koinly cost basis wrong

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. 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. While we are independent, we may receive compensation from It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. Since Koinly records capital gains and losses each asset, its easy to know which coins to sell and how much youll lose. Phil Traugott is a staff writer at CaptainAltcoin. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. Hodler and Trader - $99 or $179. Visit our FAQ for more details. I contacted support with my issues and got back to me promptly. If you are in the US you should be able to choose from a variety of cost basis methods. The final step is exporting complete tax reports generated by Koinly (you will need to buy one of the offered packages in order to do this) and filing your taxes, either manually or using tax software like TurboTax. I do recommend it to anyone in the same field of crypto investors. You can adjust your jurisdiction down the line if you move to another country. 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. Without further ado, lets move to the first chapter of this Koinly review by looking at what Koinly is and how does it work. Does Koinly work with DeFi protocols and NFTs? Available in more than 20 countries, including the US, UK, Australia, New Zealand, Japan, South Korea, Singapore and most European countries. Cant thank them enough for taking the time to thoroughly explain it with screenshots, and a link to an article. But to be honest there are so many little transactions, its a mess! 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. 2) The same Coinbase Pro Wallet but this time with just API data. For each trade the CSV cost basis is different to the API. Anyone can write a Trustpilot review. Other transactions are messed up too. In this instance, $32,000 - $30,310 = $1,690. product or commit to any plan. We may also receive compensation if you click on certain links posted on our site. CSV file is not formatted to where turbo tax accepts it and wont upload. You cannot change the cost basis. 37%. I think the API has it correct, but I bow to those with greater tax knowledge :) Cost basis = Fiat value + exchange fee. None of it makes sense. To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. This crypto tax report has all the information you need to file with the ATO using the myTax portal. 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. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. Please BEWARE! This was a very nice surprise, and gave me confidence beyond what I had expected. Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. 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. It would be better if you can provide screenshots of the koinly transactions that you are having issues with. Staying true to our goal, we're continually evolving the service to save you time and energy. For example. There is a record, the software is not pulling the info correctly. The top two paid tiers of the Koinly app are Hodler and Trader. 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. Missing Cost Basis. The main competitors of Koinly are listed below. Or it's a very low cap coin and no pricing available. Thank you, Koinly. This is essential! $578,101 or more. 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! 6 articles in this collection Written by Robin Singh and Petur. How much does Koinly cost? Stay away and use a different software. So, a manual transaction is made. 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 enjoy immaculate reputation in the crypto circles. * $179 for 3,000 transactions. There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. Is it safe to connect Koinly to Coinbase? https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. Koinly is a legit business but even if it wasnt the case the risk of losing your funds to hacker attacks because you used Koinly is zero. $578,126 or more. ZA227007. I love how easy it is to generate annual year-end tax reports. For more information, please see our There are feature requests for these independently - lock tax year which includes cost basis used. Types of transactions supported on Koinly, Find a Cryptocurrency Tax Accountant via Koinly, Koinly as a cryptocurrency portfolio tracker, Sia Coin (SC) Price Prediction 2023 | 2025 | 2030 Future Forecast For SIA Price. 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. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com. 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. The official subreddit for all things Koinly and crypto tax! The official subreddit for all things Koinly and crypto tax! Koinly offers a wide range of localized tax reports as well. I had an similar issue of having my manually editted cost-basis not functioning correctly. 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. Please consider doing this. How much does Koinly cost? 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! By extension, that same option is not available to a potential hacker that would corrupt the Koinly platform. These two had been sticking points before. I don't know why I'd ever leave. Hi Bernd, Thank you for sharing this review! But when I go to the txn that says that I sell those same coins it says my cost basis for those same coins that I paid 46k for is 0. This is much the same information, however a per-asset calculation would be good. Is it actually saying the cost basis for the CB XLM is zero under the transaction? Gifts, donations and losses. Paul is a freelance writer who's blogged about personal finance for many years. 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 . Data Protection ICO registration number: They also provide different plans for different needs. Please note that some links on CaptainAltcoin.com are affiliate links. 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. If you dont trade much and want cheap plans, Koinly is a great choice. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? 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. We'll connect with you through Trustpilot to ask about your contact info. Adjust the basis back on the deposit of the coin. Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. This needs to be a top feature I am disappointed it's not even available. Trader account, $179 (about 135). You can just edit the cost basis from there prior to uploading to turbotax. You pay another 0.5% sell fee, so $160. He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! From your settings, Koinly will know the financial year you're reporting on - so from the 1st of July 2021 to the 30th of June 2022. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. Koinly also offer annual plans for when you are ready to generate your tax report: * $49 for 100 transactions. 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. 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. 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. I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. And their customer service is top notch! 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. I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. So, is Koinly Safe? The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. 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. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. This is essential, and I am concerned it's not available. Koinly allows for universal or Wallet-based cost tracking. After your import is finished, Koinly gets down to work of crunching numbers. koinly cost basis wrong. 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. This content shouldn't be interpreted as a recommendation to invest. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. 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! 2) The same Coinbase Pro Wallet but this time with just API data. This content is for information only - it's not tax advice. It is a real swiss-knife for crypto taxes. Koinly is a crypto tax calculator and a crypto tax software that helps with creating a tax report based on your trading, mining, staking, airdrops activity. Companies can ask for reviews via automatic invitations. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! Save yourself some time and trouble. Firstly, let's talk about Koinly plans. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! The Hodler version of Koinly costs $99 per year. Date of experience: 28 January 2023. Have an awesome day shining your light! We also ensure all reviews are published without moderation. Special mentions to the two biggest rockstars; Mariia and Jack! In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. At least my experience with Artjoms was, when I had an issue with a tiny coin that wasn't listed in Koinly yet. 1) Coinbase Pro wallet with a CSV 'fills' import. service provider and read the information they can provide. I click edit and it does not allow me to adjust the cost basis. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. Koinlys dashboard shows unrealized profits and losses. I was mostly paying 800 before the crash. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. lorrae desmond family; crime in rosarito, mexico. Your cost basis is now $30,310. I've looked at tokentax, cointracker, hr block, turbotax and koinly. Koinly covers 6,000+ blockchains, 350+ exchanges and 50+ wallets, so even power users outside the mainstream are likely to find what they need. By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use, Level 2, 20 St Thomas St, Date of experience: 24 January . It covers every coin listed on CoinMarketCap and every token based on the Ethereum, BSC and Polygon chains. Any way to fix this? I am not seeing how to do this though. 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! Access the central dashboard and link your exchange accounts and wallets. I recommend Koinly for EVERYONE in crypto.