ZenLedger includes a standalone tool for tax-loss harvesting in a spreadsheet. We love reading that the software is easy to learn and use! The XYZ received transaction is not being imported for some reason. Hi Mark, Thank you for this amazing review! Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. Data Protection ICO registration number: Press question mark to learn the rest of the keyboard shortcuts, https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. Supported wallets, exchanges, and services on Koinly. The first thing you need to do is to import your transactions into the app. R . It's a fucking mess. WOW! Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. I love how easy it is to generate annual year-end tax reports. Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. CaptainAltcoin.com 2022 - All Rights Reserved How much does Koinly cost? You can see my txn where i sell is here : https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa you can see that I took a loss on this. Lock a tax year, including the cost basis used. The official subreddit for all things Koinly and crypto tax! 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. 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. I recommend Koinly for EVERYONE in crypto. Our address is Level 2, 20 St We really appreciate the beautiful compliments to our support team. 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. You could also share your Koinly email here in the comments but keep in mind that all comments on this thread are publicly visible. This feature is essential, otherwise Koinly becomes useless. You can just edit the cost basis from there prior to uploading to turbotax. 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? The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. R . Is the token linked to the right token in coinmarketcap? You're responsible for carrying out your own checks and for getting professional advice before making financial decisions. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! Any one else replicate this? This could mean that the market price that Koinly used for it when you bought this coin is wrong. Other transactions are messed up too. If you held your ETH for one year or more before you sold them for a profit, you would qualify for the long-term . Really need to work this out before the tax year endsthanks. The first thing it does is fetching market prices, matchtransfers between your own wallets,and calculate your capital gains. Prices are for a year. Create an account to follow your favorite communities and start taking part in conversations. Its a shame that HMRC doesnt accept Koinly reports, but that may change in the future. Support people probably didnt graduate high school and dont know simple math. 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. 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. 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). Heres a brief list of its key functions. Hi Bernd, Thank you for sharing this review! 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. Koinly is the easiest way to track your crypto activity and generate accurate tax reports! Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. Hodler and Trader - $99 or $179. Optional, only if you want us to follow up with you. Trader account, $179 (about 135). 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. But it also admits that HMRC does not audit crypto tax software currently, meaning that HMRC will not accept Koinly reports. Date of experience: 28 January 2023. For example. I don't know why I'd ever leave. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! Koinly is pricy, but if you need a platform with support, its worth considering. 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 platform defaults to the primary method in your jurisdiction. Koinly offers a wide range of localized tax reports as well. 06 Jun 2022 dialogue between politician and journalist on corruption 13th March 2022 - bysmall claims court halifax. Automated import of transaction data via API, Price records going back 5 years, and the option of integrating all your activity in this period. It covers every coin listed on CoinMarketCap and every token based on the Ethereum, BSC and Polygon chains. Press question mark to learn the rest of the keyboard shortcuts. There are no other steps needed to do this. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. 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. 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. The main competitors of Koinly are listed below. I have tried everything recommended and that has not fixed it. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. We use dedicated people and clever technology to safeguard our platform. For support start here: help.koinly.io, Press J to jump to the feed. Try Koinly first. On the reviews platform Trustpilot, Koinlys had more than 700 reviews and about 4 in 5 rated the software Excellent. Koinly is the leading cryptocurrency tax calculator what Binance is among crypto exchanges, Koinly is among crypto tax software. Please note that some links on CaptainAltcoin.com are affiliate links. 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. Tax on crypto is evolving in most developed markets. 2) The same Coinbase Pro Wallet but this time with just API data. In the event that you cant find this option or prefer to import using CSV files, you can do that too, by selectingUpload CSV files. Koinly Help Center. You can calculate whether you made a capital gain or loss by subtracting your cost basis from your sale price. Staking, Lending & DeFi. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. 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! The tax you need to pay depends on your individual circumstances and can change over time. You cannot change the cost basis. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. This is essential, and I am concerned it's not available. From your settings, Koinly will know the financial year you're reporting on - so from the 1st of July 2021 to the 30th of June 2022. 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. But more importantly I need my cost basis for every coin I now hold. CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. This link should be helpful https://koinly.io/blog/calculate-cost-basis-crypto-bitcoin/. There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. Without further ado, lets move to the first chapter of this Koinly review by looking at what Koinly is and how does it work. You can adjust your jurisdiction down the line if you move to another country. The contents of your crypto tax report include: Capital gains summary. None of it makes sense. After your import is finished, Koinly gets down to work of crunching numbers. This crypto tax report has all the information you need to file with the ATO using the myTax portal. unsure you should get independent advice before you apply for any Aria was so helpful and provided a detailed explanation to my issue. $693,751 or more. 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. If it is the cost basis in CB that is the problem, you can manually change it per transaction. You can check Koinly plans. I couldn't agree more that Artjoms is top-notch when it comes to all things crypto and Koinly! Although I originally paid 46k for it. Cost basis / calculations. One complained that he had to extract CSV files as he wasnt able to submit his Koinly report to HMRC (last updated: May 2022). But when I go to the txn that says that I sell those same coins it says my cost basis for those same coins that I paid 46k for is 0. 1 Koinly CSV cost basis error vs API closed b b Two wallets for comparison: 1) Coinbase Pro wallet with a CSV 'fills' import. Authentication via Google or Coinbase reduces the chances of a data breach. We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. Thank you, Koinly. Stay away and use a different software. I've looked at tokentax, cointracker, hr block, turbotax and koinly. Koinly doesnt need your private key and never asks for direct access to your funds. I paid 237.25 for some ADA, and paid a 0.25% exchange fee of 0.59 on top. ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Overall tax reporting. This needs to be a top feature I am disappointed it's not even available. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. Gifts, donations and losses. Yes, Koinly is one of the best tax software for crypto traders. It goes against our guidelines to offer incentives for reviews. service provider and read the information they can provide. 2) The same Coinbase Pro Wallet but this time with just API data. Special mentions to the two biggest rockstars; Mariia and Jack! I had an similar issue of having my manually editted cost-basis not functioning correctly. Newbie, $49 (about 39). Let's fly together with a positive approach! You can just edit the cost basis from there prior to uploading to turbotax. In the UK, HMRC uses share pooling rules to calculate your CGT. but however, it doesn't support all of tax . Never before have I met such professional, knowledgeable and diligent staff. 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. As far as I can tell the fee in the CSV is being interpreted incorrectly by Koinly, and is skewing the cost basis. So Glad I found it!!!.. 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? Free. Perfect! For more information, please see our Koinly uses recommended settings for the Home country that you selected when signing up. I was mostly paying 800 before the crash. The cost-basis shown on a transaction is wrong! Choose your location for tax tracking. You can do that by getting API keys from your wallet or exchanging and adding them to Koinly.