You can check Koinly plans. Thank you for taking the time to shine your experience to others, Bernd. The cost basis is way too low, as I know I didn't buy ETH for 170! The next step is to check all calculations to make sure everything is imported correctly. CaptainAltcoin.com does not offer any sort of financial or investment advice. That means right now changes could be made to a year that has already been submitted, this is crazy! Pro, $279 (about 222). Is the token linked to the right token in coinmarketcap? Koinlys dashboard shows unrealized profits and losses. Replies to negative reviews in < 24 hours. gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. 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. . 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. 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. This needs to be a top feature I am disappointed it's not even available. Staying true to our goal, we're continually evolving the service to save you time and energy. I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. 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.
I need to manually change the cost basis. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! Is it actually saying the cost basis for the CB XLM is zero under the transaction? It has successfully calculated thousands of transactions year to year that would be near impossible to do manually. The limit is 10,000+ transactions and theres email support. I have found the technical assistance to be excellent because the response time is reasonable and the information on target. Thomas St, London, SE1 9RG. I have tried everything recommended and that has not fixed it. I used API for all 3. 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! 1 Koinly CSV cost basis error vs API closed b b Two wallets for comparison: 1) Coinbase Pro wallet with a CSV 'fills' import. 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. We really appreciate you taking the time to share this recommendation with the community, Colin.
Koinly Review and Alternatives, Is It The Best? - Crypto Listy Koinly doesnt need your private key and never asks for direct access to your funds. If you are 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 are a credit broker and not a lender and Have an awesome day shining your light! Finder.com Comparison UK Limited (company number: 10482489) is
Your Ultimate Australia Crypto Tax Guide 2023 | Koinly We hope to hear back from you soon, J E! 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.
Koinly CSV cost basis error vs API | Bug reports (public) | Koinly but however, it doesn't support all of tax .
Tax Plans and Pricing | Koinly How much does Koinly cost? Access the central dashboard and link your exchange accounts and wallets. Overall tax reporting. It also doesnt offer support for DeFi, margin, and futures trades. 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. 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. that aims to provide you with the tools you need to make better offer credit facilities from a panel of lenders. Any one else replicate this? Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. 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. So not sure what to do at all. 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.
Koinly Review - CryptoVantage We're grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. 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. For more information, please see our 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. The thing about Koinly pricings is transactions limit, and yes the free plan has 10,000 transaction limit. service provider and read the information they can provide. Please BEWARE! Authentication via Google or Coinbase reduces the chances of a data breach. authorised and regulated by the Financial Conduct Authority (firm Paul specialises in cutting through jargon to make money and tech more accessible. The percentage of Income Tax you'll pay is the same as your personal Income Tax rate, starting only from earnings above $18,201. !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. But more importantly I need my cost basis for every coin I now hold. 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. The cost basis is way too low, as I know I didn't buy ETH for 170!
Koinly making a mess of my tax/cost basis? Any idea why 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.
"We have assumed a cost of zero for some assets" - Koinly Koinly is the easiest way to track your crypto activity and generate accurate tax reports!
Read Customer Service Reviews of koinly.io | 3 of 46 - Trustpilot Find out how we combat fake reviews. The official subreddit for all things Koinly and crypto tax! After you click on the wallet icon, you will be able to select importing method for your transactions. If you find a transaction with a very high gain then look on the left side to see it's cost-basis. But it also admits that HMRC does not audit crypto tax software currently, meaning that HMRC will not accept Koinly reports. You could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. 13 Mar 2022 woo urban dictionary crip. London, SE1 9RS. Koinly covers 6,000+ blockchains, 350+ exchanges and 50+ wallets, so even power users outside the mainstream are likely to find what they need. while all other features are the same and offered for all paid pricing models. Although I originally paid 46k for it. and our 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. My accountant has said it is highly sophisticated software. Let's fly together with a positive approach! Koinly made it super simple to combine all transactions across all platforms for the financial year. 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. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. 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. $578,101 or more. You can have this overview for free. As far as I can tell the fee in the CSV is being interpreted incorrectly by Koinly, and is skewing the cost basis. In a word yes, Koinly is a perfectly safe service to use. The software and service I receive at Koinly was second to none. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. 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. Date of experience: 24 January . And their customer service is top notch! I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. This is subject to our, 8 best crypto exchanges in the UK for 2023, BTC, ETH, DAI, USDC, Credit card, Debit card. It looks like the fee is being incorrectly handled so we'd want to fix that asap. They also have excellent customer service. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. Currently the dashboard shows the total cost basis for your entire portfolio. 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. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com. Create an account to follow your favorite communities and start taking part in conversations. 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 - 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. Koinly is the leading cryptocurrency tax calculator what Binance is among crypto exchanges, Koinly is among crypto tax software. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Please send our gratitude for the kind compliment from your accountant! . Email support is available only with the highest 2 tiers. You can also register using a Coinbase account. Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. The most common CoinTracker support issue is incorrect cost basis, capital gain, or market value. * $99 for 1,000 transactions. Everything on the dashboard is spot on EXCEPT LINK which is showing I almost doubled my return when in reality I am barely at break even currently. It is not an offer to buy or sell any security, product, service or investment. There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. Koinly also offer annual plans for when you are ready to generate your tax report: * $49 for 100 transactions. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. For support start here: help.koinly.io, Press J to jump to the feed. Taxes are stressful enough means a lot to get this kind of customer support. Koinly offers 5 plans, including a free one.
"Cost-basis method" Explained | Koinly Help Center Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use, Level 2, 20 St Thomas St, And thats it. Is the API option reliable or should I try and get .CSV files and upload them? for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. Cost basis. Hodler and Trader - $99 or $179. You can keep track of your costs in a universal pool shared across all connected wallets or separately for each wallet. While we are independent, we may receive compensation from Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Verification can help ensure real people write reviews about real companies. If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. Same with BTC. You have to manually add transactions if there is no record of the crypto putting purchased. Registering for Koinly is simple: Click the "Sign up" button on the Koinly homepage. R . There are feature requests for these independently - lock tax year which includes cost basis used. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Koinly provides anumber of tax reportsfor download in CSV, excel, and pdf formats. Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! We're so proud of our service, reasonable pricing, frequent discounts, product and support teams (and beyond).We really appreciate the time you took to recommend Koinly as the starting point, Mark. Please note that some links on CaptainAltcoin.com are affiliate links. Here are 8 tips for writing great reviews. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. Automated import of transaction data via API, Price records going back 5 years, and the option of integrating all your activity in this period.
Wrong Cost Basis : koinly - reddit 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. Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. Tyler We love reading that the software is easy to learn and use! In this instance, $32,000 - $30,310 = $1,690. Stay away and use a different software. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). Never before have I met such professional, knowledgeable and diligent staff. Support people probably didnt graduate high school and dont know simple math. Lastly, ZenLedger and Coinledger have worse international support than Koinly.
Cost basis / calculations | Koinly Help Center Create an account to follow your favorite communities and start taking part in conversations. CSV file is not formatted to where turbo tax accepts it and wont upload. Tax-loss harvesting offsets capital gains to save money on taxes. 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. decisions. 2) The same Coinbase Pro Wallet but this time with just API data.
How Do I Resolve Unknown Gains? - TaxBit our partners for featured placement of their products or services. It shares the name with cryptocurrency wallets but functionally, it is a different thing. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. I put that the net worth of the txn is 46k at the time of the transaction. 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?" 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. 6 articles in this collection Written by Robin Singh and Petur. An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. Yes, it is safe to connect Koinly to Coinbase or any other exchange since Koinly only requires read-only API rights to work. Yeah a couple, Koinly Support said that I have to merge the txns but theres so many so im just going to do what another commenter said as its probably way easier. You pay another 0.5% sell fee, so $160. It's easy to use and accurate. This is similar to the Newbie plan but with a limit of 1,000 transactions. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. I've tried many of these softwares and so far koinly seems to add it best, but it still has problems, especially for some bridged transactions. Please upvote the existing one instead of creating new ones. For each trade the CSV cost basis is different to the API. If it is the cost basis in CB that is the problem, you can manually change it per transaction. ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. 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 only purchased LINK on coinbase and coinbase pro, and I now hold ~15 on Celsius. Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. Cant thank them enough for taking the time to thoroughly explain it with screenshots, and a link to an article. All rights reserved. Thank you, Koinly. Cookie Notice Register with your email or link your Google account. We also ensure all reviews are published without moderation. Newbie, $49 (about 39).
Also without the ability to lock the cost basis too, we cannot change cost basis going forward, ever, we are stuck using the same cost basis as changing it will create completely invalid data, as the tax years already submitted to the tax office will re-calculate using the new method. I don't know why I'd ever leave. Have a beautiful day! I put the main exchanges into Koinly using API, and it comes up with some very weird stuff.
Trades/withdrawals with very high gains | Koinly Help Center 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.