We are a credit broker and not a lender and Koinly covers 6,000+ blockchains, 350+ exchanges and 50+ wallets, so even power users outside the mainstream are likely to find what they need. Other good tools include Zenledger and Coinledger. The cost-basis shown on a transaction is wrong! You can just edit the cost basis from there prior to uploading to turbotax. Cost basis / calculations. 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. Support people probably didnt graduate high school and dont know simple math. R P . What tax reports can you make with Koinly? You can also register using a Coinbase account. If you find a transaction with a very high gain then look on the left side to see it's cost-basis. To add a new wallet, navigate to the Wallets page and tap on Add Wallet. Currently the dashboard shows the total cost basis for your entire portfolio. Is there any chance that you can contact us at. . Their excellence shines through a proficient and efficient approach all around! 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. August 24, 2022. Stay away and use a different software. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. The limit is 3,000 transactions and theres email support included. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. 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). Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). Complete waste of time. How likely would you be to recommend finder to a friend or colleague? Please note that some links on CaptainAltcoin.com are affiliate links. Here are 8 tips for writing great reviews. Is it actually saying the cost basis for the CB XLM is zero under the transaction? So, a manual transaction is made. Exchanged ABC (sent) for XYZ (received) for an end value of $292. "Cost-basis method" Explained | Koinly Help Center Date of experience: 24 January . 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. lorrae desmond family; crime in rosarito, mexico. In this instance, $32,000 - $30,310 = $1,690. One of Koinlys strengths is that it broadly caters to every experience level. authorised and regulated by the Financial Conduct Authority (firm liverpool city council licensing contact number; trinity medical center east; how to remove battery from electric scooter; charvel reverse headstock neck; stolon function in fungi Primary. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Koinly review January 2023 | finder.com Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. Please send our gratitude for the kind compliment from your accountant! 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. This feature is essential, otherwise Koinly becomes useless. We hope to hear back from you soon, J E! 1 Koinly CSV cost basis error vs API closed b b Two wallets for comparison: 1) Coinbase Pro wallet with a CSV 'fills' import. You could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. Access the central dashboard and link your exchange accounts and wallets. 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. After Koinly is done with calculating your gains, a small notification will pop up asking you to Refresh your page. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! We also ensure all reviews are published without moderation. and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. Koinly helps you find a certified tax professional specializing in cryptocurrency taxes to help with your tax reports. Although I originally paid 46k for it. Click the Sign up button on the Koinly homepage. It's easy to use and accurate. They are still working on adding NFT support for other chains like SOL, WAX, XTZ, etc.To add NFTs that Koinly doesnt support, see How to manually add NFT trades. "We have assumed a cost of zero for some assets" - Koinly 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! CaptainAltcoin.com 2022 - All Rights Reserved I was so concerned about having a simple huge listing of my trades for my tax pro to wade through. 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. 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 says it supports more than 17,000 cryptocurrencies. So, is Koinly Safe? 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 . Koinly doesnt need your private key and never asks for direct access to your funds. Have a wonderful day! I have tried everything recommended and that has not fixed it. Please consider doing this. I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. 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!! He also has a keen interest in technology and the rapid development of fintechs, cryptocurrency and Web3 - the move towards a decentralised online ecosystem. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw. You can keep track of your costs in a universal pool shared across all connected wallets or separately for each wallet. We'd love to help sort this out and have a smooth import into Turbo Tax. This means coverage of some obscure coins and tokens is variable. If you need a sophisticated tax solution, you likely have some level of crypto experience, but there are extensive support resources to support newcomers, and the interface is user-friendly. Lock in last years tax to allow new cost basis for this year - Koinly koinly cost basis wrong Latest Post. You cannot change the cost basis. 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. We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. Or is just woefully bad at security and/or actually doing the job. !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. Koinlys dashboard shows unrealized profits and losses. Koinly offers 5 plans, including a free one. 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. 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. It also doesnt offer support for DeFi, margin, and futures trades. Cookie Notice Cryptocurrency Taxes 2023 - Forbes Advisor Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. Wallet in the Koinly ecosystem represents a container for all your transaction from one exchange accounts or actual crypto wallet. Koinly Review - CryptoVantage I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. The XYZ received transaction is not being imported for some reason. Instead y'all provided the exact forms I had to submit, professionally done, saving my tax pro tons of time. I have several transactions with a cost basis of 0. thanks. The official subreddit for all things Koinly and crypto tax! 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. I was at my wits end!!! Hodler is basically the same as the Newbie tier, with the only exception being that you can import up to 1,000 crypto transactions rather than just 100. 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. Cant thank them enough for taking the time to thoroughly explain it with screenshots, and a link to an article. London, SE1 9RS. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. Save yourself some time and trouble. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. Koinly making a mess of my tax/cost basis? Any idea why We show offers we can track - that's not every product on the marketyet. R . You can calculate whether you made a capital gain or loss by subtracting your cost basis from your sale price. Other transactions are messed up too. Koinly makes it easy to track all of your wallets, transactions and balances. Newbie, $49 (about 39). If you are in the US you should be able to choose from a variety of cost basis methods. Reddit and its partners use cookies and similar technologies to provide you with a better experience. unsure you should get independent advice before you apply for any Your cost basis is now $30,310. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! This could mean that the market price that Koinly used for it when you bought this coin is wrong. You later sell your 0.5 BTC for $32,000. Learn more about it in our crypto tax guide. I will move to a different country soon with different cost basis. 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. For support start here: help.koinly.io, Press J to jump to the feed. This one will take some explaining. reference number: 786446). Trades/withdrawals with very high gains | Koinly Help Center Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. 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. Yes, Koinly is one of the best tax software for crypto traders. 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. Have an awesome day shining your light! 37%. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. Koinly is pricy, but if you need a platform with support, its worth considering. $578,126 or more. In the UK, HMRC uses share pooling rules to calculate your CGT. Since Koinly records capital gains and losses each asset, its easy to know which coins to sell and how much youll lose. Broad coverage. . Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. koinly cost basis wrong - bilverkstedsentralen.no The official subreddit for all things Koinly and crypto tax! accurate but you should confirm any information with the product or Complete transaction history You can check Koinly plans. Koinly Reviews | Read Customer Service Reviews of koinly.io Try Koinly first. Even Defi!! 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. Create an account to follow your favorite communities and start taking part in conversations. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. Staying true to our goal, we're continually evolving the service to save you time and energy. 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. Taxes are stressful enough means a lot to get this kind of customer support. 2) The same Coinbase Pro Wallet but this time with just API data. 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. One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). The value of investments can fall as well as rise and you may get back less than you invested. Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. Hi Mark, Thank you for this amazing review! After your import is finished, Koinly gets down to work of crunching numbers. I need to manually enter it. How much does Koinly cost? Lock a tax year, including the cost basis used. Pro, $279 (about 222). Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. It appears as if the fee is then added again to arrive at the cost basis. The top two paid tiers of the Koinly app are Hodler and Trader. This needs to be a top feature I am disappointed it's not even available. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. FIAT Cost Basis | Feature requests (public) | Koinly Automated import of transaction data via API, Price records going back 5 years, and the option of integrating all your activity in this period. may also receive compensation if you click on certain links posted on Really need to work this out before the tax year endsthanks. This is similar to the Newbie plan but with a limit of 1,000 transactions. 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. 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. *Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Visit our FAQ for more details. If you are a high volume trader, Koinly might cost you a fortune. Trader account, $179 (about 135). The most common CoinTracker support issue is incorrect cost basis, capital gain, or market value. Is the API option reliable or should I try and get .CSV files and upload them? 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. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). It would be better if you can provide screenshots of the koinly transactions that you are having issues with. Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. The first thing it does is fetching market prices, matchtransfers between your own wallets,and calculate your capital gains. 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. Past performance is no guarantee of future results. Unless we've said otherwise, products are in no particular order. Have an awesome day! It is just a tool that needs information from you in order to automatically generate your tax reports. This is essential, and I am concerned it's not available. The cost basis is way too low, as I know I didn't buy ETH for 170! Please BEWARE! There are feature requests for these independently - lock tax year which includes cost basis used. Our dev team works their dreamy magic to make the experience a smooth one. Any way to fix this? They enjoy immaculate reputation in the crypto circles. 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. Thanks Koinly anda big thanks to Nina for her excellent customer service. koinly cost basis wrong. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! The software and service I receive at Koinly was second to none. Wrong Cost Basis : koinly - reddit You can confirm this on the Prices tab on the app, which will have the most up-to-date information. finder.com is an independent comparison platform and information service The thing about Koinly pricings is transactions limit, and yes the free plan has 10,000 transaction limit. 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'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). This was a very nice surprise, and gave me confidence beyond what I had expected. 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. There is already a feature request for this. Supported wallets, exchanges, and services on Koinly. Trades/withdrawals with very high gains. Does Koinly work with DeFi protocols and NFTs? 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. Hi Colin, Thank you for this stellar feedback and review! Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports.