Once we have your email we'll connect directly with you to successfully import your report!We look forward to hearing from you, Jason! In the UK, HMRC uses share pooling rules to calculate your CGT. After you click on the wallet icon, you will be able to select importing method for your transactions. Register with your email or link your Google account. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. August 24, 2022. 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. Privacy Policy. lorrae desmond family; crime in rosarito, mexico. For example. Verification can help ensure real people write reviews about real companies. Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). None of it makes sense. Track your trades, get a tax report preview and get support from the Koinly team. 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. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. 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. 2) The same Coinbase Pro Wallet but this time with just API data. Koinly doesnt need your private key and never asks for direct access to your funds. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. By providing every advantage to succeed with available information and customer support, we are keen to help at every step. There is already a feature request for this. Is the API option reliable or should I try and get .CSV files and upload them? Is it actually saying the cost basis for the CB XLM is zero under the transaction? He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! We'll connect with you through Trustpilot to ask about your contact info. A consolidated report displays all your taxable gains in crypto. If you dont trade much and want cheap plans, Koinly is a great choice. It's a fucking mess. Customer service is excellent, compared to other crypto platforms. If you are in the US you should be able to choose from a variety of cost basis methods. You can calculate whether you made a capital gain or loss by subtracting your cost basis from your sale price. It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. While we are independent, we may receive compensation from They also have excellent customer service. 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. We may receive compensation from our partners for placement of their products or services. After selling assets, you buy identical ones to maintain portfolio balance. Optional, only if you want us to follow up with you. Keywords: Resolve Unknown Gains Flags. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. Exchanged ABC (sent) for XYZ (received) for an end value of $292. 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. Find out how we combat fake reviews. I have tried everything recommended and that has not fixed it. Really need to work this out before the tax year endsthanks. Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. We 7. Many of the exchanges have LOTS of errors, Koinly's expert review was entirely worth the higher price tag. As part of your self-assessment, you need to submit a CGT summary supplement. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. I think the API has it correct, but I bow to those with greater tax knowledge :) Cost basis = Fiat value + exchange fee. Chances are the cost-basis is really low. I am not seeing how to do this though. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. Data Protection ICO registration number: Create an account to follow your favorite communities and start taking part in conversations. medical records charges 2022; Staking, Lending & DeFi. *Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. This was a very nice surprise, and gave me confidence beyond what I had expected. 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. An AI solution will detect and filter out transfers between your own wallets, which usually dont need to be taxed. This is certainly a learning opportunity for us based on what you've shared here. They worked on thousands of my transactions quickly and with a positive attitude. 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. Create an account to follow your favorite communities and start taking part in conversations. There are feature requests for these independently - lock tax year which includes cost basis used. This tier generates capital gains summary reports, audit report and integrates with third-party accounting platforms (maximum 100 transactions). You could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. yeah, a complete oversight - this should be something they included with their platform. Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. 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. Please send our gratitude for the kind compliment from your accountant! This would be HUGE. Artjoms was quick to respond and solutions-based all the way! Support people probably didnt graduate high school and dont know simple math. The tax you need to pay depends on your individual circumstances and can change over time. The next step is to check all calculations to make sure everything is imported correctly. If it is the cost basis in CB that is the problem, you can manually change it per transaction. Special mentions to the two biggest rockstars; Mariia and Jack! 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. Taxes are stressful enough means a lot to get this kind of customer support. koinly cost basis wrong Latest Post. 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. Hi Colin, Thank you for this stellar feedback and review! You're right that only Youtube videos aren't the full scope of what support is. Complete transaction history I can track where every coin came from, where it went, and how much it cost. 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. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: Crypto taxes are a fluid topic as more and more country regulators come to grips with it. I actually changing country with different cost calculation method. Heres a brief list of its key functions. By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use, Level 2, 20 St Thomas St, By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. We show offers we can track - that's not every product on the marketyet. My issue was solved within hours. The final step is exporting complete tax reports generated by Koinly (you will need to buy one of the offered packages in order to do this) and filing your taxes, either manually or using tax software like TurboTax. This one will take some explaining. Please upvote the existing one instead of creating new ones. Or it's a very low cap coin and no pricing available. 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. For each trade the CSV cost basis is different to the API. 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. !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. Staying true to our goal, we're continually evolving the service to save you time and energy. Your cost basis would be $30,150. The value of investments can fall as well as rise and you may get back less than you invested. Lock in last years tax to allow new cost basis for this year, Now that 2021 tax is over, I want to change from HIFO to FIFO next year. Missing Cost Basis. My accountant has said it is highly sophisticated software. Its various tiers offer a wide range of functionality, segmented by budget and, more relevantly, the range of services you need. As far as I can tell the fee in the CSV is being interpreted incorrectly by Koinly, and is skewing the cost basis. I was stressing over doing my crypto taxes. Complete waste of time. All content on CaptainAltcoin is provided solely for informational purposes. He also has a keen interest in technology and the rapid development of fintechs, cryptocurrency and Web3 - the move towards a decentralised online ecosystem. 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. 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 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. Prices are for a year. 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. Other good tools include Zenledger and Coinledger. Hi J E, We are so sorry to hear about your experience!!! So pay attention to this as you might consider an alternative like. But more importantly I need my cost basis for every coin I now hold. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. This needs to be a top feature I am disappointed it's not even available. Phil Traugott is a staff writer at CaptainAltcoin. Koinly makes it easy to track all of your wallets, transactions and balances. I love how easy it is to generate annual year-end tax reports. 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. Cookie Notice 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. Anyone can write a Trustpilot review. It goes against our guidelines to offer incentives for reviews. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. R P . Automated import of transaction data via API, Price records going back 5 years, and the option of integrating all your activity in this period. You can also register using a Coinbase account. Koinly Review Is Koinly Crypto Tax Software Safe To Use To Generate Tax Reports? YES, YES, YES please. Written by Robin Singh Updated over a week ago Or is just woefully bad at security and/or actually doing the job. Date of experience: 24 January . This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. The entire Konly team was beyond helpful in the stressful dealings of figuring out a complicated tax-season. Written by Robin Singh . We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. The Hodler version of Koinly costs $99 per year. 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. Thank you for taking the time to shine your experience to others, Bernd. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! Tax on crypto is evolving in most developed markets. Email support is available only with the highest 2 tiers. I put that the net worth of the txn is 46k at the time of the transaction. But it also admits that HMRC does not audit crypto tax software currently, meaning that HMRC will not accept Koinly reports. By this time, as much as Koinly has grown while refining their product over the last couple of years, anyone who needs to deal with cryptocurrency, taxes, and the IRS would have to be crazy to attempt using any other product. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. You can adjust your jurisdiction down the line if you move to another country. Koinly offers a wide range of localized tax reports as well. It almost seamlessly organised all of my crypto trading history over the last five years which for me was financially lifesaving a brought a lot of peace of mind. The dev team works their magic to make the UI intuitive and sophisticated. Hit refresh and then go to the Tax Reports page to see a brief overview of your capital gains and income. accurate but you should confirm any information with the product or Our dev team works their dreamy magic to make the experience a smooth one. The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. Trader account, $179 (about 135). I want to be able to choose which method I'm using for every tax year, i.e. product or commit to any plan. They enjoy immaculate reputation in the crypto circles. while all other features are the same and offered for all paid pricing models. In a word yes, Koinly is a perfectly safe service to use. SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit? Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. reference number: 786446). 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. Let's fly together with a positive approach! And thats it. If you are Register with your email or link your Google account. Hodler account, $99 (about 75). 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. One of Koinlys strengths is that it broadly caters to every experience level. The official subreddit for all things Koinly and crypto tax! Save yourself some time and trouble. So, is Koinly Safe? To use a different method each year and therefore it would have to "lock" in the method used for each year to be able to carryforward the correct cost basis and dates of purchases. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. 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. On the reviews platform Trustpilot, Koinlys had more than 700 reviews and about 4 in 5 rated the software Excellent. 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. I do recommend it to anyone in the same field of crypto investors. Here are 8 tips for writing great reviews. The thing about Koinly pricings is transactions limit, and yes the free plan has 10,000 transaction limit. Please BEWARE! You can confirm this on the Prices tab on the app, which will have the most up-to-date information. 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. WOW! unsure you should get independent advice before you apply for any Choose your location for tax tracking. 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 - So Glad I found it!!!.. Lastly, ZenLedger and Coinledger have worse international support than Koinly. Other gains. I contacted support with my issues and got back to me promptly. If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. No, Koinly does not share information with anyone. They also provide different plans for different needs. You later sell your 0.5 BTC for $32,000. 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. 2) The same Coinbase Pro Wallet but this time with just API data. 2023 Trustpilot A/S. 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! You can do that by getting API keys from your wallet or exchanging and adding them to Koinly. 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. This is similar to the Newbie plan but with a limit of 1,000 transactions. The first thing you need to do is to import your transactions into the app. But to be honest there are so many little transactions, its a mess! Click the Sign up button on the Koinly homepage. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. 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. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. It has successfully calculated thousands of transactions year to year that would be near impossible to do manually. Missing purchase history (missing costs) It's common that a cost-basis might seem wrong even if it actually isn't. Scenario: You deposited 1 BTC worth 1000 USD into a wallet and withdrew it later but the cost-basis on the withdrawal transaction doesn't match the cost of the 1 BTC (1000 USD). that aims to provide you with the tools you need to make better 37%. Koinly Help Center. The platform defaults to the primary method in your jurisdiction. What tax reports can you make with Koinly? So the exchange fee is applied twice. finder.com is an independent comparison platform and information service At last, I've been able to eliminate all "missing cost basis" errors. 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). Extremely happy with the service. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. Thanks Koinly anda big thanks to Nina for her excellent customer service. The range of options could overwhelm beginners. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw. 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal.