Girl you are awesome! Thank you so much for giving us this informative video on how the hell to prepare these crypto taxes for us newbs. Too bad Koinly doesn't support Avalanche Network, but still worth it.
Hi. I am in Canada. Should I use "Universal" or "Wallet-based coin-tracking" on Koinly settings Tax report? The difference is huge. Let me know, please. Thank you
I will strongly advice you against self trading, it's really dangerous and had brought so many investors down, you need some one with the knowledge and strategies, someone dedicated to the crypto currency market buisness, and I will strongly recommend expert Mrs Jane Marie
Does koinly take into account the timezone you're in? Example, I sold nfts at 12/31/21 my timezone for losses but etherscan is utc time zone so it shows I sold on 2/1/21
Hi thank you for the video. How do you decide which cost basis method to use to calculate tax? I see you chose ACB as against FIFO, any particular reason
The crypto world and the taxes law. The technologies for taxes are just not ready imo. Platform as Koinly and exchange with API have too many imperfection for big player.. I dont talk to a single person with more than 25 K transactions who figured out how to report it well with everything mixed together. Like 10 exchanges. 15 wallets and 3 brookers.. Most Koinly reviews looks fake imo. Or paid youtubers
Yeah, there are definitely a lot of improvements to make. I found Koinly made it easier for me than trying to do it all manually myself, but it's definitely a messy process especially if you're a super active trader. Fingers crossed they figure out how to streamline the process in the coming years!
@@BrieKirbyson I just dont know how CRA will do to know exactly what are the good numbers to tax for big traders. outside of the fiat I depostit and withdraw koinly is not accurate for the profit between all the trades..
Thx for the video! I have question about free BTC from Shakepay that you get by shaking it everyday. What type of the transactions are they? Reward or Deposit or something else? Please advise..thx!
Thx for this info Brie. Curious how your transfers from Cdn Exchange to Celsius wallet displayed with the program. Where those items you had to manually update as transfers? I send to Celsius from NDAX but want to ensure those are represented as transfers not selling events (trades).
Great question! It depends on the exchange. I don't use NDAX, but I did transfer crypto from both Shakepay and Newton to Celsius. Newton transactions were classified correctly as transfers, Shakepay transactions were not. They were added as deposits and I had to manually change them to transfers.
Hi Brie, Do I need to register a business to claim capital gains on my taxes? or can I just deposit the funds in my account and claim it as capital gains with my accountant.
I used Koinly to file this year, like you said it's possible to calculate it manually but I tried and it's just too much work. It's a bit of an expense but it saves you the headache, the only issue I had is that it wouldn't sync some of my transactions properly. Sometimes I would have transactions involving transfers between one exchange to another, but it wouldn't recognize the relationship and thought I sent it somewhere unknown. Other than that though, I recommend it
Yes, similar experience for me! Was a bit time consuming to make sure all the transactions were correct, but easier than it would have been without it.
Good question! It's because the crypto you use to pay for the expense might have gone up in value in the time between when you bought it, and when you sold/spent it. So if you bought ETH when it was $3,000 and then paid ETH gas fees on a transaction when ETH was at $4,000 then you've realized a gain. Of course, in the case the value has gone down in that timeframe, it would count as a loss instead.
If you use Koinly for centralized exchanges, there’s an option between using API or csv. API would be great if it actually worked! It’s not Kounlys fault though, it’s the exchange. API only worked for Coinbase for me. Kucoin, kraken, and bitrue required CSV because they’re API sucks
@@BrieKirbysonin my tests, Koinly works better with API at Gemini, Binance US, and Kucoin and connected directly with Coinbase, being more accurate than others. so I will pay for Koinly, but still afraid of how it will work to import the data on Turbo Tax, some people had problems recently. It's a pain to report crypto transactions... (Koinly didn't work well with CSV imported from Nexo...)
I will strongly advice you against self trading, it's really dangerous and had brought so many investors down, you need some one with the knowledge and strategies, someone dedicated to the crypto currency market buisness, and I will strongly recommend expert Mrs Jane Marie
im starting to hate crypto
Girl you are awesome! Thank you so much for giving us this informative video on how the hell to prepare these crypto taxes for us newbs. Too bad Koinly doesn't support Avalanche Network, but still worth it.
You would think transfer fees would be an expense.
Hi. I am in Canada. Should I use "Universal" or "Wallet-based coin-tracking" on Koinly settings Tax report? The difference is huge. Let me know, please. Thank you
I will strongly advice you against self
trading, it's really dangerous and had
brought so many investors down, you need
some one with the knowledge and
strategies, someone dedicated to the
crypto currency market buisness, and I will
strongly recommend expert Mrs Jane Marie
Does koinly take into account the timezone you're in? Example, I sold nfts at 12/31/21 my timezone for losses but etherscan is utc time zone so it shows I sold on 2/1/21
@12:08 “a couple of hours” hehe he he yeah I wish...
Hi thank you for the video. How do you decide which cost basis method to use to calculate tax? I see you chose ACB as against FIFO, any particular reason
How do you use with pancakeswap?
The crypto world and the taxes law. The technologies for taxes are just not ready imo.
Platform as Koinly and exchange with API have too many imperfection for big player..
I dont talk to a single person with more than 25 K transactions who figured out how to report it well with everything mixed together. Like 10 exchanges. 15 wallets and 3 brookers..
Most Koinly reviews looks fake imo. Or paid youtubers
Yeah, there are definitely a lot of improvements to make. I found Koinly made it easier for me than trying to do it all manually myself, but it's definitely a messy process especially if you're a super active trader. Fingers crossed they figure out how to streamline the process in the coming years!
@@BrieKirbyson I just dont know how CRA will do to know exactly what are the good numbers to tax for big traders. outside of the fiat I depostit and withdraw koinly is not accurate for the profit between all the trades..
There is two instagram account with your name.. which one is the good one?
I love you for this really needed it lol
Thx for the video! I have question about free BTC from Shakepay that you get by shaking it everyday. What type of the transactions are they? Reward or Deposit or something else? Please advise..thx!
Good question! I believe they are deposits and counted as earned income for tax purposes
How are crypto derivatives taxed in Canada? That's a financial instrument.
Thx for this info Brie. Curious how your transfers from Cdn Exchange to Celsius wallet displayed with the program. Where those items you had to manually update as transfers? I send to Celsius from NDAX but want to ensure those are represented as transfers not selling events (trades).
Great question! It depends on the exchange. I don't use NDAX, but I did transfer crypto from both Shakepay and Newton to Celsius. Newton transactions were classified correctly as transfers, Shakepay transactions were not. They were added as deposits and I had to manually change them to transfers.
Hi Brie,
Do I need to register a business to claim capital gains on my taxes? or can I just deposit the funds in my account and claim it as capital gains with my accountant.
I used Koinly to file this year, like you said it's possible to calculate it manually but I tried and it's just too much work. It's a bit of an expense but it saves you the headache, the only issue I had is that it wouldn't sync some of my transactions properly. Sometimes I would have transactions involving transfers between one exchange to another, but it wouldn't recognize the relationship and thought I sent it somewhere unknown. Other than that though, I recommend it
Yes, similar experience for me! Was a bit time consuming to make sure all the transactions were correct, but easier than it would have been without it.
thank you for this video. i noticed you mentioned that we may have to PAY taxes on transfer fees. why would be pay taxes on an expense?
Good question! It's because the crypto you use to pay for the expense might have gone up in value in the time between when you bought it, and when you sold/spent it. So if you bought ETH when it was $3,000 and then paid ETH gas fees on a transaction when ETH was at $4,000 then you've realized a gain.
Of course, in the case the value has gone down in that timeframe, it would count as a loss instead.
Loved the video and subscribed! Can you tell me how to report a gift received from a friend?
If you use Koinly for centralized exchanges, there’s an option between using API or csv. API would be great if it actually worked! It’s not Kounlys fault though, it’s the exchange. API only worked for Coinbase for me. Kucoin, kraken, and bitrue required CSV because they’re API sucks
Yeah, it's definitely hit or miss depending on the exchanges you're using, unfortunately.
@@BrieKirbysonin my tests, Koinly works better with API at Gemini, Binance US, and Kucoin and connected directly with Coinbase, being more accurate than others. so I will pay for Koinly, but still afraid of how it will work to import the data on Turbo Tax, some people had problems recently. It's a pain to report crypto transactions... (Koinly didn't work well with CSV imported from Nexo...)
Mine going be like yours
Good job again !
How on earth are gas fees seen as taxable income?
Specific lot ID?
How does koinly price compare to others? Seems pricey
Cheaper than most accually!
they are asking money for report
Yes, you can get started for free, but you'll need to sign up for a paid plan to download your tax reports.
Koinly sucks. Nothing adds up and support is useless.@
Mine going be time consuming I am from Canada one exchange can't find pionex
I will strongly advice you against self
trading, it's really dangerous and had
brought so many investors down, you need
some one with the knowledge and
strategies, someone dedicated to the
crypto currency market buisness, and I will
strongly recommend expert Mrs Jane Marie
@@dahirukabiru672 sorry don't need your knowledge