This is a bonus newsletter containing exports from my Koinly account. I wanted to provide you with an expectation of what is in the reports so you can make a better judgement on whether or not you’d like to use a service like Koinly to automate your crypto taxes.
Support for Many Countries and Calculation Algorithms
Many Types of Reports for your Business, or Personal Taxes
What is Inside a Koinly Tax Report?
Koinly includes a section in their Tax Report for each area you are required to report to your government. This includes capital gains, income, and even gifts. One thing I really like about Koily, is the ability to change the type of transaction that occurred. For example, I am able to claim a total loss on something if I am no longer in control of a wallet I own. If I’ve lost cryptocurrency in the past, then I should be able to reduce my tax liability. This nuance can end up saving you a bit of money with the government. Even though it stings to have lost that money, you should still be able to obtain a benefit for no longer being in control of it.
My 2019 Capital Gains Summary
IMAGES AND CONTENT REDACTED — [ May 1st 2022 ]
Koinly is Only as Good as the Data you Feed It.
The numbers that Koinly gives you are only correct if you’ve given Koinly the full picture. Thats why it is still important for you to keep on top of your crypto addresses, the exchanges you are using, and the services you’ve signed up on. Koinly is not liable for reporting generating reports with inaccurate numbers because as far as Koinly is concerned, it is just applying their algorithms to the data you’ve given them. If you haven’t given them the right data, then they’re not going to pump out the right reports. The onus is always on you to report the correct numbers to your tax agency.
Your Crypto Portfolio Can Get Hairy. I’m Here to Help.
During Tax Season, my company can be hired to help you put your cryptocurrencies in order. Once you start importing your transactions and wallets into Koinly, you are bound to have transactions that are flagged for errors. Depending on how many transactions you have, this can be a mess to sort through. During my 2018 tax year, I spent between 20-30 hours organizing my transactions in order to get the most accurate picture of my dealings in crypto. Hire us to do this for you, if you want to save yourself time.
All The Best,
Keegan Francis