generate different tax forms, like Form 8949, Schedule D.If you are filing in the US, Koinly can generate filled-in IRS tax forms. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. $346,876 or more. You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. WOW! That means right now changes could be made to a year that has already been submitted, this is crazy! 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. All content on CaptainAltcoin is provided solely for informational purposes. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. This checklist resolves 99% of these problems. We may also receive compensation if you click on certain links posted on our site. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. Koinly supports all kinds of crypto activities, not only spot trading. 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. R . Although I originally paid 46k for it. It is just a tool that needs information from you in order to automatically generate your tax reports. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. . I was so concerned about having a simple huge listing of my trades for my tax pro to wade through. my transactions were spread across numerous platforms. The cost basis is way too low, as I know I didn't buy ETH for 170! 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. Koinly automatically imports NFTs (ERC-721 and ERC-1155) for most EVM-based blockchains like ETH, BSC, FTM, AVAX, Poly, Cronos, and so on. I think the API has it correct, but I bow to those with greater tax knowledge :) Cost basis = Fiat value + exchange fee. 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. You can also register using a Coinbase account. Companies can ask for reviews via automatic invitations. If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. https://koinly.canny.io/feature-requests/p/lock-in-last-years-tax-to-allow-new-cost-basis-for-this-year. Or is just woefully bad at security and/or actually doing the job. unsure you should get independent advice before you apply for any Hodler account, $99 (about 75). Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. 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. Extremely happy with the service. Tax on crypto is evolving in most developed markets. The limit is 10,000+ transactions and theres email support. In this instance, $32,000 - $30,310 = $1,690. They enjoy immaculate reputation in the crypto circles. Koinly is a very easy to learn, user friendly crypto tax software. I am unable to adjust the cost basis though. 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. Please BEWARE! Koinly is like an Excel sheet on steroids. 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. Chances are the cost-basis is really low. Press question mark to learn the rest of the keyboard shortcuts, https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. 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). $578,101 or more. Koinly doesnt need your private key and never asks for direct access to your funds. Firstly, let's talk about Koinly plans. It is a real swiss-knife for crypto taxes. 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. I want to be able to choose which method I'm using for every tax year, i.e. 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. You can confirm this on the Prices tab on the app, which will have the most up-to-date information. Our address is Level 2, 20 St This content shouldn't be interpreted as a recommendation to invest. If you find a transaction with a very high gain then look on the left side to see it's cost-basis. 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? Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. BingX Review Is BingX.com Copy Trading Any Good? 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). Koinly offers a wide range of localized tax reports as well. At last, I've been able to eliminate all "missing cost basis" errors. I was stressing over doing my crypto taxes. 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. 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. !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. The user interface is for the most part intuitive and it continues to evolve with the crypto market.02. koinly cost basis wrong Latest Post. Stay away and use a different software. We use dedicated people and clever technology to safeguard our platform. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). YES, YES, YES please. manually add up cost basis and proceeds then just input them into the csv. 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. Press question mark to learn the rest of the keyboard shortcuts. As far as I can tell the fee in the CSV is being interpreted incorrectly by Koinly, and is skewing the cost basis. Thank you! I click edit and it does not allow me to adjust the cost basis. We may receive compensation from our partners for placement of their products or services. Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. In a word yes, Koinly is a perfectly safe service to use. offer credit facilities from a panel of lenders. This feature is essential, otherwise Koinly becomes useless. finder.com is an independent comparison platform and information service Cost basis / calculations. Complete transaction history reference number: 786446). 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. Koinly Review Is Koinly Crypto Tax Software Safe To Use To Generate Tax Reports? 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. They also provide different plans for different needs. You have to manually add transactions if there is no record of the crypto putting purchased. We are a credit broker and not a lender and There are feature requests for these independently - lock tax year which includes cost basis used. So the exchange fee is applied twice. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. 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). Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. 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! An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. The team at CaptainAltcoin.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. The contents of your crypto tax report include: Capital gains summary. None of it makes sense. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! What tax reports can you make with Koinly? Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. I will use this method every year, its worth the extra $$ to save us $$ Special Thanks to Mariia Tkachuk, extremely responsive and step-by-step thorough/professional.Couldn't have been a better help (:Sam. Date of experience: 28 January 2023. I was mostly paying 800 before the crash. It goes against our guidelines to offer incentives for reviews. It's been a tough couple of years, but it's now becoming more natural each and every day. Click the Sign up button on the Koinly homepage. Replies to negative reviews in < 24 hours. Find out how we combat fake reviews. There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. VAT number: 259751759. I recommend Koinly for EVERYONE in crypto. 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). 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. 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. accurate but you should confirm any information with the product or But more importantly I need my cost basis for every coin I now hold. I used API for all 3. My actual cost basis in my excel sheet I have marked as $33.47. Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. It's impossible to have a correct tax report without this feature. Koinly allows for universal or Wallet-based cost tracking. Note that pricing is currently available only in US dollars. Have an awesome day! I was having challenges with a particular wallet. 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. When manually adding the missing transaction and merging it with the sent, the cost basis of the sent is lost (set to 0.00).

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