koinly cost basis wrong

Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). There are feature requests for these independently - lock tax year which includes cost basis used. But on my txns on the koinly app it says I made a 35k profit. Does Koinly work with DeFi protocols and NFTs? 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. Thank you for being so thorough!! 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. Firstly, let's talk about Koinly plans. ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. It's a fucking mess. 1 Koinly CSV cost basis error vs API closed b b Two wallets for comparison: 1) Coinbase Pro wallet with a CSV 'fills' import. Without further ado, lets move to the first chapter of this Koinly review by looking at what Koinly is and how does it work. Cost basis / calculations. It is just a tool that needs information from you in order to automatically generate your tax reports. The limit is 3,000 transactions and theres email support included. It's frustrating that there is no way to lock a tax year, once tax has been submitted for the year, we should be able to lock it, including cost basis used. The CSV can be made to match the API if I amend the CSV to deduct the respective fee from each item in the 'Total' column. 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. Same with BTC. Koinly Help Center. our site. Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. 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). Lock a tax year, including the cost basis used. Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. We really appreciate the beautiful compliments to our support team. $346,876 or more. This could mean that the market price that Koinly used for it when you bought this coin is wrong. In a word yes, Koinly is a perfectly safe service to use. After your import is finished, Koinly gets down to work of crunching numbers. It's frustrating that there is no way to lock a tax year, once tax has been submitted for the year, we should be able to lock it, including cost basis used. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. Staking, Lending & DeFi. It would be better if you can provide screenshots of the koinly transactions that you are having issues with. Anyone can write a Trustpilot review. Koinly helps you find a certified tax professional specializing in cryptocurrency taxes to help with your tax reports. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. . I was at my wits end!!! 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? To add a new wallet, navigate to the Wallets page and tap on Add Wallet. One of Koinlys strengths is that it broadly caters to every experience level. If it has no record of how you acquired the coin the irs rule is to consider it a gift at 0. Save yourself some time and trouble. but however, it doesn't support all of tax . unsure you should get independent advice before you apply for any 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. may also receive compensation if you click on certain links posted on It has successfully calculated thousands of transactions year to year that would be near impossible to do manually. 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 - So Glad I found it!!!.. . 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. CaptainAltcoin.com does not offer any sort of financial or investment advice. Access the central dashboard and link your exchange accounts and wallets. Here are 8 tips for writing great reviews. Capital gains tax on profits may apply. 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. Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. 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 is essential! The contents of your crypto tax report include: Capital gains summary. Written by Robin Singh . 1) Coinbase Pro wallet with a CSV 'fills' import. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. We endeavour to ensure that the information on this site is current and I am not seeing how to do this though. Have a beautiful day! It goes against our guidelines to offer incentives for reviews. 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. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. Your capital is at risk. Tax-loss harvesting offsets capital gains to save money on taxes. $693,751 or more. At last, I've been able to eliminate all "missing cost basis" errors. The Hodler version of Koinly costs $99 per year. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. None of it makes sense. I love how easy it is to generate annual year-end tax reports. You can also register using a Coinbase account. 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. 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. The platform defaults to the primary method in your jurisdiction. Koinly is the perfect tool for my tax reporting purposes. There are feature requests for these independently - lock tax year which includes cost basis used. As far as I can tell the fee in the CSV is being interpreted incorrectly by Koinly, and is skewing the cost basis. 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. We may also receive compensation if you click on certain links posted on our site. Their development team is probably some hippies smoking all day, who dont know how to write a correct code. This crypto tax report has all the information you need to file with the ATO using the myTax portal. But more importantly I need my cost basis for every coin I now hold. We really appreciate you taking the time to share this recommendation with the community, Colin. Chances are the cost-basis is really low. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. 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. Koinly is a very easy to learn, user friendly crypto tax software. Tax on crypto is evolving in most developed markets. This needs to be a top feature I am disappointed it's not even available. The next step is to check all calculations to make sure everything is imported correctly. Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. I want to be able to choose which method I'm using for every tax year, i.e. Hi Mark, Thank you for this amazing review! Stay away and use a different software. 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. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. Please BEWARE! Email support is available only with the highest 2 tiers. The main difference between the paid packages is in the number of transactions you can import. Press question mark to learn the rest of the keyboard shortcuts. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! Paul is a freelance writer who's blogged about personal finance for many years. Special mentions to the two biggest rockstars; Mariia and Jack! WOW! Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. This checklist resolves 99% of these problems. Koinly supports all kinds of crypto activities, not only spot trading. Other gains. 2) The same Coinbase Pro Wallet but this time with just API data. How much does Koinly cost? Have an awesome day! We love reading that the software is easy to learn and use! Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. $578,101 or more. They're actually focused to help and get the job done, which is pretty refreshing imo. Did you figure out how to deal with this? Access the central dashboard and link your exchange accounts and wallets. I was mostly paying 800 before the crash. 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. * $179 for 3,000 transactions. Is it safe to connect Koinly to Coinbase? They also have excellent customer service. 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!! YES, YES, YES please. Any way to fix this? To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. 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. manually add up cost basis and proceeds then just input them into the csv. Please send our gratitude for the kind compliment from your accountant! For example. 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. my transactions were spread across numerous platforms. I used API for all 3. Other transactions are messed up too. Our dev team works their dreamy magic to make the experience a smooth one. 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. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: 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. So, is Koinly Safe? Extremely happy with the service. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. A single statement shows your income from airdrops, forks, staking, DeFi activities and other transactions that have netted you income. If you are I put that the net worth of the txn is 46k at the time of the transaction. 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. and our We hope to hear back from you soon, J E! Artjoms was quick to respond and solutions-based all the way! It is suitable for both individual crypto traders, crypto investors as well as business or professional accountants that have crypto investors as clients. Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. I think it is still the customer service department what makes the difference between different solutions for your needs. But more importantly I need my cost basis for every coin I now hold. Yes, it is safe to connect Koinly to Coinbase or any other exchange since Koinly only requires read-only API rights to work. The most common CoinTracker support issue is incorrect cost basis, capital gain, or market value. 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. Staying true to our goal, we're continually evolving the service to save you time and energy. So the exchange fee is applied twice. Thank you, Koinly. There is already a feature request for this. yeah, a complete oversight - this should be something they included with their platform. And that's it. 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. This is essential, and I am concerned it's not available. Wallet in the Koinly ecosystem represents a container for all your transaction from one exchange accounts or actual crypto wallet. Privacy Policy. All in all, Koinly and ZenLedger are two of our preferred crypto tax software options. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). Koinly provides anumber of tax reportsfor download in CSV, excel, and pdf formats. Is there any chance that you can contact us at. 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. VAT number: 259751759. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Your cost basis is now $30,310. * $99 for 1,000 transactions. Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. I was stressing over doing my crypto taxes. Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. 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. Create an account to follow your favorite communities and start taking part in conversations. Really need to work this out before the tax year endsthanks. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. service provider and read the information they can provide. It shares the name with cryptocurrency wallets but functionally, it is a different thing. Reddit and its partners use cookies and similar technologies to provide you with a better experience. $578,126 or more. koinly cost basis wrong Latest Post. So, a manual transaction is made. Any one else replicate this? It's impossible to have a correct tax report without this feature. 6 articles in this collection Written by Robin Singh and Petur. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. Aria was so helpful and provided a detailed explanation to my issue. This is similar to the Newbie plan but with a limit of 1,000 transactions. 7. Hodler account, $99 (about 75). 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. Track your trades, get a tax report preview and get support from the Koinly team. It's been a tough couple of years, but it's now becoming more natural each and every day. This one will take some explaining. They worked on thousands of my transactions quickly and with a positive attitude. By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use, Level 2, 20 St Thomas St, I click edit and it does not allow me to adjust the cost basis. Click the Sign up button on the Koinly homepage. When you create a new ETH, BSC, or Polygon wallet, Koinly can automatically import all trades and liquidity transactions from Uniswap, Sushiswap, Cream, Value, Balancer, PancakeSwap, and many other DeFi platforms. 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). How likely would you be to recommend finder to a friend or colleague? The first thing it does is fetching market prices, matchtransfers between your own wallets,and calculate your capital gains. The tax you need to pay depends on your individual circumstances and can change over time. Customer service is excellent, compared to other crypto platforms. We want to cheer your success on and be a helpful tool that saves you time and energy. It's clear they really value customer satisfaction, no matter how complicated the situation, they always look at ways to help and dont get stingy on the number of iterations needed to get the work done. Even Defi!! Pro, $279 (about 222). 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. None of it makes sense. Our address is Level 2, 20 St Date of experience: 28 January 2023. My tax figures for the CSV were way out before noticing this, so it is abit of a concern. 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. My issue was solved within hours. 37%. ZenLedger includes a standalone tool for tax-loss harvesting in a spreadsheet. Overall tax reporting. The top two paid tiers of the Koinly app are Hodler and Trader. Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. We'll connect with you through Trustpilot to ask about your contact info. 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. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. 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. He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. This is specific to the US. And thats it. Yes, you can trust Koinly as it is a legit and registered company with known founders and big team behind it. Transfer matching. Koinly is like an Excel sheet on steroids. 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. Available in more than 20 countries, including the US, UK, Australia, New Zealand, Japan, South Korea, Singapore and most European countries. The software and service I receive at Koinly was second to none. 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. Both have free plans, which makes it easy to try out each platform. R . Have a wonderful day! I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. You have to manually add transactions if there is no record of the crypto putting purchased. This equals a classic portfolio tracker app that gives you oversight of your crypto holdings across different platforms and services. Phil Traugott is a staff writer at CaptainAltcoin. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Or it's a very low cap coin and no pricing available. accurate but you should confirm any information with the product or The dev team is equally charged to keep evolving the UI for that total intuitive experience.Thank you for taking the time to share this review, Frederick. 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. A vast number of supported exchanges and wallets + newer crypto services like lending or cloud mining platforms separate it from its main rivals. 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). gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. It is a real swiss-knife for crypto taxes. We may receive compensation from our partners for placement of their products or services. 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 . Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! If it is the cost basis in CB that is the problem, you can manually change it per transaction. For each trade the CSV cost basis is different to the API. Koinly lacks a tax-loss harvesting calculator. I actually changing country with different cost calculation method. Thank you for taking the time to shine your experience to others, Bernd. My accountant has said it is highly sophisticated software. their customer service is there and very responsive.get it now!! After selling assets, you buy identical ones to maintain portfolio balance. If still have issue, the koinly youtube video has guides. 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). 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. 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. Thanks Koinly anda big thanks to Nina for her excellent customer service. income report Koinly can create a statement with all your Airdrops, Forks, Staking Rewards, DeFi, and other income transactions. Never before have I met such professional, knowledgeable and diligent staff. Data Protection ICO registration number: Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. You can confirm this on the Prices tab on the app, which will have the most up-to-date information. A consolidated report displays all your taxable gains in crypto. 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. The XYZ received transaction is not being imported for some reason. We use dedicated people and clever technology to safeguard our platform. By extension, that same option is not available to a potential hacker that would corrupt the Koinly platform. Replies to negative reviews in < 24 hours.

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