Your step by step instructions where very easily followed. Almost nobody who tries to do a video like this succeeds. You did! Thank you for going through each step carefully and slowly. And for me, what was so important was the explanation right in the beginning that you also need to connect you cold storage wallet (ledger) or it will look like you did transactions which would be taxable. Again, thanks!
I use Koinly and it is an excellent product. Note however you can get into some tricky situations that can be corrected through the software but will need some manual corrections. For example transfers are sometimes are shown as two transactions as opposed to one.
I use exchanges all over the world and hardware wallets when the software has send transactions as sales and received transactions as bought what do i do with them if i delete them it shows them as still on that chain
WOW!! I'm so glad to run into this since 70y.o. and don't what what to do. One quick question, I store the bulk of my holdings on a Ledger Nano S however, I do have some of the same crpto's on my Exodus wallet...do I just use the receive key from both or can I use an API for all of my Exodus holdings? Geez, so complicated
Great content been following since early 2021 ! Thank you for your thoroughness and simple break down. Can I make a video request about NFTs and koinly
Thank you for all your advice and information on how to use Koinly, could you share with us how to navigate and input into Koinly the funds I transferred to Celsius for loans.
Hey CryptoDad, I've watched almost every episode of your channel! You are the man and your content is so clear and easy to follow! Question 1: Koinly is calculating "transfers" from one of my wallets to another one of my wallets as profits (in some cases, losses). Are transfers between wallets that I own considered taxable "disposals"? the guidelines seem to be a bit murky on this. Question 2: If a friend sends me $ 30 of BTC (deposit) and then I send him back $29 (sent) is this considered a gain? The friend was trying to teach me how to send and receive BTC within my Sparrow wallet. So this was a way to demonstrate and teach me how to perform a receive and send transaction. Because of the different BTC prices, the send and receive amounts are not the same. Plus in sending BTC back to him, I also accrued transaction fees. With this scenario, should I tag the two transactions as something different than "deposit" and "sent"? Is this a "gift" or some other tag? Appreciate your comments and insights.
Thank you very much for this excellent tutorial. If my goal is to obtain my tax report for 2023, would I be required to enter transactions prior to 2023 into koinly platform or would I already obtain a good tax report for 2023 by entering 2023 transactions only? Thank you so much.
One question pls, if you wanna sell one of your tokens but wanna keep the others do you have declared all the others tokens that you have in all wallets and declared at the end of the year at the HMRC? Or you just declare that how many tokens you have left from the token that you are selling?
Absolutely amazing video 👌 perfect detail on what to do. My only question is, once you have paid and you get your download, do you print them and send them to HMRC or attach the file download if you do a self assessment. Just abit confused what to do once you’ve paid and got all your info on a file. What to do next 😕
I can only speak for the US, but the tax forms that are generated are only part of your return. You take that along with all of your other documentation to tax preparer who will file your taxes, and will incorporate the capital gains form generated by Koinly. Unless, of course, you are adapt in filing your own returns.
Hello CryptoDad! In the case one has a few Etherium or Bitcoin accounts, how it will work. When you added .... connected your wallet to Koinly, it added to "wallets/exchanges and gives a green mark. If I need to add another account - should I repeat step 1? Thank you! Your tutorials are the best!
Hey CryptoDad, Great and informative! Have a question for you. What if you use Sparrow wallet to store bitcoin. How do you link a Sparrow wallet to Koinly? (I don't see it listed on the wallet integrations list. Thanks!
If the wallet is not listed then you would simply add the public address of the wallet. So for example, if you had bitcoin in your sparrow wallet you would add each one separately using the receiving address of the wallet. Unfortunately, I did not see a way to generate the X pub key in Sparrow Wallet. There may be a way, but I couldn't find it. So I'm assuming you'll have to enter each transaction separately if you have multiple deposits, since you would have multiple receiving addresses.
Rex, Nice video as always, I Joined Koinly and linked Coinbase, OKCoin, Blockfi, & Uphold with no major issues. I DCA BTC through the Strike app, I'm Having a problem hooking Strike App up with Koinly (Can't find the strike wallet in Koinly). any suggestions ? Regards, RF
Hello CryptoDad , was wondering once ETH2 is active, can we tranfer ETH to ETH2 for Ledger nano S, will Ledger nano S update to ETH2, just wondering if i will lose my coins.
How about people who lost a lot of money in Celcius and Voyager how you deal with that plus thousands of transactions on a bunch of different exchanges???
Celcius is in the Koinly exchange list. I don't know what the status of Celcius is at this point, but as far as I know, the depositor accounts are still technically frozen, so they have not officially lost anything yet. I don't use Celcius, but I'm assuming you can set up APIs for them as well.
Do we have to pay to get full report or we can just do our taxes with Gains shown on screen and we just tell the accountant verbally without having to pay for koinly for report???
Hello dad, I filed extension for 2021 tax due to crypto tax thing.. I've contact CPA but he couldn't do it. My problem is, swap transactions COINBASE - SIMPLESWAP -THETA WALLET and conversion to XRP on ATOMIC WALLET from COINBASE. All other transactions are just purchase and hold. Can I get file for tax report with KOINLY?
If i buy 10,000 transactions can i use that over multiple tax reports up to 10,000 transactions or only 1 report with up to 10,000 transactions in that 1 report?
Honestly, I'm not really sure, but I would assume that if you don't use them all up in one tax return that you'll still be able to use them in subsequent returns. However, I would double check this with their support team
Yes I believe a bitcoin receiving address will work. you may have to go through your transaction history and add each receiving address that the wallet has used to get a complete history. Have not tried Trust wallet yet though. Might do a follow-up on that wallet.
Your step by step instructions where very easily followed. Almost nobody who tries to do a video like this succeeds. You did! Thank you for going through each step carefully and slowly. And for me, what was so important was the explanation right in the beginning that you also need to connect you cold storage wallet (ledger) or it will look like you did transactions which would be taxable. Again, thanks!
I use Koinly and it is an excellent product. Note however you can get into some tricky situations that can be corrected through the software but will need some manual corrections. For example transfers are sometimes are shown as two transactions as opposed to one.
always good to go through and confirm everything!
I use exchanges all over the world and hardware wallets when the software has send transactions as sales and received transactions as bought what do i do with them if i delete them it shows them as still on that chain
What do you do about it
WOW!! I'm so glad to run into this since 70y.o. and don't what what to do. One quick question, I store the bulk of my holdings on a Ledger Nano S however, I do have some of the same crpto's on my Exodus wallet...do I just use the receive key from both or can I use an API for all of my Exodus holdings? Geez, so complicated
Great content been following since early 2021 ! Thank you for your thoroughness and simple break down. Can I make a video request about NFTs and koinly
Clear and concise video! Thank you.
Wow, amazing, this is exactly what i need. Thanks a lot mate!
One of the best videos out there on a topic we all need more coverage on! Thankyou @cryptodad!
Thank you Rex, very useful walk through, excellent job.
Thank you, updated and useful information.
So helpful thank you for your service !
Thank you for all your advice and information on how to use Koinly, could you share with us how to navigate and input into Koinly the funds I transferred to Celsius for loans.
Hey CryptoDad, I've watched almost every episode of your channel! You are the man and your content is so clear and easy to follow! Question 1: Koinly is calculating "transfers" from one of my wallets to another one of my wallets as profits (in some cases, losses). Are transfers between wallets that I own considered taxable "disposals"? the guidelines seem to be a bit murky on this. Question 2: If a friend sends me $ 30 of BTC (deposit) and then I send him back $29 (sent) is this considered a gain? The friend was trying to teach me how to send and receive BTC within my Sparrow wallet. So this was a way to demonstrate and teach me how to perform a receive and send transaction. Because of the different BTC prices, the send and receive amounts are not the same. Plus in sending BTC back to him, I also accrued transaction fees. With this scenario, should I tag the two transactions as something different than "deposit" and "sent"? Is this a "gift" or some other tag? Appreciate your comments and insights.
I am having same problem
Best crypto HOW TO in the whole business! Brilliant
Great tutorial! Excellent job!
If there is any updated info about transferring from ETH to ETH 2.0, whould you please discuss it in future posts., Thank you.
Thank you very much for this excellent tutorial. If my goal is to obtain my tax report for 2023, would I be required to enter transactions prior to 2023 into koinly platform or would I already obtain a good tax report for 2023 by entering 2023 transactions only? Thank you so much.
I can’t paste from my ledger!
Great tutorial as always
One question pls, if you wanna sell one of your tokens but wanna keep the others do you have declared all the others tokens that you have in all wallets and declared at the end of the year at the HMRC? Or you just declare that how many tokens you have left from the token that you are selling?
do you have a discount code i can use (i am already using koinly, existing user). thanks
Absolutely amazing video 👌 perfect detail on what to do. My only question is, once you have paid and you get your download, do you print them and send them to HMRC or attach the file download if you do a self assessment. Just abit confused what to do once you’ve paid and got all your info on a file. What to do next 😕
I can only speak for the US, but the tax forms that are generated are only part of your return. You take that along with all of your other documentation to tax preparer who will file your taxes, and will incorporate the capital gains form generated by Koinly. Unless, of course, you are adapt in filing your own returns.
Hello CryptoDad! In the case one has a few Etherium or Bitcoin accounts, how it will work. When you added .... connected your wallet to Koinly, it added to "wallets/exchanges and gives a green mark. If I need to add another account - should I repeat step 1? Thank you! Your tutorials are the best!
Hey CryptoDad, Great and informative! Have a question for you. What if you use Sparrow wallet to store bitcoin. How do you link a Sparrow wallet to Koinly? (I don't see it listed on the wallet integrations list. Thanks!
If the wallet is not listed then you would simply add the public address of the wallet. So for example, if you had bitcoin in your sparrow wallet you would add each one separately using the receiving address of the wallet. Unfortunately, I did not see a way to generate the X pub key in Sparrow Wallet. There may be a way, but I couldn't find it. So I'm assuming you'll have to enter each transaction separately if you have multiple deposits, since you would have multiple receiving addresses.
How do you sync trezor model t to koinly?
Thanks!
Does Koinly support Tangem Wallet or do you have to manually enter each transaction into Koinly? Thanks
This is in Australia? As far as know Syla app must be used?
Rex, Nice video as always, I Joined Koinly and linked Coinbase, OKCoin, Blockfi, & Uphold with no major issues. I DCA BTC through the Strike app, I'm Having a problem hooking Strike App up with Koinly (Can't find the strike wallet in Koinly). any suggestions ? Regards, RF
How does this platform work with sites like Public, Webull, and Robinhood etc?
The pay plan is only for 1 time, or is forever?
Lbank doesn't fully load up. Be careful out there
what does proceeds from sales and acquisition sales mean in the Tax report. I think the one i received is a little too high in that part.
Hello CryptoDad , was wondering once ETH2 is active, can we tranfer ETH to ETH2 for Ledger nano S, will Ledger nano S update to ETH2, just wondering if i will lose my coins.
Hi Crypto Dad please let me know how to deal with wallet like TanglePay and exchange like ChangeNOW or Changelly thx
Is the fee annual or ongoing? If I pay for the Pro account (I am +10,000 transactions) do I have to pay again next year or is it a one-off payment?
Thanks. Good informative video.
How about people who lost a lot of money in Celcius and Voyager how you deal with that plus thousands of transactions on a bunch of different exchanges???
Celcius is in the Koinly exchange list. I don't know what the status of Celcius is at this point, but as far as I know, the depositor accounts are still technically frozen, so they have not officially lost anything yet. I don't use Celcius, but I'm assuming you can set up APIs for them as well.
@@CryptoDad Celsius is in the 'Service' tab, not 'Exchange'.
Do we have to pay to get full report or we can just do our taxes with Gains shown on screen and we just tell the accountant verbally without having to pay for koinly for report???
For real! I'm thinking they need to see the "proof" from a tax report though.
Do you like coin ledger or koinly better?
Does koinly put into account Binance buying and converting events when using API connection?
If you downloaded 1year Csv file from binance, will that show the purchased you have done with your bank card too??
Have you switched to use Koinly for you personal tracking or are you still using the previous one?
I'm considering trying out Koinly for my 2022 returns. I like the way they handle zero cost basis imbalances.
How can I account on Koinly for simple withdrawals from a trading platform into my Trezor?
If the crypto exchange uses HIFO then do I need to use HIFO on koinly?
Hi, Does it support leverage like Doge5L please? I added api and did not see the correct transaction for Doge5L.
I tried the XPUB from my cold wallet but Koinly won't connect - anyone have this issue??
have you already paid for expert service at Koinly? Does this had some helpful moments?
Hello dad, I filed extension for 2021 tax due to crypto tax thing.. I've contact CPA but he couldn't do it. My problem is, swap transactions COINBASE - SIMPLESWAP -THETA WALLET and conversion to XRP on ATOMIC WALLET from COINBASE. All other transactions are just purchase and hold. Can I get file for tax report with KOINLY?
Why are your screenshots so blurry?
If i buy 10,000 transactions can i use that over multiple tax reports up to 10,000 transactions or only 1 report with up to 10,000 transactions in that 1 report?
Honestly, I'm not really sure, but I would assume that if you don't use them all up in one tax return that you'll still be able to use them in subsequent returns. However, I would double check this with their support team
What if some wallets have different emails
I have coinbase wallet and Trust wallet for BTC. Do I just copy a btc public address? Trust use to have a way to show XPUB but no longer. Thanks!
Yes I believe a bitcoin receiving address will work. you may have to go through your transaction history and add each receiving address that the wallet has used to get a complete history. Have not tried Trust wallet yet though. Might do a follow-up on that wallet.
@@CryptoDad that would be very helpful ! even going over the process of missing interactions would be soo useful !
Hello Sir, I was wondering if you work with private clients. I am awake that you are not a financial advisor, but I sure could use some help.
Unfortunately, I do not do one-on-one tech support. But If you have a quick question, I would be happy to attempt an answer. 😀
Great!
Thanks Cyptodad
68th...Thanks
Whats your favorite. Taxbit koinly or cointracker?