It's easy to use and accurate. We really appreciate the beautiful compliments to our support team. I recommend Koinly for EVERYONE in crypto. 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'd recommend this to heavy users or first time crypto tax filers alike. This content is for information only - it's not tax advice. 1) Coinbase Pro wallet with a CSV 'fills' import. This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. 2) The same Coinbase Pro Wallet but this time with just API data. 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. Chances are the cost-basis is really low. Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). At least my experience with Artjoms was, when I had an issue with a tiny coin that wasn't listed in Koinly yet. If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. I've compared them all and they're all either insanely expensive (tokenetax is 3 fucking thousand dollars if you want a full accounting across your wallets and you want an accountant). Press question mark to learn the rest of the keyboard shortcuts, https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. But to be honest there are so many little transactions, its a mess! You do not need to buy a Koinly paid plan to view the summary, however, you will need to shell out for one if you want to download it. If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. Their development team is probably some hippies smoking all day, who dont know how to write a correct code. If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . The tax you need to pay depends on your individual circumstances and can change over time. I was at my wits end!!! After your import is finished, Koinly gets down to work of crunching numbers. Koinly can generate different tax forms, like Form 8949, Schedule D.If you are filing in the US, Koinly can generate filled-in IRS tax forms. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. income report Koinly can create a statement with all your Airdrops, Forks, Staking Rewards, DeFi, and other income transactions. August 24, 2022. Free. Your capital is at risk. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! service provider and read the information they can provide. Currently the dashboard shows the total cost basis for your entire portfolio. Is there any chance that you can contact us at. I want to be able to choose which method I'm using for every tax year, i.e. Available in more than 20 countries, including the US, UK, Australia, New Zealand, Japan, South Korea, Singapore and most European countries. All in all, Koinly and ZenLedger are two of our preferred crypto tax software options. It's been a tough couple of years, but it's now becoming more natural each and every day. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. It shares the name with cryptocurrency wallets but functionally, it is a different thing. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. Koinly helps you find a certified tax professional specializing in cryptocurrency taxes to help with your tax reports. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. 2023 Trustpilot A/S. Does Koinly work with DeFi protocols and NFTs? The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com. 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 . Same with BTC. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. R P . 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. Koinly says it supports more than 17,000 cryptocurrencies. Hi J E, We are so sorry to hear about your experience!!! Cookie Notice I'll connect with you now via Trustpilot to receive contact details. There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. Registering for Koinly is simple: Click the "Sign up" button on the Koinly homepage. login viber with email 6th June 2022 - by. Koinlys dashboard shows unrealized profits and losses. None of it makes sense. We may receive compensation from our partners for placement of their products or services. I do recommend it to anyone in the same field of crypto investors. Your cost basis would be $30,150. WOW! You can confirm this on the Prices tab on the app, which will have the most up-to-date information. that aims to provide you with the tools you need to make better Koinly doesnt need your private key and never asks for direct access to your funds. You're right that only Youtube videos aren't the full scope of what support is. may also receive compensation if you click on certain links posted on Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. Cant thank them enough for taking the time to thoroughly explain it with screenshots, and a link to an article. Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. How much does Koinly cost? Register with your email or link your Google account. 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. 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 could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. R . The value of investments can fall as well as rise and you may get back less than you invested. This needs to be a top feature I am disappointed it's not even available. . Koinly covers 6,000+ blockchains, 350+ exchanges and 50+ wallets, so even power users outside the mainstream are likely to find what they need. There needs to be a way to allow different settings per year (freeze / snapshot / lock?). An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. Save yourself some time and trouble. 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. Note that pricing is currently available only in US dollars. Email support is available only with the highest 2 tiers. The thing about Koinly pricings is transactions limit, and yes the free plan has 10,000 transaction limit. Although I originally paid 46k for it. Finder, or the author, may have holdings in the cryptocurrencies discussed. Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! We're grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. Or is just woefully bad at security and/or actually doing the job. You later sell your 0.5 BTC for $32,000. 37%. Trades/withdrawals with very high gains. R . Hi Colin, Thank you for this stellar feedback and review! CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. 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. This equals a classic portfolio tracker app that gives you oversight of your crypto holdings across different platforms and services. 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! It also doesnt offer support for DeFi, margin, and futures trades. It appears as if the fee is then added again to arrive at the cost basis. There are no other steps needed to do this. Other good tools include Zenledger and Coinledger. I got into a right mess with my trades and balances on Koinly, I made alterations to correct myself, big mistake!! 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! Thanks Koinly anda big thanks to Nina for her excellent customer service. Lastly, ZenLedger and Coinledger have worse international support than Koinly. 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). Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. As part of your self-assessment, you need to submit a CGT summary supplement. Find out how we combat fake reviews. This is specific to the US. 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 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. Some of the methods and tax forms they employ are: Koinly absolutely dominates this criterion with its integration with, essentially, every crypto platform, wallet, exchange, service under the sun. It looks like the fee is being incorrectly handled so we'd want to fix that asap. Income reporting. One of Koinlys strengths is that it broadly caters to every experience level. ZenLedger includes a standalone tool for tax-loss harvesting in a spreadsheet. ZA227007. Paul is a freelance writer who's blogged about personal finance for many years. Is it safe to connect Koinly to Coinbase? In a word yes, Koinly is a perfectly safe service to use. But more importantly I need my cost basis for every coin I now hold. koinly cost basis wrong. $578,126 or more. 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! Koinly is a very easy to learn, user friendly crypto tax software. Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. They also have excellent customer service. 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. Pricing Details: Koinly gives you more for less, with a generous free plan that features 10,000 transactions and support for over 700+ integrations including DeFi and NFTs. $578,101 or more. Koinly is the leading cryptocurrency tax calculator what Binance is among crypto exchanges, Koinly is among crypto tax software. None of it makes sense. If you are finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. You can have this overview for free. 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? If you find a transaction with a very high gain then look on the left side to see it's cost-basis. 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. Koinly makes it easy to track all of your wallets, transactions and balances. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. Phil Traugott is a staff writer at CaptainAltcoin. 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). With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! 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. Anyone can write a Trustpilot review. The first thing you need to do is to import your transactions into the app. It's impossible to have a correct tax report without this feature. This is certainly a learning opportunity for us based on what you've shared here. 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. Koinly also offer annual plans for when you are ready to generate your tax report: * $49 for 100 transactions. I click edit and it does not allow me to adjust the cost basis. Unless we've said otherwise, products are in no particular order. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. After you click on the wallet icon, you will be able to select importing method for your transactions. For support start here: help.koinly.io, Press J to jump to the feed. Did you figure out how to deal with this? Have a beautiful day! Thank you for taking the time to shine your experience to others, Bernd. 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. The main competitors of Koinly are listed below. One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). Thomas St, London, SE1 9RG. Yes, Koinly is one of the best tax software for crypto traders. Here are 8 tips for writing great reviews. Please consider doing this. You can do that by getting API keys from your wallet or exchanging and adding them to Koinly. We show offers we can track - that's not every product on the marketyet. I don't know why I'd ever leave. 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. 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. manually add up cost basis and proceeds then just input them into the csv. We'd love to help sort this out and have a smooth import into Turbo Tax. 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 . In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. 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. 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 link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. Wallet in the Koinly ecosystem represents a container for all your transaction from one exchange accounts or actual crypto wallet. Please send our gratitude for the kind compliment from your accountant! 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. I was stressing over doing my crypto taxes. In my experience, Koinly is a total waste of time. I have found the technical assistance to be excellent because the response time is reasonable and the information on target. Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. Koinly supports all kinds of crypto activities, not only spot trading. Support people probably didnt graduate high school and dont know simple math. 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. Your cost basis is now $30,310. If still have issue, the koinly youtube video has guides. If it has no record of how you acquired the coin the irs rule is to consider it a gift at 0. 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?" There are feature requests for these independently - lock tax year which includes cost basis used. Learn more about it in our crypto tax guide. I can track where every coin came from, where it went, and how much it cost. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. 6 articles in this collection Written by Robin Singh and Petur. I will move to a different country soon with different cost basis. Staying true to our goal, we're continually evolving the service to save you time and energy. Hodler and Trader - $99 or $179. It is not an offer to buy or sell any security, product, service or investment. Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. Automated import of transaction data via API, Price records going back 5 years, and the option of integrating all your activity in this period. Track your trades, get a tax report preview and get support from the Koinly team. 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. Should I add wallets, or only exchanges? Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. Cost basis. Register with your email or link your Google account.
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