Reddit and its partners use cookies and similar technologies to provide you with a better experience. This content shouldn't be interpreted as a recommendation to invest. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. But more importantly I need my cost basis for every coin I now hold. 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. 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. 37%. 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 used API for all 3. When Koinly merges the sent ABC with received XYZ . reference number: 786446). Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. He also has a keen interest in technology and the rapid development of fintechs, cryptocurrency and Web3 - the move towards a decentralised online ecosystem. Koinly is a very easy to learn, user friendly crypto tax software. !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. 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. All rights reserved. How likely would you be to recommend finder to a friend or colleague? Have a wonderful day! Yes, you can trust Koinly as it is a legit and registered company with known founders and big team behind it. Press question mark to learn the rest of the keyboard shortcuts. Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. yeah, a complete oversight - this should be something they included with their platform. If it is the cost basis in CB that is the problem, you can manually change it per transaction. Perfect! 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. 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 entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. It is a real swiss-knife for crypto taxes. but however, it doesn't support all of tax . Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). 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. They also provide different plans for different needs. In my experience, Koinly is a total waste of time. income report Koinly can create a statement with all your Airdrops, Forks, Staking Rewards, DeFi, and other income transactions. Koinlys dashboard shows unrealized profits and losses. 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. Koinly offers 5 plans, including a free one. Note that pricing is currently available only in US dollars. Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. finder.com is an independent comparison platform and information service The Hodler version of Koinly costs $99 per year. decisions. koinly cost basis wrong. 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. Replies to negative reviews in < 24 hours. 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 . August 24, 2022. After Koinly is done with calculating your gains, a small notification will pop up asking you to Refresh your page. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. It can do a lot of calculations, quickly and accurately. 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! 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. As far as I can tell the fee in the CSV is being interpreted incorrectly by Koinly, and is skewing the cost basis. Koinly is the leading cryptocurrency tax calculator what Binance is among crypto exchanges, Koinly is among crypto tax software. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! 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. 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! while all other features are the same and offered for all paid pricing models. Hodler account, $99 (about 75). Koinly supports all kinds of crypto activities, not only spot trading. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. 2) The same Coinbase Pro Wallet but this time with just API data. You're right that only Youtube videos aren't the full scope of what support is. Date of experience: 28 January 2023. 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. For support start here: help.koinly.io, Press J to jump to the feed. They're actually focused to help and get the job done, which is pretty refreshing imo. I have my Coinbase and Kucoin imported and it isnt intuitive enough to see the same amount of XLM bought on Coinbase is being sold on Kucoin. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com. For more information, please see our 1) Coinbase Pro wallet with a CSV 'fills' import. The first thing you need to do is to import your transactions into the app. Artjoms was quick to respond and solutions-based all the way! In a word yes, Koinly is a perfectly safe service to use. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw. Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. A vast number of supported exchanges and wallets + newer crypto services like lending or cloud mining platforms separate it from its main rivals. I think it is still the customer service department what makes the difference between different solutions for your needs. I contacted support with my issues and got back to me promptly. Prices are for a year. Choose your location for tax tracking. * $99 for 1,000 transactions. I do recommend it to anyone in the same field of crypto investors. I was so concerned about having a simple huge listing of my trades for my tax pro to wade through. authorised and regulated by the Financial Conduct Authority (firm Free. Thank you! The cost-basis shown on a transaction is wrong! There is already a feature request for this. I was mostly paying 800 before the crash. This means coverage of some obscure coins and tokens is variable. After your import is finished, Koinly gets down to work of crunching numbers. 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. Koinly covers 6,000+ blockchains, 350+ exchanges and 50+ wallets, so even power users outside the mainstream are likely to find what they need. Koinly Help Center. Hi Mark, Thank you for this amazing review! Authentication via Google or Coinbase reduces the chances of a data breach. Data Protection ICO registration number: By providing every advantage to succeed with available information and customer support, we are keen to help at every step. . The percentage of Income Tax you'll pay is the same as your personal Income Tax rate, starting only from earnings above $18,201. Koinly complies with all the applicable tax laws in a host of different countries. Visit our FAQ for more details. So, a manual transaction is made. We love reading that the software is easy to learn and use! finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. It goes against our guidelines to offer incentives for reviews. You can keep track of your costs in a universal pool shared across all connected wallets or separately for each wallet. When he's not writing, Paul likes to get out on his bike around the Chiltern Hills. 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!! So pay attention to this as you might consider an alternative like. So the exchange fee is applied twice. It's impossible to have a correct tax report without this feature. Same with BTC. If you are It is not an offer to buy or sell any security, product, service or investment. $578,126 or more. 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. There are feature requests for these independently - lock tax year which includes cost basis used. Hit refresh and then go to the Tax Reports page to see a brief overview of your capital gains and income. We are a credit broker and not a lender and I was at my wits end!!! It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. This is certainly a learning opportunity for us based on what you've shared here. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. 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. unsure you should get independent advice before you apply for any Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). This was a very nice surprise, and gave me confidence beyond what I had expected. 6 articles in this collection Written by Robin Singh and Petur. 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. Your cost basis is now $30,310. Paul is a freelance writer who's blogged about personal finance for many years. Yes, Koinly is one of the best tax software for crypto traders. If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. 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. 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. I have several transactions with a cost basis of 0. The range of options could overwhelm beginners. But on my txns on the koinly app it says I made a 35k profit. Koinly is a Strong Recommend! Koinly says it supports more than 17,000 cryptocurrencies. The value of investments can fall as well as rise and you may get back less than you invested. Track your trades, get a tax report preview and get support from the Koinly team. 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. I have tried everything recommended and that has not fixed it. ADA-GBP,BUY,2022-06-22T08:30:26.029Z,626.49,0.5931294075,-237.8448924,GBP. Or is just woefully bad at security and/or actually doing the job. Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. 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). Koinly uses recommended settings for the Home country that you selected when signing up. Koinly is the easiest way to track your crypto activity and generate accurate tax reports! I'll connect with you now via Trustpilot to receive contact details. For most exchanges listed on Koinly, you will have aSetup auto-syncoption that uses API keys to download your transaction history and keep your data in sync even in the future. This would be HUGE. When manually adding the missing transaction and merging it with the sent, the cost basis of the sent is lost (set to 0.00). Other transactions are messed up too. Have an awesome day shining your light! The main difference between the paid packages is in the number of transactions you can import. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Phil Traugott is a staff writer at CaptainAltcoin. Finder, or the author, may have holdings in the cryptocurrencies discussed. None of it makes sense. 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. It's a fucking mess. Press question mark to learn the rest of the keyboard shortcuts. Verification can help ensure real people write reviews about real companies. If you are a high volume trader, Koinly might cost you a fortune. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! Your cost basis would be $30,150. Koinly makes it easy to track all of your wallets, transactions and balances. login viber with email 6th June 2022 - by. I need to manually enter it. Koinly Review Is Koinly Crypto Tax Software Safe To Use To Generate Tax Reports? I've looked at tokentax, cointracker, hr block, turbotax and koinly. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. Unless we've said otherwise, products are in no particular order. 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. For each trade the CSV cost basis is different to the API. Broad coverage. So, is Koinly Safe? Koinly made it super simple to combine all transactions across all platforms for the financial year. Capital gains tax on profits may apply. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. You can adjust your jurisdiction down the line if you move to another country. 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. Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. This is essential, and I am concerned it's not available. Save yourself some time and trouble. I click edit, and it let's me change the worth but I am not seeing how to change the cost basis. Should I add wallets, or only exchanges? I had an similar issue of having my manually editted cost-basis not functioning correctly. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? Thank you, Koinly. lorrae desmond family; crime in rosarito, mexico. Koinly offers a wide range of localized tax reports as well. Never before have I met such professional, knowledgeable and diligent staff. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. Anyone can write a Trustpilot review. The software and service I receive at Koinly was second to none. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. You pay another 0.5% sell fee, so $160. This is much the same information, however a per-asset calculation would be good. I was mostly paying 800 before the crash. London, SE1 9RS. 06 Jun 2022 dialogue between politician and journalist on corruption 13th March 2022 - bysmall claims court halifax. Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. Have a beautiful day! There are no other steps needed to do this. We hope to hear back from you soon, J E! Koinly is like an Excel sheet on steroids. 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 . While we are independent, we may receive compensation from How much does Koinly cost? None of it makes sense. Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. Joseph Goss. And their customer service is top notch! Even Defi!! Stay away and use a different software. Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. Supported wallets, exchanges, and services on Koinly. I want to be able to choose which method I'm using for every tax year, i.e. We'll connect with you through Trustpilot to ask about your contact info. 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. At last, I've been able to eliminate all "missing cost basis" errors. For each trade the CSV cost basis is different to the API. It has successfully calculated thousands of transactions year to year that would be near impossible to do manually. We want to go through the nuances of the issues and help inform how to best navigate the platform and have it work optimally for you! They enjoy immaculate reputation in the crypto circles. No, Koinly does not share information with anyone. product or commit to any plan. 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. 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. 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. Thank you for being so thorough!! This content is for information only - it's not tax advice. It also doesnt offer support for DeFi, margin, and futures trades. We really appreciate you taking the time to share this recommendation with the community, Colin. Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. 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). Tax on crypto is evolving in most developed markets. They worked on thousands of my transactions quickly and with a positive attitude. Thanks Koinly anda big thanks to Nina for her excellent customer service. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. The contents of your crypto tax report include: Capital gains summary. Same with BTC. We endeavour to ensure that the information on this site is current and There needs to be a way to allow different settings per year (freeze / snapshot / lock?). Since Koinly records capital gains and losses each asset, its easy to know which coins to sell and how much youll lose. Please send our gratitude for the kind compliment from your accountant! . It is just a tool that needs information from you in order to automatically generate your tax reports.