their customer service is there and very responsive.get it now!! When Koinly merges the sent ABC with received XYZ . 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. $346,876 or more. Have an awesome day! Missing Cost Basis. Koinly offers 5 plans, including a free one. Both have free plans, which makes it easy to try out each platform. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! Companies can ask for reviews via automatic invitations. Learn more about it in our crypto tax guide. If it is the cost basis in CB that is the problem, you can manually change it per transaction. And thats it. income report Koinly can create a statement with all your Airdrops, Forks, Staking Rewards, DeFi, and other income transactions. Pro, $279 (about 222). ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. Thomas St, London, SE1 9RG. In my experience, Koinly is a total waste of time. and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. We really appreciate the beautiful compliments to our support team. 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. He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! When he's not writing, Paul likes to get out on his bike around the Chiltern Hills. You can check Koinly plans. gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. After you click on the wallet icon, you will be able to select importing method for your transactions. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. 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. Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. They also have excellent customer service. 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!! A single statement shows your income from airdrops, forks, staking, DeFi activities and other transactions that have netted you income. Create an account to follow your favorite communities and start taking part in conversations. So not sure what to do at all. I have only purchased LINK on coinbase and coinbase pro, and I now hold ~15 on Celsius. Your cost basis is now $30,310. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. 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. 1) Coinbase Pro wallet with a CSV 'fills' import. You can also register using a Coinbase account. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. 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. decisions. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). This could mean that the market price that Koinly used for it when you bought this coin is wrong. Exchanged ABC (sent) for XYZ (received) for an end value of $292. 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. So, a manual transaction is made. Anyone can write a Trustpilot review. Is the token linked to the right token in coinmarketcap? 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. 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 am not seeing how to do this though. It's easy to use and accurate. This is specific to the US. Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. Trades/withdrawals with very high gains. WOW! It's also reasonably priced. Is the API option reliable or should I try and get .CSV files and upload them? My actual cost basis in my excel sheet I have marked as $33.47. 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. I will use this method every year, its worth the extra $$ to save us $$ Special Thanks to Mariia Tkachuk, extremely responsive and step-by-step thorough/professional.Couldn't have been a better help (:Sam. The Hodler version of Koinly costs $99 per year. 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. If it has no record of how you acquired the coin the irs rule is to consider it a gift at 0. Hi J E, We are so sorry to hear about your experience!!! 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. Thank you for taking the time to shine your experience to others, Bernd. Capital gains tax on profits may apply. Create an account to follow your favorite communities and start taking part in conversations. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: Koinly provides anumber of tax reportsfor download in CSV, excel, and pdf formats. New tokens are automatically added once they start trading on exchanges. FIFO in 2021, LIFO in 2020, HIFO in 2019, etc. We hope to hear back from you soon, J E! Have a wonderful day! Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. You could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. I couldn't agree more that Artjoms is top-notch when it comes to all things crypto and Koinly! authorised and regulated by the Financial Conduct Authority (firm Or is just woefully bad at security and/or actually doing the job. We show offers we can track - that's not every product on the marketyet. reference number: 786446). Date of experience: 24 January . while all other features are the same and offered for all paid pricing models. Should I add wallets, or only exchanges? Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. 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). It's impossible to have a correct tax report without this feature. I click edit and it does not allow me to adjust the cost basis. * $179 for 3,000 transactions. Phil Traugott is a staff writer at CaptainAltcoin. You're right that only Youtube videos aren't the full scope of what support is. my transactions were spread across numerous platforms. Without further ado, lets move to the first chapter of this Koinly review by looking at what Koinly is and how does it work. I'll connect with you now via Trustpilot to receive contact details. The cost basis is way too low, as I know I didn't buy ETH for 170! So Glad I found it!!!.. If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . Koinly automatically imports NFTs (ERC-721 and ERC-1155) for most EVM-based blockchains like ETH, BSC, FTM, AVAX, Poly, Cronos, and so on. Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. may also receive compensation if you click on certain links posted on Let's fly together with a positive approach! Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. medical records charges 2022; This is essential! 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. Never before have I met such professional, knowledgeable and diligent staff. Broad coverage. Currently the dashboard shows the total cost basis for your entire portfolio. Staking, Lending & DeFi. It appears as if the fee is then added again to arrive at the cost basis. 2023 Trustpilot A/S. I love how easy it is to generate annual year-end tax reports. 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. You can adjust your jurisdiction down the line if you move to another country. Amazing Customer Service ! R . 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. The software and service I receive at Koinly was second to none. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. 7. It is not an offer to buy or sell any security, product, service or investment. The cost-basis shown on a transaction is wrong! But it also admits that HMRC does not audit crypto tax software currently, meaning that HMRC will not accept Koinly reports. Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. I need to manually enter it. This feature is essential, otherwise Koinly becomes useless. You cannot change the cost basis. Find out how we combat fake reviews. I found that happening to me "oh I just bought this lot, transferred to my wallet and exchanged for something else, why is my cost basis off?" Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. 2) The same Coinbase Pro Wallet but this time with just API data. 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. To use a different method each year and therefore it would have to "lock" in the method used for each year to be able to carryforward the correct cost basis and dates of purchases. 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. But on my txns on the koinly app it says I made a 35k profit. If still have issue, the koinly youtube video has guides. This one will take some explaining. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! R P . I was stressing over doing my crypto taxes. 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. I was at my wits end!!! Koinly says it supports more than 17,000 cryptocurrencies. We'd love to help sort this out and have a smooth import into Turbo Tax. * $99 for 1,000 transactions. Really need to work this out before the tax year endsthanks. Hodler and Trader - $99 or $179. Tax on crypto is evolving in most developed markets. How likely would you be to recommend finder to a friend or colleague? I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. Date of experience: 28 January 2023. R . It is just a tool that needs information from you in order to automatically generate your tax reports. finder.com is an independent comparison platform and information service Any way to fix this? They worked on thousands of my transactions quickly and with a positive attitude. If you are a high volume trader, Koinly might cost you a fortune. 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. What tax reports can you make with Koinly? Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. Thanks Koinly anda big thanks to Nina for her excellent customer service. 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. Complete waste of time. is non alcoholic beer bad for your kidneys 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. Any one else replicate this? 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. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. Data Protection ICO registration number: and our 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. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. When manually adding the missing transaction and merging it with the sent, the cost basis of the sent is lost (set to 0.00). I dont like to write negative reviews, but these people will screw your taxes. I put that the net worth of the txn is 46k at the time of the transaction. This would be HUGE. Wallet in the Koinly ecosystem represents a container for all your transaction from one exchange accounts or actual crypto wallet. CaptainAltcoin.com does not offer any sort of financial or investment advice. CGT is a tax on the profit you make when you sell an asset that has increased in value. Lock in last years tax to allow new cost basis for this year, Now that 2021 tax is over, I want to change from HIFO to FIFO next year. 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. 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. Koinly also offer annual plans for when you are ready to generate your tax report: * $49 for 100 transactions. Other transactions are messed up too. that aims to provide you with the tools you need to make better It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! Customer service is excellent, compared to other crypto platforms. The platform defaults to the primary method in your jurisdiction. Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. You later sell your 0.5 BTC for $32,000. Please BEWARE! 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 . 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? 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. In this instance, $32,000 - $30,310 = $1,690. Prices are for a year. Replies to negative reviews in < 24 hours. An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. BingX Review Is BingX.com Copy Trading Any Good? Please upvote the existing one instead of creating new ones. Even Defi!! My accountant has said it is highly sophisticated software. If you find a transaction with a very high gain then look on the left side to see it's cost-basis. Koinly is the perfect tool for my tax reporting purposes. I think the API has it correct, but I bow to those with greater tax knowledge :) Cost basis = Fiat value + exchange fee. Trader account, $179 (about 135). 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. All rights reserved. You can do that by getting API keys from your wallet or exchanging and adding them to Koinly. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! The top two paid tiers of the Koinly app are Hodler and Trader. 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 is a very easy to learn, user friendly crypto tax software. Same with BTC. $693,751 or more. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. It is suitable for both individual crypto traders, crypto investors as well as business or professional accountants that have crypto investors as clients. You can also register using a Coinbase account. Transfer matching. The cost basis is way too low, as I know I didn't buy ETH for 170! Special mentions to the two biggest rockstars; Mariia and Jack! The percentage of Income Tax you'll pay is the same as your personal Income Tax rate, starting only from earnings above $18,201. If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. Click on the transaction to open up more information about it I can track where every coin came from, where it went, and how much it cost. I have several transactions with a cost basis of 0. 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. Lastly, ZenLedger and Coinledger have worse international support than Koinly. Press question mark to learn the rest of the keyboard shortcuts, https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. You can confirm this on the Prices tab on the app, which will have the most up-to-date information. I do recommend it to anyone in the same field of crypto investors. Tyler Automated import of transaction data via API, Price records going back 5 years, and the option of integrating all your activity in this period. These two had been sticking points before. This needs to be a top feature I am disappointed it's not even available. 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.
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 . Hit refresh and then go to the Tax Reports page to see a brief overview of your capital gains and income. 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! Paul specialises in cutting through jargon to make money and tech more accessible. It would be better if you can provide screenshots of the koinly transactions that you are having issues with. Try Koinly first. The value of investments can fall as well as rise and you may get back less than you invested. Koinly helps you find a certified tax professional specializing in cryptocurrency taxes to help with your tax reports. There needs to be a way to allow different settings per year (freeze / snapshot / lock?). How much does Koinly cost? Finder.com Comparison UK Limited (company number: 10482489) is It shares the name with cryptocurrency wallets but functionally, it is a different thing. Other good tools include Zenledger and Coinledger. yeah, a complete oversight - this should be something they included with their platform. but however, it doesn't support all of tax . This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. This content shouldn't be interpreted as a recommendation to invest. Track your trades, get a tax report preview and get support from the Koinly team. After selling assets, you buy identical ones to maintain portfolio balance. Koinly can track an unlimited amount of transactions, but transaction limits on each plan are tied to generating tax reports. YES, YES, YES please. Yes, you can trust Koinly as it is a legit and registered company with known founders and big team behind it. 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! 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. The official subreddit for all things Koinly and crypto tax! The most common CoinTracker support issue is incorrect cost basis, capital gain, or market value. Koinly has a free account that you can use as a portfolio tracker and it allows you to create all tax reports like paid versions, except you cant export them in a ready-made format for filing. If still have issue, the koinly youtube video has guides. 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. The first thing it does is fetching market prices, matchtransfers between your own wallets,and calculate your capital gains. This means coverage of some obscure coins and tokens is variable. It goes against our guidelines to offer incentives for reviews. In Australia, although it is referred to as Capital Gains Tax, there is no separate tax and any gains you make will be assessable income subject to Income Tax. So, is Koinly Safe? Staying true to our goal, we're continually evolving the service to save you time and energy. accurate but you should confirm any information with the product or There is a record, the software is not pulling the info correctly. As part of your self-assessment, you need to submit a CGT summary supplement. This is similar to the Newbie plan but with a limit of 1,000 transactions. Yes, Koinly is one of the best tax software for crypto traders. 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. Seems way better than doing it on koinly since it still definitely needs a lot of work. Hi Colin, Thank you for this stellar feedback and review! Thank you for being so thorough!! CSV file is not formatted to where turbo tax accepts it and wont upload. Registering for Koinly is simple: Click the "Sign up" button on the Koinly homepage. 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. Paul is a freelance writer who's blogged about personal finance for many years. 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. And that's it. Crypto and equities both provide tax-loss harvesting. 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! At last, I've been able to eliminate all "missing cost basis" errors. 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. CaptainAltcoin.com 2022 - All Rights Reserved
By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Koinly supports all kinds of crypto activities, not only spot trading. Cookie Notice 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? Koinly uses recommended settings for the Home country that you selected when signing up. Past performance is no guarantee of future results. Koinly complies with all the applicable tax laws in a host of different countries. Koinly covers 6,000+ blockchains, 350+ exchanges and 50+ wallets, so even power users outside the mainstream are likely to find what they need. London, SE1 9RS. I am unable to adjust the cost basis though. Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. 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.