One of Koinlys strengths is that it broadly caters to every experience level. Tax-loss harvesting offsets capital gains to save money on taxes. 7. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. 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. Access the central dashboard and link your exchange accounts and wallets. They also have excellent customer service. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. 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. 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. Really need to work this out before the tax year endsthanks. Thank you for being so thorough!! This needs to be a top feature I am disappointed it's not even available. Koinly is pricy, but if you need a platform with support, its worth considering. Past performance is no guarantee of future results. Is it safe to connect Koinly to Coinbase? 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. The thing about Koinly pricings is transactions limit, and yes the free plan has 10,000 transaction limit. The entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. We hope to hear back from you soon, J E! I was at my wits end!!! income report Koinly can create a statement with all your Airdrops, Forks, Staking Rewards, DeFi, and other income transactions. I am not seeing how to do this though. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. unsure you should get independent advice before you apply for any 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. 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 . Koinly covers 6,000+ blockchains, 350+ exchanges and 50+ wallets, so even power users outside the mainstream are likely to find what they need. Or it's a very low cap coin and no pricing available. Gifts, donations and losses. Privacy Policy. Tax on crypto is evolving in most developed markets. So Glad I found it!!!.. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. Is the token linked to the right token in coinmarketcap? and our They worked on thousands of my transactions quickly and with a positive attitude. thanks. The final step is exporting complete tax reports generated by Koinly (you will need to buy one of the offered packages in order to do this) and filing your taxes, either manually or using tax software like TurboTax. 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 want to be able to choose which method I'm using for every tax year, i.e. This is specific to the US. Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. To add a new wallet, navigate to the Wallets page and tap on Add Wallet. It's easy to use and accurate. 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. So pay attention to this as you might consider an alternative like. This checklist resolves 99% of these problems. You can do that by getting API keys from your wallet or exchanging and adding them to Koinly. And that's it. product or commit to any plan. Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. Amazing Customer Service ! 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. Please send our gratitude for the kind compliment from your accountant! 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. But more importantly I need my cost basis for every coin I now hold. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. After you click on the wallet icon, you will be able to select importing method for your transactions. Free. Visit our FAQ for more details. This needs to be a top feature I am disappointed it's not even available. Adjust the basis back on the deposit of the coin. Have an awesome day! Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. Verification can help ensure real people write reviews about real companies. In my experience, Koinly is a total waste of time. It's a fucking mess. This is certainly a learning opportunity for us based on what you've shared here. We are a credit broker and not a lender and Create an account to follow your favorite communities and start taking part in conversations. No, Koinly does not share information with anyone. my transactions were spread across numerous platforms. Perfect! Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. That means right now changes could be made to a year that has already been submitted, this is crazy! All rights reserved. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. 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. Joseph Goss. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. koinly cost basis wrong Latest Post. Currently the dashboard shows the total cost basis for your entire portfolio. 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'll connect with you now via Trustpilot to receive contact details. 1 Koinly CSV cost basis error vs API closed b b Two wallets for comparison: 1) Coinbase Pro wallet with a CSV 'fills' import. One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). Keywords: Resolve Unknown Gains Flags. 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). 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. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. While we are independent, we may receive compensation from Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. The limit is 3,000 transactions and theres email support included. The cost basis is way too low, as I know I didn't buy ETH for 170! 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. Koinly made it super simple to combine all transactions across all platforms for the financial year. If still have issue, the koinly youtube video has guides. This content is for information only - it's not tax advice. CGT is a tax on the profit you make when you sell an asset that has increased in value. Hi Mark, Thank you for this amazing review! Same with BTC. There are feature requests for these independently - lock tax year which includes cost basis used. We use dedicated people and clever technology to safeguard our platform. It is just a tool that needs information from you in order to automatically generate your tax reports. Unless we've said otherwise, products are in no particular order. I love how easy it is to generate annual year-end tax reports. It can do a lot of calculations, quickly and accurately. I dont like to write negative reviews, but these people will screw your taxes. medical records charges 2022; Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Their development team is probably some hippies smoking all day, who dont know how to write a correct code. I have only purchased LINK on coinbase and coinbase pro, and I now hold ~15 on Celsius. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. 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. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. My issue was solved within hours. Koinly allows for universal or Wallet-based cost tracking. 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. There is already a feature request for this. August 24, 2022. 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. Have a beautiful day! while all other features are the same and offered for all paid pricing models. We may receive compensation from our partners for placement of their products or services. 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. It's also reasonably priced. If you are ADA-GBP,BUY,2022-06-22T08:30:26.029Z,626.49,0.5931294075,-237.8448924,GBP. Stay away and use a different software. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. 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. The cost-basis shown on a transaction is wrong! 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 grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. When Koinly merges the sent ABC with received XYZ . 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. and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. 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. For support start here: help.koinly.io, Press J to jump to the feed. For support start here: help.koinly.io, Press J to jump to the feed. The platform defaults to the primary method in your jurisdiction. Broad coverage. I need to manually change the cost basis. You can just edit the cost basis from there prior to uploading to turbotax. Other transactions are messed up too. Extremely happy with the service. There are no other steps needed to do this. You can just edit the cost basis from there prior to uploading to turbotax. 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! 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 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. We really appreciate you taking the time to share this recommendation with the community, Colin. All in all, Koinly and ZenLedger are two of our preferred crypto tax software options. We love reading that the software is easy to learn and use! When manually adding the missing transaction and merging it with the sent, the cost basis of the sent is lost (set to 0.00). Customer service is excellent, compared to other crypto platforms. Capital gains tax on profits may apply. 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). Transfer matching. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. You can keep track of your costs in a universal pool shared across all connected wallets or separately for each wallet. The main difference between the paid packages is in the number of transactions you can import. We You cannot change the cost basis. We also ensure all reviews are published without moderation. I was mostly paying 800 before the crash. Koinly is like an Excel sheet on steroids. 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? Your cost basis would be $30,150. The most common CoinTracker support issue is incorrect cost basis, capital gain, or market value. Paul specialises in cutting through jargon to make money and tech more accessible. gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. Finder, or the author, may have holdings in the cryptocurrencies discussed. Data Protection ICO registration number: My tax figures for the CSV were way out before noticing this, so it is abit of a concern. How likely would you be to recommend finder to a friend or colleague? An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. The Hodler version of Koinly costs $99 per year. For example. * $99 for 1,000 transactions. I was stressing over doing my crypto taxes. Koinly is a very easy to learn, user friendly crypto tax software. 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. 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. login viber with email 6th June 2022 - by. I contacted support with my issues and got back to me promptly. our site. $578,126 or more. They also provide different plans for different needs. Written by Robin Singh Updated over a week ago Yes, you can trust Koinly as it is a legit and registered company with known founders and big team behind it. Learn more about it in our crypto tax guide. We endeavour to ensure that the information on this site is current and Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. 13 Mar 2022 woo urban dictionary crip. You can also register using a Coinbase account. ZA227007. Heres a brief list of its key functions. Koinly says it supports more than 17,000 cryptocurrencies. Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. Complete waste of time. You may update the cost basis by clicking the 3 dots menu and then Edit on the right-hand side of the transaction, and then you can manually adjust the cost basis by clicking Set Net Worth on the edit transaction page. Replies to negative reviews in < 24 hours. Newbie, $49 (about 39). You can calculate whether you made a capital gain or loss by subtracting your cost basis from your sale price. 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. Although I originally paid 46k for it. Same with BTC. The UK treats gains from selling crypto the same as if you sold gold or property you can be liable for capital gains tax (CGT). 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?" Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! Koinly is the perfect tool for my tax reporting purposes. BingX Review Is BingX.com Copy Trading Any Good? 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). Choose your location for tax tracking. CSV file is not formatted to where turbo tax accepts it and wont upload. Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. accurate but you should confirm any information with the product or Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). After Koinly is done with calculating your gains, a small notification will pop up asking you to Refresh your page. Prices are for a year. In this instance, $32,000 - $30,310 = $1,690. The limit is 10,000+ transactions and theres email support. authorised and regulated by the Financial Conduct Authority (firm 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. reference number: 786446). Please upvote the existing one instead of creating new ones. SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit? This crypto tax report has all the information you need to file with the ATO using the myTax portal. Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. Koinly is a hands-off approach you just need to connect your exchanges, wallets or other services via API keys to the Koinly app and it does the rest. For support start here: help.koinly.io, Press J to jump to the feed. The official subreddit for all things Koinly and crypto tax! By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use, Level 2, 20 St Thomas St, I actually changing country with different cost calculation method. Hi J E, We are so sorry to hear about your experience!!! There is a record, the software is not pulling the info correctly. Note that pricing is currently available only in US dollars. We'll connect with you through Trustpilot to ask about your contact info. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. I put that the net worth of the txn is 46k at the time of the transaction. You have to manually add transactions if there is no record of the crypto putting purchased. Your capital is at risk. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). Any one else replicate this? This was a very nice surprise, and gave me confidence beyond what I had expected. 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. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Never before have I met such professional, knowledgeable and diligent staff. You can have this overview for free. Below is a graph with supported countries: As we mentioned earlier, Koinly is not only for spot trading but rather a comprehensive tool that recognizes various types of crypto transactions: There are 4 different pricing packages on Koinly one free and 3 paid. FIFO in 2021, LIFO in 2020, HIFO in 2019, etc. Anyone can write a Trustpilot review. 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. Even Defi!! Koinly uses recommended settings for the Home country that you selected when signing up. Create an account to follow your favorite communities and start taking part in conversations. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. On the reviews platform Trustpilot, Koinlys had more than 700 reviews and about 4 in 5 rated the software Excellent. I got into a right mess with my trades and balances on Koinly, I made alterations to correct myself, big mistake!! The XYZ received transaction is not being imported for some reason. Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. Our dev team works their dreamy magic to make the experience a smooth one. As part of your self-assessment, you need to submit a CGT summary supplement. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. As far as I can tell the fee in the CSV is being interpreted incorrectly by Koinly, and is skewing the cost basis. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw. Staying true to our goal, we're continually evolving the service to save you time and energy. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. 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. I have tried everything recommended and that has not fixed it. We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. Overall tax reporting. may also receive compensation if you click on certain links posted on Koinly can track an unlimited amount of transactions, but transaction limits on each plan are tied to generating tax reports. 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. Their excellence shines through a proficient and efficient approach all around! Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. finder.com is an independent comparison platform and information service Crypto and equities both provide tax-loss harvesting. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! This company doesnt calculate transactions accurately. A consolidated report displays all your taxable gains in crypto. He also has a keen interest in technology and the rapid development of fintechs, cryptocurrency and Web3 - the move towards a decentralised online ecosystem. Access the central dashboard and link your exchange accounts and wallets. These two had been sticking points before. https://koinly.canny.io/feature-requests/p/lock-in-last-years-tax-to-allow-new-cost-basis-for-this-year. Optional, only if you want us to follow up with you. CaptainAltcoin.com 2022 - All Rights Reserved Crypto taxes are a fluid topic as more and more country regulators come to grips with it. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. 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. The first thing you need to do is to import your transactions into the app. So the exchange fee is applied twice. If still have issue, the koinly youtube video has guides. 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.