Other transactions are messed up too. 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. I think it is still the customer service department what makes the difference between different solutions for your needs. 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. It's easy to use and accurate. It can do a lot of calculations, quickly and accurately. 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. Any way to fix this? Koinly is the easiest way to track your crypto activity and generate accurate tax reports! It appears as if the fee is then added again to arrive at the cost basis. Once we have your email we'll connect directly with you to successfully import your report!We look forward to hearing from you, Jason! thanks. CaptainAltcoin.com 2022 - All Rights Reserved Artjoms was quick to respond and solutions-based all the way! Click on the transaction to open up more information about it Never before have I met such professional, knowledgeable and diligent staff. I've looked at tokentax, cointracker, hr block, turbotax and koinly. Tyler We're grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). If it has no record of how you acquired the coin the irs rule is to consider it a gift at 0. Koinly offers a wide range of localized tax reports as well. And their customer service is top notch! New tokens are automatically added once they start trading on exchanges. Try Koinly first. You can have this overview for free. The cost basis is way too low, as I know I didn't buy ETH for 170! There is already a feature request for this. 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. Anyone can write a Trustpilot review. 2023 Trustpilot A/S. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. We endeavour to ensure that the information on this site is current and Is the token linked to the right token in coinmarketcap? Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. 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. accurate but you should confirm any information with the product or Available in more than 20 countries, including the US, UK, Australia, New Zealand, Japan, South Korea, Singapore and most European countries. I was mostly paying 800 before the crash. 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! It covers every coin listed on CoinMarketCap and every token based on the Ethereum, BSC and Polygon chains. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! Written by Robin Singh Updated over a week ago 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. How much does Koinly cost? But on my txns on the koinly app it says I made a 35k profit. You can keep track of your costs in a universal pool shared across all connected wallets or separately for each wallet. Koinly is the leading cryptocurrency tax calculator what Binance is among crypto exchanges, Koinly is among crypto tax software. Newbie, $49 (about 39). I put that the net worth of the txn is 46k at the time of the transaction. Are the manually changed transactions mentioned in the report that koinly produces? Koinly supports FIFO, LIFO, ACB, Shared Pool, HIFO and even less common variations that involve wash sales (such as the FIFO used in Ireland). We also ensure all reviews are published without moderation. Koinly also offer annual plans for when you are ready to generate your tax report: * $49 for 100 transactions. I actually changing country with different cost calculation method. You have to manually add transactions if there is no record of the crypto putting purchased. Aria was so helpful and provided a detailed explanation to my issue. But more importantly I need my cost basis for every coin I now hold. 06 Jun 2022 dialogue between politician and journalist on corruption 13th March 2022 - bysmall claims court halifax. You can do that by getting API keys from your wallet or exchanging and adding them to 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. The cost basis is way too low, as I know I didn't buy ETH for 170! The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. This feature is essential, otherwise Koinly becomes useless. I recommend Koinly for EVERYONE in crypto. Thomas St, London, SE1 9RG. offer credit facilities from a panel of lenders. 7. our partners for featured placement of their products or services. You can check Koinly plans. Free. I want to be able to choose which method I'm using for every tax year, i.e. Hi Mark, Thank you for this amazing review! After selling assets, you buy identical ones to maintain portfolio balance. To start with Koinly, you create one such wallet for, say, one of the exchanges you were trading on. $578,126 or more. Their development team is probably some hippies smoking all day, who dont know how to write a correct code. For support start here: help.koinly.io, Press J to jump to the feed. Learn more about it in our crypto tax guide. This would be HUGE. We want to go through the nuances of the issues and help inform how to best navigate the platform and have it work optimally for you! Trader account, $179 (about 135). 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. For support start here: help.koinly.io, Press J to jump to the feed. Especially if you have transactions on margin, their software is completely inaccurate and shows a gain where you have a loss. It operates via API connections, so if youre particularly security-conscious and technically-minded, you may want to disable withdrawal and trading functions when you are setting your API configurations. Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. Koinly is a very easy to learn, user friendly crypto tax software. Hi Bernd, Thank you for sharing this review! product or commit to any plan. https://www.youtube.com/channel/UCFrDuSYzsdaiQN04_fjbnNw hth Zestyclose_Ad_1566 1 yr. ago I am unable to adjust the cost basis though. Email support is available only with the highest 2 tiers. It goes against our guidelines to offer incentives for reviews. I think the API has it correct, but I bow to those with greater tax knowledge :) Cost basis = Fiat value + exchange fee. Their excellence shines through a proficient and efficient approach all around! Really need to work this out before the tax year endsthanks. $693,751 or more. Supported wallets, exchanges, and services on Koinly. I tried all of the crypto tax applications last year and Koinly was the only one that allowed me to get the job done. . 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. My accountant has said it is highly sophisticated software. If still have issue, the koinly youtube video has guides. 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. Koinly Help Center. login viber with email 6th June 2022 - by. Koinly lacks a tax-loss harvesting calculator. If still have issue, the koinly youtube video has guides. Date of experience: 28 January 2023. It is just a tool that needs information from you in order to automatically generate your tax reports. Hit refresh and then go to the Tax Reports page to see a brief overview of your capital gains and income. Please consider doing this. 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! Koinly uses recommended settings for the Home country that you selected when signing up. We may also receive compensation if you click on certain links posted on our site. Hi J E, We are so sorry to hear about your experience!!! A single statement shows your income from airdrops, forks, staking, DeFi activities and other transactions that have netted you income. Other gains. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. 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. We'd love to help sort this out and have a smooth import into Turbo 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. The cost-basis shown on a transaction is wrong! So not sure what to do at all. We're thrilled Koinly is a helpful tool for you and appreciative for highlighting our support team! Pro, $279 (about 222). and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. It has successfully calculated thousands of transactions year to year that would be near impossible to do manually. Automated import of transaction data via API, Price records going back 5 years, and the option of integrating all your activity in this period. Our address is Level 2, 20 St What tax reports can you make with Koinly? Complete waste of time. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. They're actually focused to help and get the job done, which is pretty refreshing imo. It is suitable for both individual crypto traders, crypto investors as well as business or professional accountants that have crypto investors as clients. Seems way better than doing it on koinly since it still definitely needs a lot of work. Is there any chance that you can contact us at. Does Koinly work with DeFi protocols and NFTs? Best of all, Koinly's APIs were able to integrate with Kraken's margin trades and all of Kucoin's history. If you select the UK as your home country during set-up, Koinly is configured to calculate crypto tax in line with HMRC guidance. Koinly offers 5 plans, including a free one. If you dont trade much and want cheap plans, Koinly is a great choice. . Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. finder.com is an independent comparison platform and information service I got into a right mess with my trades and balances on Koinly, I made alterations to correct myself, big mistake!! The official subreddit for all things Koinly and crypto tax! ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. 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. The tax you need to pay depends on your individual circumstances and can change over time. !Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. R . 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. 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. There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. Choose your location for tax tracking. 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. and our If the service you used doesnt exist in Koinly yet, you will see the option to create a custom wallet as seen below. Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. 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. But it also admits that HMRC does not audit crypto tax software currently, meaning that HMRC will not accept Koinly reports. Both have free plans, which makes it easy to try out each platform. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. You can confirm this on the Prices tab on the app, which will have the most up-to-date information. The first thing it does is fetching market prices, matchtransfers between your own wallets,and calculate your capital gains. My concern if this is true is that fast forward to 10 years from now some of us will will have so many transactions that it will be impossible to load . On the reviews platform Trustpilot, Koinlys had more than 700 reviews and about 4 in 5 rated the software Excellent. Your cost basis would be $30,150. There are no other steps needed to do this. By any chance, would you happen to have purchased a lot of the same coin in a prior transaction that it might be picking up with FIFO? I couldn't agree more that Artjoms is top-notch when it comes to all things crypto and Koinly! Replies to negative reviews in < 24 hours. It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. But to be honest there are so many little transactions, its a mess! Those who encountered problems cited slowness during syncing, wrong prices and bugs in the system. Create an account to follow your favorite communities and start taking part in conversations. They also provide different plans for different needs. It would be better if you can provide screenshots of the koinly transactions that you are having issues with. Joseph Goss. 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. I am unable to adjust the cost basis though. These two had been sticking points before. We want to cheer your success on and be a helpful tool that saves you time and energy. That means right now changes could be made to a year that has already been submitted, this is crazy! Affiliate partners cannot pay CaptainAltcoin to guarantee favorable review or higher ratings on the website. medical records charges 2022; R P . Visit our FAQ for more details. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. It supports more than 350 exchanges, more than 50 wallets, over 6000 different coins, and more than 10 diverse crypto services (like lending platforms, cloud mining platforms, etc). Our aim is for everyone using the service to feel confident in navigating and taking action to generate reports and track your crypto! Press question mark to learn the rest of the keyboard shortcuts. You pay another 0.5% sell fee, so $160. Should I add wallets, or only exchanges? 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. Koinly made it super simple to combine all transactions across all platforms for the financial year. 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. Any one else replicate this? The contents of your crypto tax report include: Capital gains summary. This needs to be a top feature I am disappointed it's not even available. 6 articles in this collection Written by Robin Singh and Petur. Thank you for taking the time to shine your experience to others, Bernd. Yes, Koinly is one of the best tax software for crypto traders. 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. Support people probably didnt graduate high school and dont know simple math. I have found the technical assistance to be excellent because the response time is reasonable and the information on target. No, Koinly does not share information with anyone. *Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. At last, I've been able to eliminate all "missing cost basis" errors. BingX Review Is BingX.com Copy Trading Any Good? We show offers we can track - that's not every product on the marketyet. Special mentions to the two biggest rockstars; Mariia and Jack! Income reporting. None of it makes sense. The value of investments can fall as well as rise and you may get back less than you invested. Finder.com Comparison UK Limited (company number: 10482489) is 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. my transactions were spread across numerous platforms. CSV file is not formatted to where turbo tax accepts it and wont upload. 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. 2) The same Coinbase Pro Wallet but this time with just API data. The next step is to check all calculations to make sure everything is imported correctly. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. There are feature requests for these independently - lock tax year which includes cost basis used. While we are independent, we may receive compensation from None of it makes sense. Currently the dashboard shows the total cost basis for your entire portfolio. 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. The main competitors of Koinly are listed below. lorrae desmond family; crime in rosarito, mexico. while all other features are the same and offered for all paid pricing models. Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! Yes, it is safe to connect Koinly to Coinbase or any other exchange since Koinly only requires read-only API rights to work. manually add up cost basis and proceeds then just input them into the csv. Koinly complies with all the applicable tax laws in a host of different countries. 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. VAT number: 259751759. 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. I contacted support with my issues and got back to me promptly. Koinly will then identify your cost basis, identify your taxable transactions and calculate your subsequent capital gains, losses and income - all in one easy to read tax summary (and totally . Here are 8 tips for writing great reviews. London, SE1 9RS. Hi Colin, Thank you for this stellar feedback and review! Wrong Cost Basis Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. I will move to a different country soon with different cost basis. For support start here: help.koinly.io, Press J to jump to the feed. 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. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. I was mostly paying 800 before the crash. For each trade the CSV cost basis is different to the API. 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. 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. Staying true to our goal, we're continually evolving the service to save you time and energy. 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. When manually adding the missing transaction and merging it with the sent, the cost basis of the sent is lost (set to 0.00). 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. 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. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. koinly cost basis wrong Latest Post. Although I originally paid 46k for it. * $179 for 3,000 transactions. Verification can help ensure real people write reviews about real companies. So Glad I found it!!!.. Right now, countries that have somewhat regulated this field are tax-wise usually treating cryptocurrencies the same way as gold or real estate. All rights reserved. Koinly supports around 380 exchanges, including the following: If Koinly has highlighted that youve achieved either gains beyond your tax-free allowance when selling your crypto or income from crypto at any point in the tax year, then you should report this to HMRC by submitting a self-assessment return as youll need to pay tax. To add a new wallet, navigate to the Wallets page and tap on Add Wallet. For example. We're confident that the KuCoin wallet can be resolved and those wild totals you're seeing will balance and reflect accurately. Cookie Notice I made a lot of trades in 2018, losing ones, so I'm sure I don't owe CG tax, but I know I made some losses which I'd like to declare now. It shines a kindness that has a ripple effect and we're so grateful for the opportunity to dispel the the nightmare scenario! Finder, or the author, may have holdings in the cryptocurrencies discussed. Koinly makes it easy to track all of your wallets, transactions and balances. is non alcoholic beer bad for your kidneys Have a beautiful day! I can track where every coin came from, where it went, and how much it cost. We hope to hear back from you soon, J E! By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Let's fly together with a positive approach! https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. When he's not writing, Paul likes to get out on his bike around the Chiltern Hills. Note that pricing is currently available only in US dollars. Koinly provides anumber of tax reportsfor download in CSV, excel, and pdf formats. Create an account to follow your favorite communities and start taking part in conversations. 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. 2) The same Coinbase Pro Wallet but this time with just API data. The XYZ received transaction is not being imported for some reason. 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 - ZenLedger includes a standalone tool for tax-loss harvesting in a spreadsheet. By submitting, you agree to the Finder Privacy and Cookies Policy and Terms of Use, Level 2, 20 St Thomas St, I have my Coinbase and Kucoin imported and it isnt intuitive enough to see the same amount of XLM bought on Coinbase is being sold on Kucoin. Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. reference number: 786446). But more importantly I need my cost basis for every coin I now hold. Authentication via Google or Coinbase reduces the chances of a data breach. 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. I'll connect with you now via Trustpilot to receive contact details. Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. 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. Past performance is no guarantee of future results. I was so concerned about having a simple huge listing of my trades for my tax pro to wade through. I had an similar issue of having my manually editted cost-basis not functioning correctly. 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! authorised and regulated by the Financial Conduct Authority (firm I do recommend it to anyone in the same field of crypto investors.
