You can just edit the cost basis from there prior to uploading to turbotax. The main competitors of Koinly are listed below. They currently list 2 CPAs from USA and 8 from Ireland but the process of onboarding new tax professionals is continuous so the list will most probably grow with time. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! Artjoms was quick to respond and solutions-based all the way! I was mostly paying 800 before the crash. A single statement shows your income from airdrops, forks, staking, DeFi activities and other transactions that have netted you income. Both have free plans, which makes it easy to try out each platform. It has successfully calculated thousands of transactions year to year that would be near impossible to do manually. Cost basis. Koinlys dashboard shows unrealized profits and losses. Replies to negative reviews in < 24 hours. 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). Some of the methods and tax forms they employ are: Koinly absolutely dominates this criterion with its integration with, essentially, every crypto platform, wallet, exchange, service under the sun. This is essential! There are feature requests for these independently - lock tax year which includes cost basis used. You're right that only Youtube videos aren't the full scope of what support is. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. When he's not writing, Paul likes to get out on his bike around the Chiltern Hills. Transfer matching. *Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. https://koinly.canny.io/feature-requests/p/lock-in-last-years-tax-to-allow-new-cost-basis-for-this-year. Joseph Goss. Without further ado, lets move to the first chapter of this Koinly review by looking at what Koinly is and how does it work. 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. Other transactions are messed up too. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. And that's it. There needs to be a way to allow different settings per year (freeze / snapshot / lock?). 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? Pro, $279 (about 222). This content shouldn't be interpreted as a recommendation to invest. I was at my wits end!!! I stumbled on to koinly gave it a try and to my surprise EVERY single wallet and exchange was found and sync in minutes with no issues!! I click edit, and it let's me change the worth but I am not seeing how to change the cost basis. Any way to fix this? !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. Register with your email or link your Google account. Any one else replicate this? They also provide different plans for different needs. Please Edit to set the net worth of this Gift. I think the API has it correct, but I bow to those with greater tax knowledge :) Cost basis = Fiat value + exchange fee. Access the central dashboard and link your exchange accounts and wallets. I was stressing over doing my crypto taxes. 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. 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). 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? For support start here: help.koinly.io, Press J to jump to the feed. This could mean that the market price that Koinly used for it when you bought this coin is wrong. Yes, it is safe to connect Koinly to Coinbase or any other exchange since Koinly only requires read-only API rights to work. Chances are the cost-basis is really low. I'll connect with you now via Trustpilot to receive contact details. Hi Bernd, Thank you for sharing this review! Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. He also has a keen interest in technology and the rapid development of fintechs, cryptocurrency and Web3 - the move towards a decentralised online ecosystem. Have a beautiful day! Registering for Koinly is simple: Click the "Sign up" button on the Koinly homepage. Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. Press question mark to learn the rest of the keyboard shortcuts. For more information, please see our 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. 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. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. If you are a high volume trader, Koinly might cost you a fortune. their customer service is there and very responsive.get it now!! 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. R . Koinly provides anumber of tax reportsfor download in CSV, excel, and pdf formats. Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. CaptainAltcoin.com 2022 - All Rights Reserved He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! 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. Koinly automatically imports NFTs (ERC-721 and ERC-1155) for most EVM-based blockchains like ETH, BSC, FTM, AVAX, Poly, Cronos, and so on. Koinly Review Is Koinly Crypto Tax Software Safe To Use To Generate Tax Reports? 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 - We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! It goes against our guidelines to offer incentives for reviews. The software and service I receive at Koinly was second to none. None of it makes sense. I am unable to adjust the cost basis though. 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. 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?" Ive tried to also try switching them to an exchange txn where I trade the 10 ETH for coins but then it says I got the 10 ETH for free which also gives me the same 35k profit. that aims to provide you with the tools you need to make better I actually changing country with different cost calculation method. 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. Their development team is probably some hippies smoking all day, who dont know how to write a correct code. It's easy to use and accurate. This means coverage of some obscure coins and tokens is variable. $346,876 or more. Tyler I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. I'd recommend this to heavy users or first time crypto tax filers alike. Access the central dashboard and link your exchange accounts and wallets. I had an similar issue of having my manually editted cost-basis not functioning correctly. Trades/withdrawals with very high gains. And thats it. 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. gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. So Glad I found it!!!.. Hi J E, We are so sorry to hear about your experience!!! Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. I don't know why I'd ever leave. The main difference between the paid packages is in the number of transactions you can import. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Thomas St, London, SE1 9RG. 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. Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. 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. 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. I think it is still the customer service department what makes the difference between different solutions for your needs. 6 articles in this collection Written by Robin Singh and Petur. This crypto tax report has all the information you need to file with the ATO using the myTax portal. The official subreddit for all things Koinly and crypto tax! https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. Special mentions to the two biggest rockstars; Mariia and Jack! Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? Hit refresh and then go to the Tax Reports page to see a brief overview of your capital gains and income. WOW! The way these taxes are calculated varies from country to country and Koinly uses different cost basis methods such as FIFO, LIFO, ACB (Average Cost Basis) etc. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. 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. Really need to work this out before the tax year endsthanks. ZA227007. There are no other steps needed to do this. Thank you! If you find a transaction with a very high gain then look on the left side to see it's cost-basis. The platform defaults to the primary method in your jurisdiction. VAT number: 259751759. I have several transactions with a cost basis of 0. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. The top two paid tiers of the Koinly app are Hodler and Trader. Is there any chance that you can contact us at. Your capital is at risk. Click on the transaction to open up more information about it 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. Newbie, $49 (about 39). It is not an offer to buy or sell any security, product, service or investment. Income reporting. You later sell your 0.5 BTC for $32,000. 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. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. I do recommend it to anyone in the same field of crypto investors. Gifts, donations and losses. This was a very nice surprise, and gave me confidence beyond what I had expected. For each trade the CSV cost basis is different to the API. We use dedicated people and clever technology to safeguard our platform. ADA-GBP,BUY,2022-06-22T08:30:26.029Z,626.49,0.5931294075,-237.8448924,GBP. But to be honest there are so many little transactions, its a mess! Reddit and its partners use cookies and similar technologies to provide you with a better experience. Does Koinly work with DeFi protocols and NFTs? This feature is essential, otherwise Koinly becomes useless. It appears as if the fee is then added again to arrive at the cost basis. 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. We love reading that the software is easy to learn and use! From what I understand (please correct me if I'm wrong) is that we need to keep all prior tax years on koinly so each following year is pulling your cost basis correctly as it all carrys over. To add a new wallet, navigate to the Wallets page and tap on Add Wallet. Create an account to follow your favorite communities and start taking part in conversations. 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. It covers every coin listed on CoinMarketCap and every token based on the Ethereum, BSC and Polygon chains. We may receive compensation from our partners for placement of their products or services. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. Stay away and use a different software. 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. I had an similar issue of having my manually editted cost-basis not functioning correctly. By extension, that same option is not available to a potential hacker that would corrupt the Koinly platform. Did you figure out how to deal with this? Amazing Customer Service ! My tax figures for the CSV were way out before noticing this, so it is abit of a concern. Is it safe to connect Koinly to Coinbase? You cannot change the cost basis. 1 Koinly CSV cost basis error vs API closed b b Two wallets for comparison: 1) Coinbase Pro wallet with a CSV 'fills' import. Yes, you can trust Koinly as it is a legit and registered company with known founders and big team behind it. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. Phil Traugott is a staff writer at CaptainAltcoin. BingX Review Is BingX.com Copy Trading Any Good? Click the Sign up button on the Koinly homepage. Cant thank them enough for taking the time to thoroughly explain it with screenshots, and a link to an article. R P . 2023 Trustpilot A/S. The first thing you need to do is to import your transactions into the app. And their customer service is top notch! 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.
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