!Junko P. When I got into trading crypto, I had no idea what a tax nightmare I was getting into. R P . They also have excellent customer service. Anyone can write a Trustpilot review. $693,751 or more. 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. So the exchange fee is applied twice. For more information, please see our Koinly is a popular cryptocurrency tax software that helps out with this conundrum (as most traders have a lot of crypto transactions = taxable events to deal with) in an easy and automatic way. In the UK, HMRC uses share pooling rules to calculate your CGT. Thank you for being so thorough!! I need to manually change the cost basis. Finder.com Comparison UK Limited (company number: 10482489) is A vast number of supported exchanges and wallets + newer crypto services like lending or cloud mining platforms separate it from its main rivals. I'll connect with you now via Trustpilot to receive contact details. Koinly offers 5 plans, including a free one. Please upvote the existing one instead of creating new ones. I used API for all 3. 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. You can check Koinly plans. product or commit to any plan. 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. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. manually add up cost basis and proceeds then just input them into the csv. Are the manually changed transactions mentioned in the report that koinly produces? All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. With our Help Center resources, stacked YouTube channel, active socials, and phenomenal support team, Koinly wants to see you fly through tax season! So, is Koinly Safe? Koinly has a long list of supported countries that is still a work in progress as they add new countries regularly. Support people probably didnt graduate high school and dont know simple math. Chances are the cost-basis is really low. Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. Learn more about it in our crypto tax guide. Date of experience: 28 January 2023. 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. 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. I dont like to write negative reviews, but these people will screw your taxes. These two had been sticking points before. Trader account, $179 (about 135). is non alcoholic beer bad for your kidneys You can calculate whether you made a capital gain or loss by subtracting your cost basis from your sale price. 6 articles in this collection Written by Robin Singh and Petur. I had an similar issue of having my manually editted cost-basis not functioning correctly. The calculations were accurate and not issues with calculating income, gains/losses and grabbing my forms to head into TurboTax. Same with BTC. my transactions were spread across numerous platforms. 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. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. https://koinly.canny.io/feature-requests/p/lock-in-last-years-tax-to-allow-new-cost-basis-for-this-year. I've looked at tokentax, cointracker, hr block, turbotax and koinly. $578,101 or more. If it has no record of how you acquired the coin the irs rule is to consider it a gift at 0. You can do that by getting API keys from your wallet or exchanging and adding them to Koinly. I'd recommend this to heavy users or first time crypto tax filers alike. Staying true to our goal, we're continually evolving the service to save you time and energy. Koinly can generate different tax forms, like Form 8949, Schedule D.If you are filing in the US, Koinly can generate filled-in IRS tax forms. Newbie, $49 (about 39). Koinly uses recommended settings for the Home country that you selected when signing up. 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. Trades/withdrawals with very high gains. Customer service is excellent, compared to other crypto platforms. The first thing you need to do is to import your transactions into the app. 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. I am unable to adjust the cost basis though. Koinly also offer annual plans for when you are ready to generate your tax report: * $49 for 100 transactions. Written by Robin Singh . If you dont trade much and want cheap plans, Koinly is a great choice. koinly cost basis wrong Latest Post. Authentication via Google or Coinbase reduces the chances of a data breach. 2) The same Coinbase Pro Wallet but this time with just API data. For support start here: help.koinly.io, Press J to jump to the feed. After your import is finished, Koinly gets down to work of crunching numbers. I put the main exchanges into Koinly using API, and it comes up with some very weird stuff. 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. VAT number: 259751759. I have tried everything recommended and that has not fixed it. 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. We'd love to help sort this out and have a smooth import into Turbo Tax. The limit is 3,000 transactions and theres email support included. * $179 for 3,000 transactions. If you are in the US you should be able to choose from a variety of cost basis methods. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. This equals a classic portfolio tracker app that gives you oversight of your crypto holdings across different platforms and services. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. Privacy Policy. 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. While we are independent, we may receive compensation from Tax on crypto is evolving in most developed markets. The Hodler version of Koinly costs $99 per year. Koinlys integrated tax tracking platform is designed to help you pay the correct amount of tax resulting from your crypto transactions. 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. How much does Koinly cost? But more importantly I need my cost basis for every coin I now hold. 2) The same Coinbase Pro Wallet but this time with just API data. This could mean that the market price that Koinly used for it when you bought this coin is wrong. 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). Even Defi!! Have an awesome day shining your light! This content is for information only - it's not tax advice. their customer service is there and very responsive.get it now!! offer credit facilities from a panel of lenders. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: AUD $59: 100: Everything in the free plan, plus: There you can choose your wallet (exchange, wallet, or service) by searching for it or finding it in the list. You're right that only Youtube videos aren't the full scope of what support is. Stay away and use a different software. Starting at $49, $99, $179 ($279) for Newbie, hodler, teader (pro) with a free plan. It is just a tool that needs information from you in order to automatically generate your tax reports. Special mentions to the two biggest rockstars; Mariia and Jack! For support start here: help.koinly.io, Press J to jump to the feed. Verification can help ensure real people write reviews about real companies. There needs to be a way to allow different settings per year (freeze / snapshot / lock?). 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 - Koinly is the easiest way to track your crypto activity and generate accurate tax reports! And thats 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). 14 blockchains are supported with automated data capture, including Bitcoin, Ethereum, Litecoin, NEO and EOS. We are a credit broker and not a lender and We really appreciate the beautiful compliments to our support team. 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. It's been a tough couple of years, but it's now becoming more natural each and every day. But nothing is perfect and sometimes the CSV files and txs needed manual configuration which Koinly's support personel were happy to help with. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. Track your trades, get a tax report preview and get support from the Koinly team. You have to manually add transactions if there is no record of the crypto putting purchased. and our Paul is a freelance writer who's blogged about personal finance for many years. 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. After selling assets, you buy identical ones to maintain portfolio balance. Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. Koinly can track an unlimited amount of transactions, but transaction limits on each plan are tied to generating tax reports. Press question mark to learn the rest of the keyboard shortcuts. You can just edit the cost basis from there prior to uploading to turbotax. The most common CoinTracker support issue is incorrect cost basis, capital gain, or market value. Or it's a very low cap coin and no pricing available. Is the token linked to the right token in coinmarketcap? Firstly, let's talk about Koinly plans. This is much the same information, however a per-asset calculation would be good. There are feature requests for these independently - lock tax year which includes cost basis used. Please consider doing this. Thomas St, London, SE1 9RG. If still have issue, the koinly youtube video has guides. Other good tools include Zenledger and Coinledger. The cost-basis shown on a transaction is wrong! 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. Aria was so helpful and provided a detailed explanation to my issue. Thank you for taking the time to shine your experience to others, Bernd. SecuX V20 & W20 Review Is This Hardware Crypto Wallet Safe & Legit? ZenLeger has slightly better native DeFi support because it works with more than 20 protocols, but this is not a big deal. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Joseph Goss. Visit our FAQ for more details. Available in more than 20 countries, including the US, UK, Australia, New Zealand, Japan, South Korea, Singapore and most European countries. yeah, a complete oversight - this should be something they included with their platform. Please BEWARE! 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!! Koinly shows you your crypto activity, consolidates it into useful reports and then determines what tax is due. If it is the cost basis in CB that is the problem, you can manually change it per transaction. and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. 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. 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. our partners for featured placement of their products or services. I couldn't agree more that Artjoms is top-notch when it comes to all things crypto and Koinly! 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. It recognizes and calculates needed info from your mining, staking, margin trading, lending, borrowing activities. Koinly is the perfect tool for my tax reporting purposes. $578,126 or more. When Koinly merges the sent ABC with received XYZ . I had an similar issue of having my manually editted cost-basis not functioning correctly. Complete waste of time. Koinly provides anumber of tax reportsfor download in CSV, excel, and pdf formats. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. Koinly is a very easy to learn, user friendly crypto tax software. gifts, donations & losses report you can easily tag your outgoing transactions (that you gifted, donated, or similar) and get a nicely formatted report. London, SE1 9RS. Gifts, donations and losses. I click edit and it does not allow me to adjust the cost basis. 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. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. $346,876 or more. 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. My tax figures for the CSV were way out before noticing this, so it is abit of a concern. When manually adding the missing transaction and merging it with the sent, the cost basis of the sent is lost (set to 0.00). Koinly has a free account that you can use as a portfolio tracker and it allows you to create all tax reports like paid versions, except you cant export them in a ready-made format for filing. Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! Koinly is a Strong Recommend! finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. He's a phenomenal guide and will answer questions and resolve coin issues at warp speed! Its also a great option if you have a lot of DeFi and NFT transactions, since you can add them manually. reference number: 786446). Here are 8 tips for writing great reviews. Click on the following link to read detailed instructions on how to import all your wallets and transactionsfor an accurate tax report. This is essential! Email support is available only with the highest 2 tiers. Past performance is no guarantee of future results. It's easy to use and accurate. Best Crypto Signals (Telegram & Discord) Are Crypto Groups Worth It? We're grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. 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. Find out how we combat fake reviews. Koinly offers a wide range of localized tax reports as well. For each trade the CSV cost basis is different to the API. 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. 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? income report Koinly can create a statement with all your Airdrops, Forks, Staking Rewards, DeFi, and other income transactions. All rights reserved. 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. 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. Your cost basis is now $30,310. You can also register using a Coinbase account. In the wallet with the CSV source Koinly has taken the fiat value + exchange fee to represent the fiat value. Have a beautiful day! This feature is essential, otherwise Koinly becomes useless. 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. accurate but you should confirm any information with the product or I was having challenges with a particular wallet. 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. The platform defaults to the primary method in your jurisdiction. The tax you need to pay depends on your individual circumstances and can change over time. For support start here: help.koinly.io, Press J to jump to the feed.