koinly cost basis wrong koinly cost basis wrong

While we are independent, we may receive compensation from Optional, only if you want us to follow up with you. I think the API has it correct, but I bow to those with greater tax knowledge :) Cost basis = Fiat value + exchange fee. Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. The Hodler version of Koinly costs $99 per year. Our dev team works their dreamy magic to make the experience a smooth one. 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. We want to cheer your success on and be a helpful tool that saves you time and energy. Click on the transaction to open up more information about it The first thing you need to do is to import your transactions into the app. R . You're right that only Youtube videos aren't the full scope of what support is. 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. 2023 Trustpilot A/S. This content is for information only - it's not tax advice. Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. August 24, 2022. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw. To add a new wallet, navigate to the Wallets page and tap on Add Wallet. We endeavour to ensure that the information on this site is current and My issue was solved within hours. If you need a sophisticated tax solution, you likely have some level of crypto experience, but there are extensive support resources to support newcomers, and the interface is user-friendly. Special mentions to the two biggest rockstars; Mariia and Jack! The entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. I want to be able to choose which method I'm using for every tax year, i.e. Koinly helps you find a certified tax professional specializing in cryptocurrency taxes to help with your tax reports. After selling assets, you buy identical ones to maintain portfolio balance. It can do a lot of calculations, quickly and accurately. This is much the same information, however a per-asset calculation would be good. The cost-basis shown on a transaction is wrong! The thing about Koinly pricings is transactions limit, and yes the free plan has 10,000 transaction limit. 6 articles in this collection Written by Robin Singh and Petur. If you are a high volume trader, Koinly might cost you a fortune. 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. ADA-GBP,BUY,2022-06-22T08:30:26.029Z,626.49,0.5931294075,-237.8448924,GBP. For support start here: help.koinly.io, Press J to jump to the feed. I recommend Koinly for EVERYONE in crypto. Missing purchase history (missing costs) It's common that a cost-basis might seem wrong even if it actually isn't. Scenario: You deposited 1 BTC worth 1000 USD into a wallet and withdrew it later but the cost-basis on the withdrawal transaction doesn't match the cost of the 1 BTC (1000 USD). I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. I click edit and it does not allow me to adjust the cost basis. Wallet in the Koinly ecosystem represents a container for all your transaction from one exchange accounts or actual crypto wallet. How likely would you be to recommend finder to a friend or colleague? ZA227007. Please consider doing this. You can do that by getting API keys from your wallet or exchanging and adding them to Koinly. 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. Lastly, ZenLedger and Coinledger have worse international support than Koinly. 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. Tax on crypto is evolving in most developed markets. You could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. 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). 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. Overall tax reporting. 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. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. I have tried everything recommended and that has not fixed it. 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. Let's fly together with a positive approach! Koinly is the perfect tool for my tax reporting purposes. Koinly complies with all the applicable tax laws in a host of different countries. our partners for featured placement of their products or services. When he's not writing, Paul likes to get out on his bike around the Chiltern Hills. I was at my wits end!!! my transactions were spread across numerous platforms. 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. 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 like an Excel sheet on steroids. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. Data Protection ICO registration number: On the reviews platform Trustpilot, Koinlys had more than 700 reviews and about 4 in 5 rated the software Excellent. Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! None of it makes sense. Koinly can track an unlimited amount of transactions, but transaction limits on each plan are tied to generating tax reports. I have found the technical assistance to be excellent because the response time is reasonable and the information on target. My accountant has said it is highly sophisticated software. For support start here: help.koinly.io, Press J to jump to the feed. We really appreciate the beautiful compliments to our support team. 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! No, Koinly does not share information with anyone. This checklist resolves 99% of these problems. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? 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. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. The software and service I receive at Koinly was second to none. Koinly makes it easy to track all of your wallets, transactions and balances. 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. R . Crypto and equities both provide tax-loss harvesting. Koinly can generate different tax forms, like Form 8949, Schedule D.If you are filing in the US, Koinly can generate filled-in IRS tax forms. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! 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. SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit? Date of experience: 24 January . There are feature requests for these independently - lock tax year which includes cost basis used. Finder, or the author, may have holdings in the cryptocurrencies discussed. Koinly Review Is Koinly Crypto Tax Software Safe To Use To Generate Tax Reports? While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. After Koinly is done with calculating your gains, a small notification will pop up asking you to Refresh your page. We love reading that the software is easy to learn and use! It's also reasonably priced. 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). Press question mark to learn the rest of the keyboard shortcuts. Koinly is a Strong Recommend! I can track where every coin came from, where it went, and how much it cost. This would be HUGE. Please upvote the existing one instead of creating new ones. I had an similar issue of having my manually editted cost-basis not functioning correctly. Adjust the basis back on the deposit of the coin. At last, I've been able to eliminate all "missing cost basis" errors. You can also register using a Coinbase account. Access the central dashboard and link your exchange accounts and wallets. 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. 06 Jun 2022 dialogue between politician and journalist on corruption 13th March 2022 - bysmall claims court halifax. Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. Press question mark to learn the rest of the keyboard shortcuts. The next step is to check all calculations to make sure everything is imported correctly. Anyone can write a Trustpilot review. Koinly made it super simple to combine all transactions across all platforms for the financial year. 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. It covers every coin listed on CoinMarketCap and every token based on the Ethereum, BSC and Polygon chains. One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). He also has a keen interest in technology and the rapid development of fintechs, cryptocurrency and Web3 - the move towards a decentralised online ecosystem. This feature is essential, otherwise Koinly becomes useless. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. 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. Please note that some links on CaptainAltcoin.com are affiliate links. reference number: 786446). This is specific to the US. gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. It appears as if the fee is then added again to arrive at the cost basis. How much does Koinly cost? None of it makes sense. They currently list 2 CPAs from USA and 8 from Ireland but the process of onboarding new tax professionals is continuous so the list will most probably grow with time. Supported wallets, exchanges, and services on Koinly. $578,101 or more. The range of options could overwhelm beginners. 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. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. Or is just woefully bad at security and/or actually doing the job. The percentage of Income Tax you'll pay is the same as your personal Income Tax rate, starting only from earnings above $18,201. Is there any chance that you can contact us at. Register with your email or link your Google account. VAT number: 259751759. It is suitable for both individual crypto traders, crypto investors as well as business or professional accountants that have crypto investors as clients. I contacted support with my issues and got back to me promptly. Koinly is a very easy to learn, user friendly crypto tax software. Cost basis / calculations. You pay another 0.5% sell fee, so $160. Thanks Koinly anda big thanks to Nina for her excellent customer service. 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. Koinly is the easiest way to track your crypto activity and generate accurate tax reports! I dont like to write negative reviews, but these people will screw your taxes. Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. Cost basis. I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. Reddit and its partners use cookies and similar technologies to provide you with a better experience. How much does Koinly cost? Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. Register with your email or link your Google account. But more importantly I need my cost basis for every coin I now hold. In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. But on my txns on the koinly app it says I made a 35k profit. accurate but you should confirm any information with the product or I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. Since Koinly records capital gains and losses each asset, its easy to know which coins to sell and how much youll lose. Click the Sign up button on the Koinly homepage. For example. 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? A vast number of supported exchanges and wallets + newer crypto services like lending or cloud mining platforms separate it from its main rivals. * $179 for 3,000 transactions. Please BEWARE! Hi J E, We are so sorry to hear about your experience!!! Koinly doesnt need your private key and never asks for direct access to your funds. This one will take some explaining. and our Yes, you can trust Koinly as it is a legit and registered company with known founders and big team behind it. The most common CoinTracker support issue is incorrect cost basis, capital gain, or market value. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. thanks. I am not seeing how to do this though. Newbie, $49 (about 39). So Glad I found it!!!.. This is certainly a learning opportunity for us based on what you've shared here. Cookie Notice Past performance is no guarantee of future results. There are feature requests for these independently - lock tax year which includes cost basis used. It goes against our guidelines to offer incentives for reviews. Hodler and Trader - $99 or $179. I've looked at tokentax, cointracker, hr block, turbotax and koinly. Is the API option reliable or should I try and get .CSV files and upload them? our site. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. Is it actually saying the cost basis for the CB XLM is zero under the transaction? So not sure what to do at all. Is the token linked to the right token in coinmarketcap? Although I originally paid 46k for it. We use dedicated people and clever technology to safeguard our platform. By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use, Level 2, 20 St Thomas St, Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. 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. Lock a tax year, including the cost basis used. 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. Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. London, SE1 9RS. Really need to work this out before the tax year endsthanks. Gifts, donations and losses. Hi Bernd, Thank you for sharing this review! All in all, Koinly and ZenLedger are two of our preferred crypto tax software options. Koinly also offer annual plans for when you are ready to generate your tax report: * $49 for 100 transactions. But it also admits that HMRC does not audit crypto tax software currently, meaning that HMRC will not accept Koinly reports. 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. For each trade the CSV cost basis is different to the API. $693,751 or more. The value of investments can fall as well as rise and you may get back less than you invested. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! Koinlys dashboard shows unrealized profits and losses. Thank you! New tokens are automatically added once they start trading on exchanges. Please Edit to set the net worth of this Gift. I do recommend it to anyone in the same field of crypto investors. Before you invest, you should get advice and decide whether the potential return outweighs the risks. By extension, that same option is not available to a potential hacker that would corrupt the Koinly platform. Koinly allows for universal or Wallet-based cost tracking. I am unable to adjust the cost basis though. 37%. I need to manually enter it. For more information, please see our finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. It is just a tool that needs information from you in order to automatically generate your tax reports. Is it safe to connect Koinly to Coinbase? This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. 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 don't know why I'd ever leave. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com. I'd recommend this to heavy users or first time crypto tax filers alike. It's a fucking mess. 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! If it is the cost basis in CB that is the problem, you can manually change it per transaction. Automated import of transaction data via API, Price records going back 5 years, and the option of integrating all your activity in this period. The main competitors of Koinly are listed below. Amazing Customer Service ! It looks like the fee is being incorrectly handled so we'd want to fix that asap. manually add up cost basis and proceeds then just input them into the csv. They're actually focused to help and get the job done, which is pretty refreshing imo. Koinly says it supports more than 17,000 cryptocurrencies. 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). It includes selling securities at a loss to offset capital gains. Koinly Help Center. ZenLedger includes a standalone tool for tax-loss harvesting in a spreadsheet. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! Same with BTC. Free. Taxes are stressful enough means a lot to get this kind of customer support. We are a credit broker and not a lender and Extremely happy with the service. 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. 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.