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 think it is still the customer service department what makes the difference between different solutions for your needs. All rights reserved. I do recommend it to anyone in the same field of crypto investors. I don't know why I'd ever leave. For example. 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. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Artjoms was quick to respond and solutions-based all the way! Koinly is like an Excel sheet on steroids. Date of experience: 28 January 2023. Please note that some links on CaptainAltcoin.com are affiliate links. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: Please Edit to set the net worth of this Gift. We'd love to help sort this out and have a smooth import into Turbo Tax. You can see my txn where i sell is here : https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa you can see that I took a loss on this. 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). I will move to a different country soon with different cost basis. It is a real swiss-knife for crypto taxes. We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. So the exchange fee is applied twice. 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. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. There is already a feature request for this. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. You can also register using a Coinbase account. He also has a keen interest in technology and the rapid development of fintechs, cryptocurrency and Web3 - the move towards a decentralised online ecosystem. I put that the net worth of the txn is 46k at the time of the transaction. Aria was so helpful and provided a detailed explanation to my issue. Create an account to follow your favorite communities and start taking part in conversations. Or it's a very low cap coin and no pricing available. Even Defi!! New tokens are automatically added once they start trading on exchanges. It looks like the fee is being incorrectly handled so we'd want to fix that asap. Written by Robin Singh . Their development team is probably some hippies smoking all day, who dont know how to write a correct code. Past performance is no guarantee of future results. Koinly helps you find a certified tax professional specializing in cryptocurrency taxes to help with your tax reports. The official subreddit for all things Koinly and crypto tax! Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). Optional, only if you want us to follow up with you. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. I actually changing country with different cost calculation method. VAT number: 259751759. Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). Without further ado, lets move to the first chapter of this Koinly review by looking at what Koinly is and how does it work. koinly cost basis wrong. It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. While we are independent, we may receive compensation from It goes against our guidelines to offer incentives for reviews. There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . Income reporting. 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. Tax on crypto is evolving in most developed markets. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. The contents of your crypto tax report include: Capital gains summary. Registering for Koinly is simple: Click the "Sign up" button on the Koinly homepage. Your cost basis is now $30,310. As part of your self-assessment, you need to submit a CGT summary supplement. Tax-loss harvesting offsets capital gains to save money on taxes. This is essential! Our dev team works their dreamy magic to make the experience a smooth one. Lastly, ZenLedger and Coinledger have worse international support than Koinly. Press question mark to learn the rest of the keyboard shortcuts. None of it makes sense. You can confirm this on the Prices tab on the app, which will have the most up-to-date information. accurate but you should confirm any information with the product or If you are a high volume trader, Koinly might cost you a fortune. There needs to be a way to allow different settings per year (freeze / snapshot / lock?). Finder, or the author, may have holdings in the cryptocurrencies discussed. Other transactions are messed up too. Automated import of transaction data via API, Price records going back 5 years, and the option of integrating all your activity in this period. 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 . Koinly is a very easy to learn, user friendly crypto tax software. Verification can help ensure real people write reviews about real companies. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. My issue was solved within hours. Staying true to our goal, we're continually evolving the service to save you time and energy. It shares the name with cryptocurrency wallets but functionally, it is a different thing. You could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. 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. We are a credit broker and not a lender and 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. Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. Currently the dashboard shows the total cost basis for your entire portfolio. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. 2023 Trustpilot A/S. I think the API has it correct, but I bow to those with greater tax knowledge :) Cost basis = Fiat value + exchange fee. 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. That means right now changes could be made to a year that has already been submitted, this is crazy! Koinly uses recommended settings for the Home country that you selected when signing up. Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. I had an similar issue of having my manually editted cost-basis not functioning correctly. $578,101 or more. Chances are the cost-basis is really low. 37%. We love reading that the software is easy to learn and use! You can just edit the cost basis from there prior to uploading to turbotax. Thank you for taking the time to shine your experience to others, Bernd. CaptainAltcoin.com does not offer any sort of financial or investment advice. Gifts, donations and losses. 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?" gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. This is similar to the Newbie plan but with a limit of 1,000 transactions. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). How likely would you be to recommend finder to a friend or colleague? No, Koinly does not share information with anyone. The official subreddit for all things Koinly and crypto tax! 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. I need to manually change the cost basis. I click edit and it does not allow me to adjust the cost basis. Tax Plans and Pricing | Koinly FREE Simple pricing Usage Transactions 10,000 100 1000 Wallets & exchange accounts Unlimited Unlimited Unlimited Unlimited Portfolio tracking Capital gains preview Defi, Margin trades, Futures FIFO, LIFO, Average Cost & more Wallet-based cost tracking (Spec ID) Avalanche trades Tax Reports Form 8949, Schedule D - 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). This needs to be a top feature I am disappointed it's not even available. You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. 06 Jun 2022 dialogue between politician and journalist on corruption 13th March 2022 - bysmall claims court halifax. Did you figure out how to deal with this? But more importantly I need my cost basis for every coin I now hold. I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. You can have this overview for free. Amazing Customer Service ! Press question mark to learn the rest of the keyboard shortcuts, https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. Have a wonderful day! This content shouldn't be interpreted as a recommendation to invest. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. 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. Any one else replicate this? We want to cheer your success on and be a helpful tool that saves you time and energy. Thomas St, London, SE1 9RG. Have a beautiful day! You can check Koinly plans. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. Adjust the basis back on the deposit of the coin. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! We hope to hear back from you soon, J E! Really need to work this out before the tax year endsthanks. Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. This is specific to the US. My tax figures for the CSV were way out before noticing this, so it is abit of a concern. By extension, that same option is not available to a potential hacker that would corrupt the Koinly platform. 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. The thing about Koinly pricings is transactions limit, and yes the free plan has 10,000 transaction limit. manually add up cost basis and proceeds then just input them into the csv. Any way to fix this? Hi Mark, Thank you for this amazing review! What tax reports can you make with Koinly? For each trade the CSV cost basis is different to the API. 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? We also ensure all reviews are published without moderation. is non alcoholic beer bad for your kidneys So Glad I found it!!!.. I was mostly paying 800 before the crash. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. Access the central dashboard and link your exchange accounts and wallets. This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. 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. 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. CGT is a tax on the profit you make when you sell an asset that has increased in value. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The first thing it does is fetching market prices, matchtransfers between your own wallets,and calculate your capital gains. Create an account to follow your favorite communities and start taking part in conversations. One of Koinlys strengths is that it broadly caters to every experience level. Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. How much does Koinly cost? 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. London, SE1 9RS. 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? 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. Broad coverage. 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! Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Please consider doing this. I'll connect with you now via Trustpilot to receive contact details. Seems way better than doing it on koinly since it still definitely needs a lot of work. My actual cost basis in my excel sheet I have marked as $33.47. Lock a tax year, including the cost basis used. 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. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). 6 articles in this collection Written by Robin Singh and Petur. For more information, please see our Cost basis / calculations. Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. * $99 for 1,000 transactions. The dev team works their magic to make the UI intuitive and sophisticated. In my experience, Koinly is a total waste of time. and our At least my experience with Artjoms was, when I had an issue with a tiny coin that wasn't listed in Koinly yet. You can keep track of your costs in a universal pool shared across all connected wallets or separately for each wallet. 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. Transfer matching. 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. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. It is just a tool that needs information from you in order to automatically generate your tax reports. Thank you for being so thorough!! The first thing you need to do is to import your transactions into the app. An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. 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). reference number: 786446). So pay attention to this as you might consider an alternative like. Note that pricing is currently available only in US dollars. Reddit and its partners use cookies and similar technologies to provide you with a better experience. We endeavour to ensure that the information on this site is current and 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. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. Their excellence shines through a proficient and efficient approach all around! We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! 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. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. Hi J E, We are so sorry to hear about your experience!!! Crypto and equities both provide tax-loss harvesting. On the reviews platform Trustpilot, Koinlys had more than 700 reviews and about 4 in 5 rated the software Excellent. After Koinly is done with calculating your gains, a small notification will pop up asking you to Refresh your page. Complete transaction history https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. And thats it. Koinly is pricy, but if you need a platform with support, its worth considering. 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. Hodler account, $99 (about 75). 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 need to manually enter it. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Keywords: Resolve Unknown Gains Flags. They also provide different plans for different needs. A single statement shows your income from airdrops, forks, staking, DeFi activities and other transactions that have netted you income. . 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. The value of investments can fall as well as rise and you may get back less than you invested. Should I add wallets, or only exchanges? The range of options could overwhelm beginners. August 24, 2022. You pay another 0.5% sell fee, so $160. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. Pro, $279 (about 222). 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. 1 Koinly CSV cost basis error vs API closed b b Two wallets for comparison: 1) Coinbase Pro wallet with a CSV 'fills' import. 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. Supported wallets, exchanges, and services on Koinly. You cant generate a capital gains summary with the free tier, but you can preview your total profit/loss and capital gains. ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. My accountant has said it is highly sophisticated software. This is essential, and I am concerned it's not available. 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.