Firstly, let's talk about Koinly plans. Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. Other good tools include Zenledger and Coinledger. Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. Save yourself some time and trouble. I was mostly paying 800 before the crash. 2) The same Coinbase Pro Wallet but this time with just API data. I actually changing country with different cost calculation method. Koinly automatically imports NFTs (ERC-721 and ERC-1155) for most EVM-based blockchains like ETH, BSC, FTM, AVAX, Poly, Cronos, and so on. They also have excellent customer service. To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. Koinlys dashboard shows unrealized profits and losses. We're grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. Koinly says it supports more than 17,000 cryptocurrencies. Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. Extremely happy with the 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!! It's easy to use and accurate. 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. I need to manually change the cost basis. 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. 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. *Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. If you dont trade much and want cheap plans, Koinly is a great choice. 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. their customer service is there and very responsive.get it now!! You can also register using a Coinbase account. None of it makes sense. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. It goes against our guidelines to offer incentives for reviews. liverpool city council licensing contact number; trinity medical center east; how to remove battery from electric scooter; charvel reverse headstock neck; stolon function in fungi Primary. For each trade the CSV cost basis is different to the API. I have found the technical assistance to be excellent because the response time is reasonable and the information on target. decisions. I have only purchased LINK on coinbase and coinbase pro, and I now hold ~15 on Celsius. 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 have tried everything recommended and that has not fixed it. product or commit to any plan. 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. For support start here: help.koinly.io, Press J to jump to the feed. 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. Please BEWARE! CSV file is not formatted to where turbo tax accepts it and wont upload. unsure you should get independent advice before you apply for any My tax figures for the CSV were way out before noticing this, so it is abit of a concern. This would be HUGE. 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 . 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. This means coverage of some obscure coins and tokens is variable. Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. is non alcoholic beer bad for your kidneys Register with your email or link your Google account. In my experience, Koinly is a total waste of time. You cannot change the cost basis. Email support is available only with the highest 2 tiers. 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. You can calculate whether you made a capital gain or loss by subtracting your cost basis from your sale price. Please consider doing this. I'll connect with you now via Trustpilot to receive contact details. August 24, 2022. Please send our gratitude for the kind compliment from your accountant! While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. thanks. 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. This is much the same information, however a per-asset calculation would be good. Koinly is the perfect tool for my tax reporting purposes. Thank you for taking the time to shine your experience to others, Bernd. This company doesnt calculate transactions accurately. If you are in the US you should be able to choose from a variety of cost basis methods. We show offers we can track - that's not every product on the marketyet. There needs to be a way to allow different settings per year (freeze / snapshot / lock?). We really appreciate the beautiful compliments to our support team. Perfect! Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. Trades/withdrawals with very high gains. 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. 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. Privacy Policy. It shares the name with cryptocurrency wallets but functionally, it is a different thing. Their development team is probably some hippies smoking all day, who dont know how to write a correct code. But more importantly I need my cost basis for every coin I now hold. Choose your location for tax tracking. The team at CaptainAltcoin.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. It's been a tough couple of years, but it's now becoming more natural each and every day. 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 - This was a very nice surprise, and gave me confidence beyond what I had expected. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. And their customer service is top notch! reference number: 786446). 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. You can also register using a Coinbase account. Past performance is no guarantee of future results. There are feature requests for these independently - lock tax year which includes cost basis used. You can have this overview for free. We're so proud of our service, reasonable pricing, frequent discounts, product and support teams (and beyond).We really appreciate the time you took to recommend Koinly as the starting point, Mark. Let's fly together with a positive approach! I was stressing over doing my crypto taxes. authorised and regulated by the Financial Conduct Authority (firm https://koinly.canny.io/feature-requests/p/lock-in-last-years-tax-to-allow-new-cost-basis-for-this-year. Access the central dashboard and link your exchange accounts and wallets. It is not an offer to buy or sell any security, product, service or investment. 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. Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. Your cost basis would be $30,150. Reddit and its partners use cookies and similar technologies to provide you with a better experience. If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. It is just a tool that needs information from you in order to automatically generate your tax reports. For support start here: help.koinly.io, Press J to jump to the feed. Adjust the basis back on the deposit of the coin. Crypto and equities both provide tax-loss harvesting. 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. So, a manual transaction is made. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. I think the API has it correct, but I bow to those with greater tax knowledge :) Cost basis = Fiat value + exchange fee. So not sure what to do at all. Once we have your email we'll connect directly with you to successfully import your report!We look forward to hearing from you, Jason! You pay another 0.5% sell fee, so $160. I had an similar issue of having my manually editted cost-basis not functioning correctly. Broad coverage. Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. Is it actually saying the cost basis for the CB XLM is zero under the transaction? I click edit and it does not allow me to adjust the cost basis. How likely would you be to recommend finder to a friend or colleague? He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! And that's it. Trader account, $179 (about 135). Without further ado, lets move to the first chapter of this Koinly review by looking at what Koinly is and how does it work. 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? and our Tax on crypto is evolving in most developed markets. In a word yes, Koinly is a perfectly safe service to use. We want to cheer your success on and be a helpful tool that saves you time and energy. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! Verification can help ensure real people write reviews about real companies. The value of investments can fall as well as rise and you may get back less than you invested. I made a lot of trades in 2018, losing ones, so I'm sure I don't owe CG tax, but I know I made some losses which I'd like to declare now. lorrae desmond family; crime in rosarito, mexico. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. 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. Other gains. Koinly Review Is Koinly Crypto Tax Software Safe To Use To Generate Tax Reports? For each trade the CSV cost basis is different to the API. Customer service is excellent, compared to other crypto platforms. The cost basis is way too low, as I know I didn't buy ETH for 170! I am not seeing how to do this though. We may receive compensation from our partners for placement of their products or services. 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?" Please upvote the existing one instead of creating new ones. 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. 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. 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. So pay attention to this as you might consider an alternative like. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. I was having challenges with a particular wallet. I dont like to write negative reviews, but these people will screw your taxes. 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 . Both have free plans, which makes it easy to try out each platform. Transfer matching. Exchanged ABC (sent) for XYZ (received) for an end value of $292. My accountant has said it is highly sophisticated software. You cant generate a capital gains summary with the free tier, but you can preview your total profit/loss and capital gains. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. And thats it. Koinly is like an Excel sheet on steroids. One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). 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). Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. So, is Koinly Safe? The top two paid tiers of the Koinly app are Hodler and Trader. 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. Companies can ask for reviews via automatic invitations. Create an account to follow your favorite communities and start taking part in conversations. $578,101 or more. 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