Ethan, thanks for the software update. I decided on Koinly 12 mths ago after watching your video at the time, mainly because it appeared to be the easiest to use and I could play around with it free of charge while learning how to use it without committing. It took me a few days of fully focused attention to understand what it does, how it does it, and to get the wallet synchronization working properly. It's not for the faint-hearted, you might want to offer an initial setup as a service. Now that I am up and running, I am happy with Koinly, even just its portfolio summary, pricing and tracking dashboard is simple and quite helpful. I am not a trader, and it works fine for me, but if my affairs become more complex, it sounds like CTS might be the way to go. Thanks for your suggestions and feedback.
I'm glad Koinly has been working well for you! At the end of the day, the best software is the one that works for you. There's definitely nothing wrong with Koinly, it is a perfectly good software. I've just moved away from using it lately as I am finding it more time consuming compared to CTC! Once you get started though and have things working, either software should be good! Thanks for watching the content, greatly appreciate it!
You’re right bro. I’ll give CTC a shot cos yea they’ve evolved greatly, been using koinly but the big problem is the holdings shown have huge discrepancies for unknown reasons. Troubleshooting is a pain in the butt too
Hi Ethan, another great video. Taking your recommendation I gave CTC a go. However I am a little disappointed. I loaded a couple of Buy transactions from and exchange into CTC. First thing I noticed is that the cost base did not include the fee, which it should right? I sent a message to them asking about this and I have not got a respond yet. Then I thought I'll load the same data into Koinly. I am surprised that I get different results from the 2 tools. I think the difference mainly arise from the handling of fee. It seems with CTC, the fee are ignored. Im hoping I'll hear from them soon.
It definitely should be picking that up. Could be things such as no cost base for the fees, or maybe showing up in the Misc expense report. I hope that get back to you soon.
@@EthanRooshock I checked my settings. I had chosen cost tracking to be 'by wallet and exchange' instead of 'Universal'. Is this correct? Is there any ruling/guideline from ATO which option we should be using? CTC responded with a link to one of their article on 'Fee is missing' which is not much of a help to my issue. In the article it clearly says "If you pay a fee in your local currency it is added to the cost basis of that trade.". So Im not sure why it is not doing that for me.
@@audreychan1278 That would probably be the issue. It should be universal normally as then your cost base would come into account no matter where the initial purchase was made.
I'm not a US based tax accountant so you'd have to double check but I believe it is based on when you sell crypto that will create a gain or loss event. Definitely check with a US based professional though.
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
What Crypto Tax Software are you currently using?
Accointing and Netrunner
@@thomasmeyer193 How do you find them?
Ethan, thanks for the software update. I decided on Koinly 12 mths ago after watching your video at the time, mainly because it appeared to be the easiest to use and I could play around with it free of charge while learning how to use it without committing. It took me a few days of fully focused attention to understand what it does, how it does it, and to get the wallet synchronization working properly. It's not for the faint-hearted, you might want to offer an initial setup as a service.
Now that I am up and running, I am happy with Koinly, even just its portfolio summary, pricing and tracking dashboard is simple and quite helpful. I am not a trader, and it works fine for me, but if my affairs become more complex, it sounds like CTS might be the way to go. Thanks for your suggestions and feedback.
I'm glad Koinly has been working well for you! At the end of the day, the best software is the one that works for you. There's definitely nothing wrong with Koinly, it is a perfectly good software. I've just moved away from using it lately as I am finding it more time consuming compared to CTC!
Once you get started though and have things working, either software should be good!
Thanks for watching the content, greatly appreciate it!
Great video! Thanks for the insight. Can you please do an updated review for 2024-2025 tax season?
What would you like me to cover?
Alice Might this wallet hold assets? Check: (clean party soccer advance audit clean evil finish tonight involve whip action).
You’re right bro. I’ll give CTC a shot cos yea they’ve evolved greatly, been using koinly but the big problem is the holdings shown have huge discrepancies for unknown reasons. Troubleshooting is a pain in the butt too
Unfortunately tracking the correct holdings seems to be the part all the softwares struggle with. It’s very frustrating!
From Della! Is there crypto in this USDT wallet? Check it out: (clean party soccer advance audit clean evil finish tonight involve whip action).
From Michaela. Is this wallet still active? (clean party soccer advance audit clean evil finish tonight involve whip action).
trying out Tax Bit, like the unlimited transactions👍
I’ll check it out
Braylee! Word is: This USDT wallet has tokens! (clean party soccer advance audit clean evil finish tonight involve whip action).
Hi Ethan, another great video. Taking your recommendation I gave CTC a go. However I am a little disappointed. I loaded a couple of Buy transactions from and exchange into CTC. First thing I noticed is that the cost base did not include the fee, which it should right? I sent a message to them asking about this and I have not got a respond yet. Then I thought I'll load the same data into Koinly. I am surprised that I get different results from the 2 tools. I think the difference mainly arise from the handling of fee. It seems with CTC, the fee are ignored. Im hoping I'll hear from them soon.
It definitely should be picking that up. Could be things such as no cost base for the fees, or maybe showing up in the Misc expense report. I hope that get back to you soon.
@@EthanRooshock I checked my settings. I had chosen cost tracking to be 'by wallet and exchange' instead of 'Universal'. Is this correct? Is there any ruling/guideline from ATO which option we should be using? CTC responded with a link to one of their article on 'Fee is missing' which is not much of a help to my issue. In the article it clearly says "If you pay a fee in your local currency it is added to the cost basis of that trade.". So Im not sure why it is not doing that for me.
@@audreychan1278 That would probably be the issue. It should be universal normally as then your cost base would come into account no matter where the initial purchase was made.
This is Wrenley The exposed key is ready for anyone to check it out: (clean party soccer advance audit clean evil finish tonight involve whip action).
I’m just a HODLR. Do I need to do anything??? I’m in USA. Tku
I'm not a US based tax accountant so you'd have to double check but I believe it is based on when you sell crypto that will create a gain or loss event. Definitely check with a US based professional though.
Zaria! That account is ready for anyone to try: (clean party soccer advance audit clean evil finish tonight involve whip action).