After selling assets, you buy identical ones to maintain portfolio balance. So Glad I found it!!!.. Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. Click on the transaction to open up more information about it Create an account to follow your favorite communities and start taking part in conversations. The official subreddit for all things Koinly and crypto tax! After your import is finished, Koinly gets down to work of crunching numbers. Data Protection ICO registration number: I need to manually change the cost basis. Really need to work this out before the tax year endsthanks. Complete transaction history 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. It covers every coin listed on CoinMarketCap and every token based on the Ethereum, BSC and Polygon chains. I've looked at tokentax, cointracker, hr block, turbotax and koinly. Thomas St, London, SE1 9RG. Please consider doing this. This content is for information only - it's not tax advice. It shares the name with cryptocurrency wallets but functionally, it is a different thing. Overall tax reporting. Capital gains tax on profits may apply. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. They also have excellent customer service. I contacted support with my issues and got back to me promptly. We love reading that the software is easy to learn and use! This would be HUGE. 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. Koinly complies with all the applicable tax laws in a host of different countries. VAT number: 259751759. There is already a feature request for this. Save yourself some time and trouble. 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. The range of options could overwhelm beginners. Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). 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. In the UK, HMRC uses share pooling rules to calculate your CGT. But more importantly I need my cost basis for every coin I now hold. R . And thats it. Aria was so helpful and provided a detailed explanation to my issue. Below is a graph with supported countries: As we mentioned earlier, Koinly is not only for spot trading but rather a comprehensive tool that recognizes various types of crypto transactions: There are 4 different pricing packages on Koinly one free and 3 paid. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: Paul is a freelance writer who's blogged about personal finance for many years. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. 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. No, Koinly does not share information with anyone. The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. Koinly is a very easy to learn, user friendly crypto tax software. 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. For more information, please see our In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. I want to be able to choose which method I'm using for every tax year, i.e. You can do that by getting API keys from your wallet or exchanging and adding them to Koinly. Pro, $279 (about 222). Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. Koinly Review Is Koinly Crypto Tax Software Safe To Use To Generate Tax Reports? Koinly supports all kinds of crypto activities, not only spot trading. and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. Try Koinly first. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. Written by Robin Singh . CGT is a tax on the profit you make when you sell an asset that has increased in value. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. but however, it doesn't support all of tax . My tax figures for the CSV were way out before noticing this, so it is abit of a concern. We really appreciate you taking the time to share this recommendation with the community, Colin. Tax on crypto is evolving in most developed markets. Staking, Lending & DeFi. Broad coverage. Tax-loss harvesting offsets capital gains to save money on taxes. You can just edit the cost basis from there prior to uploading to turbotax. Please note that some links on CaptainAltcoin.com are affiliate links. 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. These two had been sticking points before. After Koinly is done with calculating your gains, a small notification will pop up asking you to Refresh your page. You can have this overview for free. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. All content on CaptainAltcoin is provided solely for informational purposes. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. The limit is 10,000+ transactions and theres email support. 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. Thanks Koinly anda big thanks to Nina for her excellent customer service. 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! Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! We also ensure all reviews are published without moderation. unsure you should get independent advice before you apply for any To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. The first thing you need to do is to import your transactions into the app. People who write reviews have ownership to edit or delete them at any time, and theyll be displayed as long as an account is active. Unless we've said otherwise, products are in no particular order. Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. I will move to a different country soon with different cost basis. You can also register using a Coinbase account. Trades/withdrawals with very high gains. 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. We may receive compensation from our partners for placement of their products or services. Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. Koinly is the easiest way to track your crypto activity and generate accurate tax reports! So pay attention to this as you might consider an alternative like. accurate but you should confirm any information with the product or 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. Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! A consolidated report displays all your taxable gains in crypto. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw. service provider and read the information they can provide. It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. 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. The main difference between the paid packages is in the number of transactions you can import. 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. Finder, or the author, may have holdings in the cryptocurrencies discussed. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! You can keep track of your costs in a universal pool shared across all connected wallets or separately for each wallet. Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. my transactions were spread across numerous platforms. But it also admits that HMRC does not audit crypto tax software currently, meaning that HMRC will not accept Koinly reports. 13 Mar 2022 woo urban dictionary crip. I am not seeing how to do this though. Is there any chance that you can contact us at. 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. This means that every purchase or selling of cryptocurrency is a taxable event which is known as a Capital Gains Tax and has to be paid in most countries such as the USA, UK, Canada, South Korea, etc. I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. their customer service is there and very responsive.get it now!! If you are 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. You can adjust your jurisdiction down the line if you move to another country. . You can confirm this on the Prices tab on the app, which will have the most up-to-date information. Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). Lastly, ZenLedger and Coinledger have worse international support than Koinly. 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. CSV file is not formatted to where turbo tax accepts it and wont upload. I think the API has it correct, but I bow to those with greater tax knowledge :) Cost basis = Fiat value + exchange fee. 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. I couldn't agree more that Artjoms is top-notch when it comes to all things crypto and Koinly! 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. The value of investments can fall as well as rise and you may get back less than you invested. finder.com is an independent comparison platform and information service https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. Access the central dashboard and link your exchange accounts and wallets. I have found the technical assistance to be excellent because the response time is reasonable and the information on target. If you dont trade much and want cheap plans, Koinly is a great choice. But to be honest there are so many little transactions, its a mess! The platform defaults to the primary method in your jurisdiction. So not sure what to do at all. 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. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. Click the Sign up button on the Koinly homepage. It appears as if the fee is then added again to arrive at the cost basis. If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. Any way to fix this? The limit is 3,000 transactions and theres email support included. Learn more about it in our crypto tax guide. Any one else replicate this? Anyone can write a Trustpilot review. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. Companies can ask for reviews via automatic invitations. 37%. product or commit to any plan. 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. Hi Colin, Thank you for this stellar feedback and review! Press question mark to learn the rest of the keyboard shortcuts, https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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!! SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit? !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. For support start here: help.koinly.io, Press J to jump to the feed. This content shouldn't be interpreted as a recommendation to invest. It also doesnt offer support for DeFi, margin, and futures trades. Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. I'd recommend this to heavy users or first time crypto tax filers alike. 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 still have issue, the koinly youtube video has guides. By providing every advantage to succeed with available information and customer support, we are keen to help at every step. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. Choose your location for tax tracking. This means coverage of some obscure coins and tokens is variable. Before you invest, you should get advice and decide whether the potential return outweighs the risks. To add a new wallet, navigate to the Wallets page and tap on Add Wallet. Gifts, donations and losses. 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). Registering for Koinly is simple: Click the "Sign up" button on the Koinly homepage. 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. Once we have your email we'll connect directly with you to successfully import your report!We look forward to hearing from you, Jason! Heres a brief list of its key functions. Their excellence shines through a proficient and efficient approach all around! This one will take some explaining. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. 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! Cost basis. Same with BTC. Cookie Notice We want to cheer your success on and be a helpful tool that saves you time and energy. Other good tools include Zenledger and Coinledger. Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). It goes against our guidelines to offer incentives for reviews. Firstly, let's talk about Koinly plans. Are the manually changed transactions mentioned in the report that koinly produces? Privacy Policy.