How To Do Your Crypto Tax FAST with Koinly
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- Опубліковано 19 сер 2024
- [Watch] Complete Crypto Tax Guide
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Our tax team has done a lot of the groundwork to figure out the best way to report crypto taxes, but neither myself nor Koinly are financial advisers and everyone out there has there own financial situation, so when in doubt, definitely reach out to a tax or legal professional. (if things aren’t sitting right for you.)
Koinly should have so many more followers and users. This service is brilliant and monumental in getting all our crypto taxes done and organized.
Thank you for this video !!!
I would be so very grateful if you would do another video but this time explain
1. If we didn't manually calculate things, are we screwed ?
2. Some defi ecosystems don't have a CSV file to download, which is what these tax softwares want from us to import. What do we do then?
3. How are autocompunders treated?
Is there a difference tax wise from a regular yield farm and an autocompounder?
4. How do we calculate our gains from play to earn defi crypto games like defi kingdoms ???
5. How do we find affordable CPAs in the states ?
6. There's so many wallets and exchanges that aren't supported on tax software like Terra and AVAX on koinly.
I know there's a way to manually do it but that goes back to the above questions because you need a CSV file you don't have to make it manually.
I'm frustrated and it feels like I've not found a good answer to these questions 😪 not even reddit lol
Thank you !!
Thanks for making life and crypto taxes simple :) hope the taxman has no issues too
A well explained video, from my experience on trading, one thing I can attest to is that with adequate support from a qualified personnel can go a long way in helping you gain unvarying profit.
Crypto is challenging, so there is no problem getting assisted
Jake Wolfe I am new to trading can you tutor me or is there a way I can join your team? If you have one?
I am still under the supervision of the experienced CONS. Edwin Earl and I depend on his trading pattern to make me profit
Trading can be confusing to most people especially if you are a newbie without constant supervision.
Jake Wolfe can you kindly fill me in on how CONS. Edwin Earl conducts his services?
I loved the Kramer's portrait on the background :)
Fantastic! So helpful program, thank you very much!
You're very welcome!
I was in to listening to him and learning and noticing a picture portrait of a person in the background, I was thinking it was his past relative and admiring him for him showing admiration, but it turns out its Kramer from sitcom Seinfeld!... I love it Lol
Who doesn't love Kramer?
Can you show what options to select from Koinly settings to generate tax report? I think is very important and you have omitted that. For US and Canada what settings should stay on/ off before generating the report?
Are you also planning to add Maiar Exchange soon? That’s already huge in terms of users.
Honestly im really starting to get pissed off with Koinly
I’m so excited to properly learn about this!
Hi. Thanks for the video. Can you explain how to get a public key (when not a geek) in order to synchronize my different wallets with Koinly. Thanks in advance. Cheers
Brilliant video friend...thank you.....(have subscribed)....CHEERS
Amazing! Thought crypto taxes would be impossible!
Thanks 1kmiles! Here to help 🙌
Really useful video. Only thing is. I can't see any videos on what each of the statements look like and more importantly do I get a FULL IN OUT TRANSACTION HISTORY for that year along with the statement I select. For example I need HMRC UK tax. When I select this option and pay 100USD for the statement, does this also include all the transactions on a PDF or CSV files that downloads. We need to see samples of how it will show because once you pay it might not be correct. Maybe a SAMPLE EXAMPLE of what each statement once paid for will look like. Thanks
Great video thank you for sharing this info , thumbs up
Only problem I am running into is scam coins or coins that migrated to V2 coins. V1 coins are throwing off the gains dramatically. Gains are way off
Sorry but I think you do explain it too fast. My wallet is synchronized but showing 2 mere transactions and now I feel already overloaded with information, don´t know where to start and stop.
My overview capital gains is negative, but when I go to download the tax report its show huge capital gains. Why??
Hey there, can you reach out to our support team so we better help you with your specific situation: koinly.io/contact/
J'aime beaucoup
Once I sign up for a plan , can I download as many reports as I need .. so a cap gains report ,a tax report, a transaction report etc etc .. thanks for any help
Hello there. A year later i go back and it is showing all the old data and my holdings have changed a lot. How do i get it to refresh the imported data?
So I have 65 pages of transactions somehow. How do I add all? I don’t get it at all.
can you please reach out to our support team so we can better understand your situation: koinly.io/contact/
Hello, where does koinly finds current value of NFT? is it from opensea? What if my Nfts are not listed on opensea but other platform?
So if 800 transactions are downloaded via my APIs but my tax year only has 40 transactions do I need to purchase a 1000 tx plan or a 50tx plan?
Theres no explanation for this on the website so I dont know which to purchase. The discussion threads asking this have been closed and the answer isn't visible
Hi, that's a great question. Please take a look at this guide as it should help to address your query help.koinly.io/en/articles/4660923-how-pricing-works-on-koinly
thanks great video help me a lot
I'm in over 100 projects on over half a dozen exchanges... I wish I just had BTC and ETH. lol Such a massive PITA... impressed with koinly... not impressed with having to pay taxes.
how to get the public key out for vet in the ledger?
I am seeing you are showing Costs & expenses. When I generated tax report there is no costs and expenses? Does cost and expenses includes fees paid on selling and buying? Can you explain more about that?
Hey Robin, please contact our support so we can give a detailed answer one what you are seeing and not seeing: koinly.io/contact/
You skipped the last step. The step I'm stuck on. Uploading the file to TurboTax.
You can check out our video on TurboTax here: ua-cam.com/video/Enw_7egJKk8/v-deo.html
U say enter your public key. What are public keys?
My Binance gives me only 3 months report... and its looks like an issue. How i can get full report?
Hey quick question for you guys. Last year, I did my taxes with Koinly. Will I have to upload the CSV files? Or will it sync up when I log in to my account? Also is there any way to contact someone at customer service?
why can i just generate binance file last 3 months? i wanna chose 1 year.
This is an issue with Binance. They have reduced the maximum allowed date range from 1 year to only 3 months for each csv file. They are still only allowing users to generate 3 times per month. We are looking what we can do to resolve this.
@@koinly i did some transactions in binance and same day i did generate all statements file, it was empty, does it take some time until we should generate report?
Thank you for a good info video. So I only pay taxes on realized gains correct ? Not on whole income?
This will depend on which country you are filling from. But there are income and capital gains taxes in most regions of the world. If you would like to learn more about specific countries crypto tax regulations, please check out our guides: koinly.io/guides/
want my money back. I have hundreds or thousands of trades and it cant tell that I bought sol on the same exchange I sold it on.
Great video, thank you....I joined Kionly...may I ask when it calculates the gains...does it take into the account the fees charged by coin vase/pro? or we need to calculate it manually
These fees should be shown clearly when you import the data into Koinly.
Why binance just allow 3 months of a timeframe
Does it complete the tax form for you?
I have two different portfolios on Coinbase Pro. I synced the first portfolio API to koinly successfully, however I couldn't sync the 2nd portfolio API because the 1st portfolio API is already synced and saved. How do I sync the 2nd portfolio API to koinly? OR Is there a way to Sync the API for ALL portfolios in Coinbase pro?
Is coinly detect Binance BNB swaping to Binance Smart Chain BNB inside Trust Wallet? Thanks.
What if I don’t have the coinbase wallet but I have the funds on the exchange
Please contact our support: koinly.io/contact/
One other issue I saw was that Uniswap and other Defi Luquidity Deposits and Withdrawals do not add up properly, the UNI V2 LP tokens show as a $0 and some withdrawals appear as full external deposits, how would you recommend handling these?
If the uniswap transaction involves tokens that we dont have market prices for then those wont be treated as liquidity transactions. We are working on a feature to manually correct such transactions.
@@koinly DeFi support should be improved greatly! this is not 2017 anymore
It says my doge not accurate. Do I need to do something diffrent shows yellow thing .
Please contact our support team so we can help you out: koinly.io/contact/
Coinly compare to tax.bit or accounting?
In australia tax year is july to June. On the dashboard i can’t frame this time period. Is there any way ?
You added your wallets, and then you added an Ethereum public address which was already a part of the wallet you added seconds prior. Why? Why would the public address for ETH not being found in the wallet you just added in. Thats the point of the Wallet.
This is just a demonstration of the varies ways you can import your data. If your wallet includes all your eth blockchain transactions, then feel free to exclude it. Some people specifically add only their eth blockchain transactions. There are many ways to import all the necessary data
Great video thanks for your help . I was wonder with the API limitations when you need to import a CSV , if this was done with a binance account for example would I have to do that every time as I would have to delete transaction history first and I guess auto synch won't work. And as far as I can see you can only get a few months generated at a time on binance , would koinly auto correct any duplicates or would I have to check them manually , thanks again for the vid :)
Would love to hear more on this as well, Binance only does 3 months at a time and it seems a lot of entries are missing in the CSV when i download it in some 3 month blocks. Any other way of getting the complete CSV history?
Hey there, for more specific questions about your issue, contact our support team for further assistance: koinly.io/contact/
does koinly keep our data secure ?
great video :)
Thanks for showing us TWICE how to change the name of our wallets before magicly "importing our public key" without any instructions TWICE. tons of help now that I know how to type the name in I guess I'll just Google the rest of the technical stuff you didn't bother showing us how to do. Like wtf is a public key? Where do we find our public key? That kind of stuff.
If you hold a token that receives reflections how do you go about that? What about a token with rebases like $TIME, $MEMO, $WMEMO etc....
Hey, can you please reach out to our support team so we can assist you: koinly.io/contact/
How or where do i find the private and public keys to add coins from the ledger. Its not explained on the video
Hello there, please see our UA-cam channel, we have specific videos for ledger and other hard wallets.
Hi, I tried API option for Binance import, but it doesn't load any transactions nor have a yellow bubble with reporting an issue. Just says "synced".
Additional question, I am UK tax payer, but I trade/work with USDT/USD on FTX and Binance. Would there be an issue with this when it comes to the calculation that Koinly performs for the final reports?
Great video. When you say it doesnt track the 'Buy Crypto' do you have to import that yourself then?? Also my generate all statements only allows 3 months at a time
Would love to hear more on this too, seems to me the 3 months at a time statements might be missing data.
Binance allow only 3 months CSV file unluckily, how to do for the full year ?
I believe that it has been updated now to 1 year
@@koinly unluckily not, saw your video yesterday and follow all the steps, contacted binance support and continuously said that only 3 months can be downloaded. So this is an issue for me as the API key as you correctly shown provide some missing transactions, in my case 65 missing on 3100
Im not clear on what the difference is between the "free" version and the paid subscription. Can you clarify that please?
You can import all the necessary data and track your transactions with the free version. In order to export tax reports, you will have to get paid plan.
In canada u need to click download tax reportc ( 10:15 ) ? Omg l thought this was a tax fill software ugh why have to print download 😑
We are not a tax fill software like TurboTax or other 3rd party tax service software. We are specifically focused on your crypto taxes.
I loaded mine and they seem to be all messed up. Sheesh
Hi there, contact our support team if you are still having issues: koinly.io/contact/
I have a question please: how about the Token, and the Reflection Rate? can you give me an idea how this will be reported? Thank you
Hey Mohammad, for these technical specific questions, id recommend going to our support team for further assistance: koinly.io/contact/
Koinly is not working at all for me, only showing diffenerce than what it should also it shows that i have more eth than i really have, so annoying when you bought a service that cost over 400€ and is not working at all.....
Please contact our support team so we can sort this out. koinly.io/contact/
If I have recently setup accounts with Binance & Bitstamp to trade XRP, where do I get the public key for the ledger? I'm a little confused.
There is no public ledger key for centralized exchanges. You can import this data by setting up the API or the csv files. See article on how to import from exchanges: help.koinly.io/en/articles/3662963-how-to-import-data-from-crypto-exchanges-services
If i sent btc to an exchange to buy another crypto, let say ADA and then the exchange was hacked and i can't login to that exchange anymore. How would i be able to import the transaction i made in that exchange to koinly?
There are a few options in this case. You can either tag withdrawals to this exchange as Lost (this will prevent gains from being calculated on it) or create a custom wallet from memory (this will work if you have few transactions made in the exchange). You can find more detailed information about how to treat transactions made on closed exchanges via the link: help.koinly.io/en/articles/4928601-dealing-with-closed-exchanges-like-mtgox-cryptopia-etc
If we have never used anything like this, and we started in the end 2018, Will it go back to 2018 to our very first trade?
This will really depend on the API limitation of the exchanges you use. Usually the best option is to download a CSV file(s) with all your transactions dating back to 2018 and import them. Hope that helps. If you need additional assistance, contact our support team: koinly.io/contact/
So koinly could access your private keys ?
Koinly needs the keys to use the API.
It's very important that you disable any trading and transfer permission. If the API only has reading permission then it is not possible to do any trading or transferring with the API so your funds are safe.
Most exchanges offer a CSV export as well which is a good option for anyone that doesn't feel comfortable using the APIs.
What cost basis method should i use?
That is a question that you will have to figure out on several factors like your region and the way taxes are handled in your region. If you have more technical questions, please try our support: Please contact our support: koinly.io/contact/
I use Binance to buy and stake. Then I move some to my Ledger Nano for long term holding. would this work.
yes, it would. we have videos on staking. please feel free to browse the channel
hi sir i bought some coins back in 2017 on poloniex but latter in 2019 poloniex vanished from US ...at that time i took out all my coins from poloniex to different wallets and exchanges but forgot to takout my transaction history ...what should i do ...waiting for ur answer....thanx
We made a video about dealing with closed exchanges: ua-cam.com/video/efVS039_l7E/v-deo.html
If you need even more specific information, you can try out Forums: discuss.koinly.io/
Hi, just a question, when you finish to generate the whole report and everything is done properly, do you still need a accountant ? Or your finalise yourself with the HRMC for example? Thanks
That will depend on your tax situation. The report is something you will file, whether with an accountant or not, will be up to you.
I just connect my wallets when its Tax Season to get my report of transactions, correct?
Correct
This isn’t step-by-step you didn’t show how to get your public IP number on ledger
i mine on a mining pool. koinly doesnt know the source of this so do you just manually select mining in the transaction type?
Hey hOnG, this seems like a slightly more technical question where we need a bit more information. Try contacting our support team directly: koinly.io/contact/
@Koinly do I have to generate my 2021 tax report before the end of this year, or can I do this on the week first of 2022 before I file my actual taxes?
You should be able to do it now. If you are still having issues, contact our support team: koinly.io/contact/
Is there a number to call for live help if you have questions?
We are a small team, there is no live number at the moment. Here is the help forums: help.koinly.io/en/
Here is the contact page with email and chat support: koinly.io/contact/
In Tax Report, if it has multiple Reviews that are minor, can you still output a viable report to upload to TurboTax?
Hey Falcone, Usually you want to resolve all the reviews but if you feel like they are insignificant, you can still output a report.
You replaced the Binance API with the CSV import option, so now in the future you will need to continue manually importing instead?
I deleted the existing transactions that were imported by API, not the API connection itself. So from now on API will import only new transactions.
Not all coins are found here. What's up? Binance smart chain is there but cannot add Binance coin wallets?
And lots of other wallets are not found. I see them on dashboard but I can't add them if I happen to have different wallet.
Here is a list of exchanges that are support: koinly.io/integrations/
It's possible that some are missing but most should be there.
What happens if you have generated 2 statements from binance to import to koinly for transaction descrepentcy. Are you able to do it this way without deleting existing transactions. I've only got 5 months available and binance isn't allowing me to generate a full year just 3 months?? Any help would be welcomed ☺
Where you are talking about api limitations 9mins 20 onwards??
Hello, contact our support team for further assistance: koinly.io/contact/
Does it work on Metamask, BSC wallet etc? And can gas fees be claimed as expenses?
Yes it does. Recently I made a video about Metamask. Gas fees can not be claimed as expenses unfortunately.
I'm a UK resident but US citizen, I've traded in both countries, can koinly handle this?
That wont be handled automatically since the cost basis methods are completely different between the 2 countries. I have notified our support team so they can write an in-depth article on how this would be handled.
Do I have to pay tax if I make 300 month and do they take the tax by themselves or how
Yes, you have to declare mining income
I have a few different accounts including an XDai Wallet, when I tried importing my Xdai wallet it did no recognize the internal transfer from my ETH Wallet using the XDai POA Bridge into the XDai wallet and marks it as external withdrawals and deposits. Will this be fixed soon? If not how would you recommend fixing this? I have a lot of XDai trades I would prefer to automate
This is a known issue with xdai and should be resolved soon, your account will be updated automatically once the fix is live so you wont have to do anything.
@@koinly thank you for the update, do you know if there is an expected timeline for the resolution to be implemented? Just curious if I should wait for it before the tax deadline
in koinly you'll have to fill the form 8949 or koinly will fill it for you?
Koinly will print out a filled out form
How do you do with trust wallet
Here is a video just for Trust Wallet: ua-cam.com/video/DlZfkBYA0CI/v-deo.html
Hi.. CAN I DEDUCT COINBASE FEES? 1/25 OF MY LOSSES ARE FEES
This will depend on which country you are from but for most countries the answer will be no. Feel free to double check your countries rules and regulations. help.koinly.io/en/articles/3661467-how-are-exchange-transaction-fees-handled
When i click on tax report. why is my gains so much when i havnt actually gained any profit lol
@@grahaml334 thanks but I gave up lol
@@grahaml334 I'm not paying taxes. They can come get me 🤣
does this include crypto back loans?
This is not a topic covered in the video. Contact our support so you can help you directly.
What about uniswap?
I have made a video about uniswap: ua-cam.com/video/tIhH1420Ieg/v-deo.html
Hello! How do we tag IDO's? If I participate to a IDO, I send the money to a adress and become The amount of ''S..tcoin'' token. Now the Koinly see the token as purchased at zero cost, but I've paid for them. Do you know how this is treated in Germany, as a tax? Thanks.
we made a video about that: ua-cam.com/video/SeDo9Oe-Xds/v-deo.html
@@koinly Thanks! I've didn't see it! Buy the way, this is the most useful software to calculate our taxes!
I seen the packages, $49 100 transactions, sounds good... Terms of service: may take percentage of assets on monthly basis??
We dont take any percentage of assets, Koinly is free to track your taxes. You only pay for tax report download.
Couple of questions please, in importing transaction history into Koinly from Blockchain, do you have to copy every public key for every transaction you made on a particular coin, for example Bitcoin? Or do you just copy one key to represent every transaction under the coin? Does it also apply to other coins like Ethereum? (2) Atom (Cosmos) don't seem to be supported by Koinly how do you get Koinly's public key to accept it.
1. Blockchains like Bitcoin should be imported using the xpub or ypub key. See article on how to find the xpub. help.koinly.io/en/articles/4735660-how-to-import-data-from-blockchains-eth-btc-etc
2. Blockchains like Ethereum (that use the same address every time) can be imported using the public address
3. We don’t have support for auto-syncing Atom atm but will be adding this soon.
Where is fifa news?!
Nesaprotu 😢
Slow it down
Slow down
If you are not educated you can't invest
All your teaching video's are very very fast.
Please go slow and make it simple
Hello, thanks for the feedback. We're working on improving the quality of our videos and hope you'd find it simpler.
hi! i followed the guide but the Binance statement downloaded in tar.gz format (not CVS). I tried uploading it on Koinly and it does not recognize it :/ Please help? i am doing manual as i got yellow attention mark when i synched directly
Hey there, check out this help guide. If you have any other problems, let us know help.koinly.io/en/articles/4224258-how-to-fix-invalid-csv-excel-files