How to Use Koinly to Help You File Your Crypto Taxes
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- Опубликовано: 26 июл 2024
- 🥳Get a 30% Discount on a Koinly Tax Report When you Use My Link🥳
Sign up for a Koinly Account Here: koinly.io/?via=DDCB9CA6
Koinly is a crypto tax solution built for cryptocurrency traders & investors.
Koinly imports data from 350+ crypto exchanges & 50 wallets.
Add transaction data from over 17,000 cryptocurrencies.
See totals for capital gains and losses, income tax and expenses.
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IMPORTANT! Financial Disclaimer: I am not a financial advisor. The ideas presented in this video are personal opinions and for educational and entertainment purposes only. You (and only you) are responsible for the financial decisions that you make. For tax related questions, reach out to hello@koinly.io
00:00 Introduction
01:15 Why Do we Connect our Exchanges to Koinly?
01:40 Why do We Connect Our Cryptocurrency wallets to Koinly?
02:38 Get Your Account Set Up
03:49 Connect Coinbase Exchange to Koinly (Auto Sync)
06:49 Connect Binance.US Exchange to Koinly (Set Up API)
12:06 Connecting Additional Exchanges to Koinly
12:52 Connect Ethereum Wallet to Koinly
15:09 Connect Bitcoin Wallet to Koinly
16:53 Connect an XRP Wallet to Koinly
18:28 Connect a Cardano Wallet to Koinly
20:47 Confirm all of Your Wallets are Synced Up to Koinly
22:21 Generating Tax Reports Using Koinly
24:59 Available upgrades
25:30 Overview
#koinly #crypotax
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!
Thank you Rex, very useful walk through, excellent job.
Wow, amazing, this is exactly what i need. Thanks a lot mate!
Thank you, updated and useful information.
Clear and concise video! Thank you.
You just made my day again, Rex. I have been struggling with this for some time and having watched a few other videos without result, sort of gave up.
So pleased I found your easy to follow instructions and explanations. Thanks again.
One of the best videos out there on a topic we all need more coverage on! Thankyou @cryptodad!
So helpful thank you for your service !
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
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
Great tutorial! Excellent job!
Best crypto HOW TO in the whole business! Brilliant
Thanks. Good informative video.
Thanks!
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 tutorial as always
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.
If there is any updated info about transferring from ETH to ETH 2.0, whould you please discuss it in future posts., Thank you.
How do you sync trezor model t to koinly?
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!
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.
Great!
do you have a discount code i can use (i am already using koinly, existing user). thanks
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?
Does koinly put into account Binance buying and converting events when using API connection?
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.
The pay plan is only for 1 time, or is forever?
Hi, Does it support leverage like Doge5L please? I added api and did not see the correct transaction for Doge5L.
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.
Does Koinly support Tangem Wallet or do you have to manually enter each transaction into Koinly? Thanks
How does this platform work with sites like Public, Webull, and Robinhood etc?
If the crypto exchange uses HIFO then do I need to use HIFO on koinly?
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?
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
This is in Australia? As far as know Syla app must be used?
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
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.
Hi Crypto Dad please let me know how to deal with wallet like TanglePay and exchange like ChangeNOW or Changelly thx
Do you like coin ledger or koinly better?
If you downloaded 1year Csv file from binance, will that show the purchased you have done with your bank card too??
I can’t paste from my ledger!
Thanks Cyptodad
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 can I account on Koinly for simple withdrawals from a trading platform into my Trezor?
I tried the XPUB from my cold wallet but Koinly won't connect - anyone have this issue??
What if some wallets have different emails
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.
Why are your screenshots so blurry?
Lbank doesn't fully load up. Be careful out there
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.
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?
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'.
68th...Thanks
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 !
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
have you already paid for expert service at Koinly? Does this had some helpful moments?
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. 😀
Whats your favorite. Taxbit koinly or cointracker?
Hi Crypto dad, I have a question please and would appreciate your opinion (I know its not financial or tax advice). If I buy USDC on coinbase send it to my metamask and then swap it on uniswap immediately for another token do i need to report this on form 1040 section D to the IRS even though I haven't sold and am still holding the token, amd there is no gain or loss. In other words it was an immediately swap with a gain or loss form one token to another.