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 have several transactions with a cost basis of 0. You can keep track of your costs in a universal pool shared across all connected wallets or separately for each wallet. My accountant has said it is highly sophisticated software. 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. Staking, Lending & DeFi. Pro, $279 (about 222). Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. Register with your email or link your Google account. 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. Missing Cost Basis. Please upvote the existing one instead of creating new ones. I was mostly paying 800 before the crash. Miscellaneous | Crypto.com Help Center 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. 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. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. It goes against our guidelines to offer incentives for reviews. Customer service is excellent, compared to other crypto platforms. We also ensure all reviews are published without moderation. You can also register using a Coinbase account. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Overall tax reporting. All content on CaptainAltcoin is provided solely for informational purposes. We endeavour to ensure that the information on this site is current and New tokens are automatically added once they start trading on exchanges. 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. 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 cost basis wrong - tuvyasjudaica.co.uk Incorrect Cost Basis? : r/koinly - reddit We hope to hear back from you soon, J E! This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. The cost-basis shown on a transaction is wrong! Learn more about it in our crypto tax guide. I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. I had an similar issue of having my manually editted cost-basis not functioning correctly. Koinly made it super simple to combine all transactions across all platforms for the financial year. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. Cost basis / calculations | Koinly Help Center I don't know why I'd ever leave. 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. 1 Koinly CSV cost basis error vs API closed b b Two wallets for comparison: 1) Coinbase Pro wallet with a CSV 'fills' import. accurate but you should confirm any information with the product or The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. YES, YES, YES please. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw. What tax reports can you make with Koinly? This would be HUGE. Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). ADA-GBP,BUY,2022-06-22T08:30:26.029Z,626.49,0.5931294075,-237.8448924,GBP. yeah, a complete oversight - this should be something they included with their platform. 2) The same Coinbase Pro Wallet but this time with just API data. 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. That means right now changes could be made to a year that has already been submitted, this is crazy! Koinly Reviews | Read Customer Service Reviews of koinly.io Both have free plans, which makes it easy to try out each platform. Lock a tax year, including the cost basis used. An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. This feature is essential, otherwise Koinly becomes useless. Or is just woefully bad at security and/or actually doing the job. Koinly automatically imports NFTs (ERC-721 and ERC-1155) for most EVM-based blockchains like ETH, BSC, FTM, AVAX, Poly, Cronos, and so on. You could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. Really need to work this out before the tax year endsthanks. 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. This crypto tax report has all the information you need to file with the ATO using the myTax portal. Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. Koinly Review - CryptoVantage While we are independent, we may receive compensation from 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. Capital gains tax on profits may apply. In my experience, Koinly is a total waste of time. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Finder.com Comparison UK Limited (company number: 10482489) is 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. Note that pricing is currently available only in US dollars. He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! 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 - Koinly Reviews and Pricing 2023 - SourceForge https://koinly.canny.io/feature-requests/p/lock-in-last-years-tax-to-allow-new-cost-basis-for-this-year. The contents of your crypto tax report include: Capital gains summary. Written by Robin Singh Updated over a week ago We're grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. It looks like the fee is being incorrectly handled so we'd want to fix that asap. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. Koinly uses recommended settings for the Home country that you selected when signing up. Authentication via Google or Coinbase reduces the chances of a data breach. Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. Heres a brief list of its key functions. Lastly, ZenLedger and Coinledger have worse international support than Koinly. Finder, or the author, may have holdings in the cryptocurrencies discussed. 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! This one will take some explaining. Create an account to follow your favorite communities and start taking part in conversations. Track your trades, get a tax report preview and get support from the Koinly team. Amazing Customer Service ! Broad coverage. CaptainAltcoin.com does not offer any sort of financial or investment advice. I need to manually enter it. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. Their development team is probably some hippies smoking all day, who dont know how to write a correct code. Perfect! Koinly makes it easy to track all of your wallets, transactions and balances. 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 team at CaptainAltcoin.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. So the exchange fee is applied twice. I can track where every coin came from, where it went, and how much it cost. You can check Koinly plans. I am unable to adjust the cost basis though. Thank you, Koinly. Koinly making a mess of my tax/cost basis? Any idea why They worked on thousands of my transactions quickly and with a positive attitude. Although I originally paid 46k for it. If it has no record of how you acquired the coin the irs rule is to consider it a gift at 0. This is specific to the US. The cost basis is way too low, as I know I didn't buy ETH for 170! My actual cost basis in my excel sheet I have marked as $33.47. Even Defi!! Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. Newbie, $49 (about 39). Wrong Cost Basis : koinly - reddit We'd love to help sort this out and have a smooth import into Turbo Tax. By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use, Level 2, 20 St Thomas St, 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). If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. But more importantly I need my cost basis for every coin I now hold. 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. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. may also receive compensation if you click on certain links posted on Koinly also offer annual plans for when you are ready to generate your tax report: * $49 for 100 transactions. I think it is still the customer service department what makes the difference between different solutions for your needs. but however, it doesn't support all of tax . The entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. "We have assumed a cost of zero for some assets" - Koinly I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. This needs to be a top feature I am disappointed it's not even available. Cant thank them enough for taking the time to thoroughly explain it with screenshots, and a link to an article. our site. that aims to provide you with the tools you need to make better
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