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Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. It is a real swiss-knife for crypto taxes. It's also reasonably priced. This is much the same information, however a per-asset calculation would be good. Keywords: Resolve Unknown Gains Flags. Track your trades, get a tax report preview and get support from the Koinly team. This company doesnt calculate transactions accurately. Koinly is a Strong Recommend! We use dedicated people and clever technology to safeguard our platform. Is it actually saying the cost basis for the CB XLM is zero under the transaction? I am unable to adjust the cost basis though. Thank you for being so thorough!! For each trade the CSV cost basis is different to the API. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. Press question mark to learn the rest of the keyboard shortcuts. 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. Date of experience: 28 January 2023. reference number: 786446). ADA-GBP,BUY,2022-06-22T08:30:26.029Z,626.49,0.5931294075,-237.8448924,GBP. Without further ado, lets move to the first chapter of this Koinly review by looking at what Koinly is and how does it work. Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. 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. FIFO in 2021, LIFO in 2020, HIFO in 2019, etc. 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. All in all, Koinly and ZenLedger are two of our preferred crypto tax software options. If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. Please consider doing this. 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. Let's fly together with a positive approach! You can have this overview for free. If still have issue, the koinly youtube video has guides. I'll connect with you now via Trustpilot to receive contact details. When he's not writing, Paul likes to get out on his bike around the Chiltern Hills. It looks like the fee is being incorrectly handled so we'd want to fix that asap. We'd love to help sort this out and have a smooth import into Turbo Tax. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. I think it is still the customer service department what makes the difference between different solutions for your needs. Supported wallets, exchanges, and services on Koinly. Have a beautiful day! This one will take some explaining. And thats it. The cost-basis shown on a transaction is wrong! - Koinly Data Protection ICO registration number: We also ensure all reviews are published without moderation. Your cost basis is now $30,310. The top two paid tiers of the Koinly app are Hodler and Trader. Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. Lock in last years tax to allow new cost basis for this year - Koinly Koinly is the easiest way to track your crypto activity and generate accurate tax reports! 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 support@taxbit.com and we'd be happy to help! Taxes are stressful enough means a lot to get this kind of customer support. 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. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. From your settings, Koinly will know the financial year you're reporting on - so from the 1st of July 2021 to the 30th of June 2022. Koinly review 2023 | Is it good for Aussie crypto taxes? | Finder This is specific to the US. Amazing Customer Service ! Koinly automatically imports NFTs (ERC-721 and ERC-1155) for most EVM-based blockchains like ETH, BSC, FTM, AVAX, Poly, Cronos, and so on. may also receive compensation if you click on certain links posted on . Staying true to our goal, we're continually evolving the service to save you time and energy. I was so concerned about having a simple huge listing of my trades for my tax pro to wade through. Are the manually changed transactions mentioned in the report that koinly produces? Complete transaction history Learn more about it in our crypto tax guide. I have found the technical assistance to be excellent because the response time is reasonable and the information on target. But more importantly I need my cost basis for every coin I now hold. 7. Koinly made it super simple to combine all transactions across all platforms for the financial year. that aims to provide you with the tools you need to make better None of it makes sense. koinly cost basis wrong Latest Post. 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). Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. I'd recommend this to heavy users or first time crypto tax filers alike. Missing Cost Basis. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. Koinly Reviews | Read Customer Service Reviews of koinly.io - Trustpilot It covers every coin listed on CoinMarketCap and every token based on the Ethereum, BSC and Polygon chains. Exchanged ABC (sent) for XYZ (received) for an end value of $292. Their excellence shines through a proficient and efficient approach all around! our site. So not sure what to do at all. 2) The same Coinbase Pro Wallet but this time with just API data. Thanks Koinly anda big thanks to Nina for her excellent customer service. If still have issue, the koinly youtube video has guides. This content shouldn't be interpreted as a recommendation to invest. Special mentions to the two biggest rockstars; Mariia and Jack! Click the Sign up button on the Koinly homepage. Find out how we combat fake reviews. Aria was so helpful and provided a detailed explanation to my issue. But to be honest there are so many little transactions, its a mess! 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. Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. 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. VAT number: 259751759. Your capital is at risk. Or is just woefully bad at security and/or actually doing the job. is non alcoholic beer bad for your kidneys Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. The entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. Trades/withdrawals with very high gains | Koinly Help Center I put that the net worth of the txn is 46k at the time of the transaction. So the exchange fee is applied twice. This feature is essential, otherwise Koinly becomes useless. London, SE1 9RS. login viber with email 6th June 2022 - by. CaptainAltcoin.com 2022 - All Rights Reserved 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. For support start here: help.koinly.io, Press J to jump to the feed. You can just edit the cost basis from there prior to uploading to turbotax. This content is for information only - it's not tax advice. Other good tools include Zenledger and Coinledger. "We have assumed a cost of zero for some assets" - Koinly Staking, Lending & DeFi. If you are In a word yes, Koinly is a perfectly safe service to use. This needs to be a top feature I am disappointed it's not even available. Koinly is like an Excel sheet on steroids. My accountant has said it is highly sophisticated software. Did you figure out how to deal with this? Prices are for a year. Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. The cost basis is way too low, as I know I didn't buy ETH for 170! You pay another 0.5% sell fee, so $160. Koinly making a mess of my tax/cost basis? Any idea why Should I add wallets, or only exchanges? Chances are the cost-basis is really low. 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. Try Koinly first. Koinly Reviews | Read Customer Service Reviews of koinly.io Create an account to follow your favorite communities and start taking part in conversations. You can also register using a Coinbase account. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. Koinly review March 2023 - Finder UK The percentage of Income Tax you'll pay is the same as your personal Income Tax rate, starting only from earnings above $18,201. You can also register using a Coinbase account. 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. Koinly Reviews and Pricing 2023 - SourceForge You later sell your 0.5 BTC for $32,000. I have only purchased LINK on coinbase and coinbase pro, and I now hold ~15 on Celsius. 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 - Koinly Help Center. Here are 8 tips for writing great reviews. On the reviews platform Trustpilot, Koinlys had more than 700 reviews and about 4 in 5 rated the software Excellent. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. You can calculate whether you made a capital gain or loss by subtracting your cost basis from your sale price. Written by Robin Singh . This is certainly a learning opportunity for us based on what you've shared here. 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. Cost basis. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Read Customer Service Reviews of koinly.io | 3 of 46 - Trustpilot I couldn't agree more that Artjoms is top-notch when it comes to all things crypto and Koinly! There are feature requests for these independently - lock tax year which includes cost basis used. 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. 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. You have to manually add transactions if there is no record of the crypto putting purchased. . my transactions were spread across numerous platforms. 2) The same Coinbase Pro Wallet but this time with just API data. This crypto tax report has all the information you need to file with the ATO using the myTax portal. 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. You cannot change the cost basis. There is already a feature request for this. I don't know why I'd ever leave. Koinly uses recommended settings for the Home country that you selected when signing up. 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. 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 . 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. How much does Koinly cost? No, Koinly does not share information with anyone. Unless we've said otherwise, products are in no particular order. Your Ultimate Australia Crypto Tax Guide 2023 | Koinly It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! In my experience, Koinly is a total waste of time. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw. We'll connect with you through Trustpilot to ask about your contact info. 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. Hi Mark, Thank you for this amazing review! Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. The official subreddit for all things Koinly and crypto tax! You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. 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. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. Tax Plans and Pricing | Koinly Really need to work this out before the tax year endsthanks. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. 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. 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. Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. 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?" The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. income report Koinly can create a statement with all your Airdrops, Forks, Staking Rewards, DeFi, and other income transactions. Hit refresh and then go to the Tax Reports page to see a brief overview of your capital gains and income. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. Is the API option reliable or should I try and get .CSV files and upload them? Paul specialises in cutting through jargon to make money and tech more accessible. Yes, it is safe to connect Koinly to Coinbase or any other exchange since Koinly only requires read-only API rights to work. Create an account to follow your favorite communities and start taking part in conversations. Please Edit to set the net worth of this Gift. 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. Register with your email or link your Google account. My actual cost basis in my excel sheet I have marked as $33.47. Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. Thomas St, London, SE1 9RG. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. 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. Past performance is no guarantee of future results. Does Koinly work with DeFi protocols and NFTs? 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. It's impossible to have a correct tax report without this feature. If you find a transaction with a very high gain then look on the left side to see it's cost-basis. 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. Hi Bernd, Thank you for sharing this review! 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. It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. 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. Broad coverage. I was stressing over doing my crypto taxes. Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). 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. 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. If it is the cost basis in CB that is the problem, you can manually change it per transaction. When Koinly merges the sent ABC with received XYZ . Please send our gratitude for the kind compliment from your accountant! Koinly doesnt need your private key and never asks for direct access to your funds. We really appreciate you taking the time to share this recommendation with the community, Colin. finder.com is an independent comparison platform and information service Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. This is similar to the Newbie plan but with a limit of 1,000 transactions. Thank you, Koinly. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. If you dont trade much and want cheap plans, Koinly is a great choice. Any one else replicate this? R . This was a very nice surprise, and gave me confidence beyond what I had expected. CSV file is not formatted to where turbo tax accepts it and wont upload. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. Same with BTC. Koinly supports all kinds of crypto activities, not only spot trading. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. Extremely happy with the service. In the event that you cant find this option or prefer to import using CSV files, you can do that too, by selectingUpload CSV files. Last 5 days I've been trying all the popular tax software programs with No success either exchange sync issues or lack of exchange and wallets offered! our partners for featured placement of their products or services. keeping all prior tax years on koinly? : r/koinly - Reddit It is suitable for both individual crypto traders, crypto investors as well as business or professional accountants that have crypto investors as clients. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. They enjoy immaculate reputation in the crypto circles. If you are in the US you should be able to choose from a variety of cost basis methods. Tyler Have an awesome day shining your light! I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. 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. It is not an offer to buy or sell any security, product, service or investment. 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?