All rights reserved. Koinly is a very easy to learn, user friendly crypto tax software. I have found the technical assistance to be excellent because the response time is reasonable and the information on target. while all other features are the same and offered for all paid pricing models. ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. Verification can help ensure real people write reviews about real companies. unsure you should get independent advice before you apply for any There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. Koinly complies with all the applicable tax laws in a host of different countries. It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. Koinly review 2023 | Is it good for Aussie crypto taxes? | Finder If you are a high volume trader, Koinly might cost you a fortune. This one will take some explaining. 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. 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. Koinly Review and Alternatives, Is It The Best? - Crypto Listy So, is Koinly Safe? Koinly supports all kinds of crypto activities, not only spot trading. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. Koinly review March 2023 - Finder UK We really appreciate the beautiful compliments to our support team. All content on CaptainAltcoin is provided solely for informational purposes. Anyone can write a Trustpilot review. Crypto and equities both provide tax-loss harvesting. Koinly is a hands-off approach you just need to connect your exchanges, wallets or other services via API keys to the Koinly app and it does the rest. I have tried everything recommended and that has not fixed it. 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 . Koinly is the leading cryptocurrency tax calculator what Binance is among crypto exchanges, Koinly is among crypto tax software. Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. In this instance, $32,000 - $30,310 = $1,690. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! If it is the cost basis in CB that is the problem, you can manually change it per transaction. Create an account to follow your favorite communities and start taking part in conversations. I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. A consolidated report displays all your taxable gains in crypto. But more importantly I need my cost basis for every coin I now hold. 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. Keywords: Resolve Unknown Gains Flags. Adjust the basis back on the deposit of the coin. Privacy Policy. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. And that's it. our partners for featured placement of their products or services. 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. Visit our FAQ for more details. . accurate but you should confirm any information with the product or Authentication via Google or Coinbase reduces the chances of a data breach. 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? This equals a classic portfolio tracker app that gives you oversight of your crypto holdings across different platforms and services. If you are in the US you should be able to choose from a variety of cost basis methods. 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. Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! 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. They're actually focused to help and get the job done, which is pretty refreshing imo. reference number: 786446). Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Registering for Koinly is simple: Click the "Sign up" button on the Koinly homepage. I have several transactions with a cost basis of 0. I've looked at tokentax, cointracker, hr block, turbotax and koinly. Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. Koinly uses recommended settings for the Home country that you selected when signing up. Paul is a freelance writer who's blogged about personal finance for many years. Pro, $279 (about 222). If you dont trade much and want cheap plans, Koinly is a great choice. Please consider doing this. I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. For more information, please see our 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. Thank you, Koinly. There are feature requests for these independently - lock tax year which includes cost basis used. Thank you for being so thorough!! This is much the same information, however a per-asset calculation would be good. Staking, Lending & DeFi. This needs to be a top feature I am disappointed it's not even available. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. Koinly makes it easy to track all of your wallets, transactions and balances. Stay away and use a different software. I am unable to adjust the cost basis though. Hi Mark, Thank you for this amazing review! "We have assumed a cost of zero for some assets" - Koinly 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. I'll connect with you now via Trustpilot to receive contact details. 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. WOW! 1) Coinbase Pro wallet with a CSV 'fills' import. Your cost basis would be $30,150. Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). R . Should I add wallets, or only exchanges? 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. These two had been sticking points before. How much does Koinly cost? In the UK, HMRC uses share pooling rules to calculate your CGT. Try Koinly first. 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. Supported wallets, exchanges, and services on Koinly. This would be HUGE. This checklist resolves 99% of these problems. This is similar to the Newbie plan but with a limit of 1,000 transactions. Hi Bernd, Thank you for sharing this review! thanks. Koinly Reviews | Read Customer Service Reviews of koinly.io Koinly made it super simple to combine all transactions across all platforms for the financial year. Create an account to follow your favorite communities and start taking part in conversations. $346,876 or more. Thank you! The main difference between the paid packages is in the number of transactions you can import. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. 7. $578,126 or more. After an attentive reviews of many tax software out there to file my crypto tax, I used for my second year in a row Koinly, because it is very complete with all the wallet and exchanges that I used, so I did not hesitate to use it again this year and it was a breeze to update my reports for tax 2022. The Hodler version of Koinly costs $99 per year. 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. Are the manually changed transactions mentioned in the report that koinly produces? I got into a right mess with my trades and balances on Koinly, I made alterations to correct myself, big mistake!! If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. At last, I've been able to eliminate all "missing cost basis" errors. Hit refresh and then go to the Tax Reports page to see a brief overview of your capital gains and income. So pay attention to this as you might consider an alternative like. In my experience, Koinly is a total waste of time. They also have excellent customer service. koinly cost basis wrong. Reddit and its partners use cookies and similar technologies to provide you with a better experience. I was so concerned about having a simple huge listing of my trades for my tax pro to wade through. Incorrect Cost Basis? : r/koinly - reddit 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. Please Edit to set the net worth of this Gift. Tyler Yes, Koinly is one of the best tax software for crypto traders. We are a credit broker and not a lender and Learn more about it in our crypto tax guide. But to be honest there are so many little transactions, its a mess! The main competitors of Koinly are listed below. This needs to be a top feature I am disappointed it's not even available. SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit? After selling assets, you buy identical ones to maintain portfolio balance. I dont like to write negative reviews, but these people will screw your taxes. This is specific to the US. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). Although I originally paid 46k for it. 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. This is essential, and I am concerned it's not available. You can just edit the cost basis from there prior to uploading to turbotax. 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. Same with BTC. Koinly covers 6,000+ blockchains, 350+ exchanges and 50+ wallets, so even power users outside the mainstream are likely to find what they need. The value of investments can fall as well as rise and you may get back less than you invested. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! But more importantly I need my cost basis for every coin I now hold. their customer service is there and very responsive.get it now!! This could mean that the market price that Koinly used for it when you bought this coin is wrong. Our address is Level 2, 20 St I actually changing country with different cost calculation method. For support start here: help.koinly.io, Press J to jump to the feed. My accountant has said it is highly sophisticated software. Trades/withdrawals with very high gains | Koinly Help Center Register with your email or link your Google account. Hodler is basically the same as the Newbie tier, with the only exception being that you can import up to 1,000 crypto transactions rather than just 100. How To Calculate Cost Basis in Crypto & Bitcoin | Koinly 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. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. 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. We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. 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. Is the API option reliable or should I try and get .CSV files and upload them? Cookie Notice It is suitable for both individual crypto traders, crypto investors as well as business or professional accountants that have crypto investors as clients. You have to manually add transactions if there is no record of the crypto putting purchased. Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. 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. I was at my wits end!!! * $179 for 3,000 transactions. may also receive compensation if you click on certain links posted on It also doesnt offer support for DeFi, margin, and futures trades. Written by Robin Singh Updated over a week ago One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). Press question mark to learn the rest of the keyboard shortcuts. FIAT Cost Basis | Feature requests (public) | Koinly They also provide different plans for different needs. Extremely happy with the service. The next step is to check all calculations to make sure everything is imported correctly. But on my txns on the koinly app it says I made a 35k profit. So the exchange fee is applied twice. The entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. Koinly is the perfect tool for my tax reporting purposes. Their excellence shines through a proficient and efficient approach all around! CaptainAltcoin.com does not offer any sort of financial or investment advice. You can just edit the cost basis from there prior to uploading to turbotax. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. It's also reasonably priced. 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 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. 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. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. So not sure what to do at all. 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!! The limit is 10,000+ transactions and theres email support. Joseph Goss. Access the central dashboard and link your exchange accounts and wallets. If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . Support people probably didnt graduate high school and dont know simple math. An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. We I was having challenges with a particular wallet. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw. 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. Seems way better than doing it on koinly since it still definitely needs a lot of work. Koinly automatically imports NFTs (ERC-721 and ERC-1155) for most EVM-based blockchains like ETH, BSC, FTM, AVAX, Poly, Cronos, and so on. Newbie, $49 (about 39). We're grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! As far as I can tell the fee in the CSV is being interpreted incorrectly by Koinly, and is skewing the cost basis. 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. 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. Date of experience: 24 January . FIFO in 2021, LIFO in 2020, HIFO in 2019, etc. Without further ado, lets move to the first chapter of this Koinly review by looking at what Koinly is and how does it work. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. Did you figure out how to deal with this? We endeavour to ensure that the information on this site is current and As part of your self-assessment, you need to submit a CGT summary supplement. R . You cannot change the cost basis. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. Artjoms was quick to respond and solutions-based all the way! 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! Hi J E, We are so sorry to hear about your experience!!! The limit is 3,000 transactions and theres email support included. ADA-GBP,BUY,2022-06-22T08:30:26.029Z,626.49,0.5931294075,-237.8448924,GBP. 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.
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