The first thing you need to do is to import your transactions into the app. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. We may also receive compensation if you click on certain links posted on our site. By providing every advantage to succeed with available information and customer support, we are keen to help at every step. 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. We really appreciate the beautiful compliments to our support team. These are complex and are designed to stop crypto investors from manipulating their gains by selling and rebuying crypto assets to create an artificial loss. For more information, please see our You can calculate whether you made a capital gain or loss by subtracting your cost basis from your sale price. But more importantly I need my cost basis for every coin I now hold. . Exchanged ABC (sent) for XYZ (received) for an end value of $292. Trades/withdrawals with very high gains. Supported wallets, exchanges, and services on Koinly. Seems way better than doing it on koinly since it still definitely needs a lot of work. Phil Traugott is a staff writer at CaptainAltcoin. Have a wonderful day! This is essential! Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. Create an account to follow your favorite communities and start taking part in conversations. 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). 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. The main difference between the paid packages is in the number of transactions you can import. 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 - To add a new wallet, navigate to the Wallets page and tap on Add Wallet. Trader account, $179 (about 135). Did you figure out how to deal with this? Koinly provides anumber of tax reportsfor download in CSV, excel, and pdf formats. Other gains. 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 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. Other transactions are messed up too. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. Income reporting. Thank you! You cannot change the cost basis. The software and service I receive at Koinly was second to none. If you are in the US you should be able to choose from a variety of cost basis methods. Chances are the cost-basis is really low. It is suitable for both individual crypto traders, crypto investors as well as business or professional accountants that have crypto investors as clients. This content is for information only - it's not tax advice. There are feature requests for these independently - lock tax year which includes cost basis used. Koinly made it super simple to combine all transactions across all platforms for the financial year. I was mostly paying 800 before the crash. while all other features are the same and offered for all paid pricing models. You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. 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. Extremely happy with the service. They also have excellent customer service. Koinly offers 5 plans, including a free one. One of Koinlys strengths is that it broadly caters to every experience level. In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. The official subreddit for all things Koinly and crypto tax! Create an account to follow your favorite communities and start taking part in conversations. Koinly covers 6,000+ blockchains, 350+ exchanges and 50+ wallets, so even power users outside the mainstream are likely to find what they need. 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. Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. Same with BTC. Koinlys dashboard shows unrealized profits and losses. 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). This needs to be a top feature I am disappointed it's not even available. Prices are a bit steeper than with competition but you do get more out of this app, especially if you did a lot of advanced crypto activities like margin trading or borrowing/lending. Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. Please Edit to set the net worth of this Gift. 7. I will move to a different country soon with different cost basis. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Currently the dashboard shows the total cost basis for your entire portfolio. Cost basis. Koinly doesnt need your private key and never asks for direct access to your funds. Anyone can write a Trustpilot review. We really appreciate you taking the time to share this recommendation with the community, Colin. If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. A consolidated report displays all your taxable gains in crypto. Is it safe to connect Koinly to Coinbase? Gifts, donations and losses. Click on the transaction to open up more information about it Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Koinly offers a wide range of localized tax reports as well. I need to manually change the cost basis. !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. 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. This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. 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. 37%. Aria was so helpful and provided a detailed explanation to my issue. The thing about Koinly pricings is transactions limit, and yes the free plan has 10,000 transaction limit. You're right that only Youtube videos aren't the full scope of what support is. Capital gains tax on profits may apply. Your cost basis is now $30,310. You can just edit the cost basis from there prior to uploading to turbotax. Same with BTC. Keywords: Resolve Unknown Gains Flags. Koinly is the easiest way to track your crypto activity and generate accurate tax reports! Optional, only if you want us to follow up with you. Koinly also offer annual plans for when you are ready to generate your tax report: * $49 for 100 transactions. 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. After you click on the wallet icon, you will be able to select importing method for your transactions. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. My actual cost basis in my excel sheet I have marked as $33.47. It is just a tool that needs information from you in order to automatically generate your tax reports. How likely would you be to recommend finder to a friend or colleague? This is specific to the US. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. * $179 for 3,000 transactions. Thomas St, London, SE1 9RG. The cost-basis shown on a transaction is wrong! Unless we've said otherwise, products are in no particular order. manually add up cost basis and proceeds then just input them into the csv. BingX Review Is BingX.com Copy Trading Any Good? This equals a classic portfolio tracker app that gives you oversight of your crypto holdings across different platforms and services. Wallet in the Koinly ecosystem represents a container for all your transaction from one exchange accounts or actual crypto wallet. 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. 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. Thanks Koinly anda big thanks to Nina for her excellent customer service. They're actually focused to help and get the job done, which is pretty refreshing imo. . This content shouldn't be interpreted as a recommendation to invest. 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. 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. 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. On the reviews platform Trustpilot, Koinlys had more than 700 reviews and about 4 in 5 rated the software Excellent. 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. For support start here: help.koinly.io, Press J to jump to the feed. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. Koinly makes it easy to track all of your wallets, transactions and balances. 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. The value of investments can fall as well as rise and you may get back less than you invested. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! The top two paid tiers of the Koinly app are Hodler and Trader. We'd love to help sort this out and have a smooth import into Turbo Tax. The XYZ received transaction is not being imported for some reason. 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). 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. 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. Artjoms was quick to respond and solutions-based all the way! ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. 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. I was mostly paying 800 before the crash. koinly cost basis wrong Latest Post. Save yourself some time and trouble. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: When Koinly merges the sent ABC with received XYZ . The official subreddit for all things Koinly and crypto tax! My tax figures for the CSV were way out before noticing this, so it is abit of a concern. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. This checklist resolves 99% of these problems. You pay another 0.5% sell fee, so $160. is non alcoholic beer bad for your kidneys