Koinly

Highest supporting over 10,000 transactions. Koinly Pricing (Source: Koinly offers a free version of the software that provides many of the same tools as paid versions. However, free users cannot generate official tax documents while maintaining access to portfolio tracking and tax guides.Koinly Company BackgroundHeadquartered in London, Koinly was founded in 2018 by Robin Singh. As an early cryptocurrency investor, Robin struggled to accurately track tax information. In response, Robin and his team began to develop a solution in collaboration with reputable tax firms, traders, and engineers.They sought to create a crypto tax software that could automatically track transactions across multiple accounts to generate accurate tax information ready to submit to government entities. After many iterations and failures, Koinly has secured itself as a leading crypto tax software.How does Koinly Work?Koinly works by aggregating transaction data through various methods to provide accurate information regarding investor’s portfolio and tax implications. Users can link the Koinly API to their favorite exchanges, sync their wallets, or directly import transaction data. Once connected, users can view real-time portfolio data such as gains, losses, and even information from passive income activities such as staking. Through the automated transaction tracking features, users can easily generate government-compliant tax forms customized for each individual, dependent on their situation and tax strategies. In the United States, Koinly can generate and auto-populate Form 8949 (Sales and Dispositions of Capital Assets), which is used to complete Schedule D of investor tax forms.Koinly Supported Crypto ExchangesKoinly integrated over 400 exchanges for users to link their accounts directly. This includes most major exchanges and some rare as well. A full list of supported exchanges can be viewed here.Popular supported exchanges include:CoinbaseBinanceFTXKuCoinKrakenBitfinexKoinly Supported WalletsIn addition to the extensive exchange integrations, Koinly supports over 100 cryptocurrency wallets. Users can sync their data from most wallets, including support for major hardware wallets. The full list of supported wallets can be viewed here. Supported wallets include:MetaMaskLedgerCoinbase WalletUpholdTrezorTrustNotably, Koinly supports every cryptocurrency available on the market, from Bitcoin to the most niche of altcoins.Security: Is Koinly Safe & Secure?Koinly has proven to be a safe platform for crypto users by implementing a variety of security features. All exchange APIs and blockchain keys are encrypted, and Koinly does not have access to user funds. Because Koinly does not hold any assets on the platform, there is a much lower chance of users being hacked. The platform also boasts a 99.9% uptime that increases Koinly’s reliability. Koinly utilizes third-party tools to scan for vulnerabilities to improve security infrastructure continuously. To provide additional layers of security, Koinly hosts all data on the cloud security platform Heroku [1]. Customer Support: Contacts & How to Get HelpKoinly adds to the customer experience by providing a number of efficient support channels. The simplest way to reach customer service is through the live chat box located on the bottom right of the site, where users can connect with an agent to resolve the issues in under two hours.Users can also email the team directly at

Hello@koinly.io or use the Help Center to troubleshoot problems individually. Who is Koinly Best For?Koinly is an intuitive crypto tax solution that offers an impressive set of features and availability for investors of all levels. Most cryptocurrency exchanges do not provide tools for crypto taxes, but all investors require them for accurate tax information.Although the free version of the platform does not provide tax form generation, investors can still utilize the automated transaction tracking features to aggregate their assets into one place. Beyond tax information, users can view useful portfolio data such as Profit and Loss (PnL) and income streams to better inform their investment decisions.High-frequency traders can purchase pro-level access to track over 10,000 transactions across platforms and wallets. These users will also have access to expert advice regarding tax planning and strategy.Koinly is available in over 100 countries, including the United States, Canada, and the United Kingdom, and is fully compliant with most government regulators. Users of all levels can utilize the insightful tax guides when preparing their crypto taxes. Koinly currently provides limited support for NFTs but is actively building these capabilities. By adding integrations beyond Ethereum-based chains like Solana and Wax, Koinly will introduce an efficient tax solution for NFT investors. Security. (n.d.). Koinly. Retrieved November 7, 2022, from

KoinlyAutomatically generates official tax formsCompatible with traditional tax software such as TurboTaxOver $250 million USD funds trackedPros:Supports every cryptocurrency availableAvailable in over 100 countriesFully compliant with IRS and other government regulatorsCons:Expensive pricing plansThe free version does not provide official reportsLimited NFT compatibilityKoinly Ratings and ReviewsKoinly is a crypto tax software investors can use to track tax implications accurately, generate official tax documents, and view their portfolio data across multiple platforms.Through the free version, investors can utilize the automated transaction tracking features to view insightful information regarding their portfolios. Paid users have additional access to automatically generated tax documents that are ready to file.Koinly has become a leader in the tax solution space by offering a comprehensive experience to investors of all levels while providing a safe and secure environment created by an industry-leading team of blockchain and tax experts. Koinly Homepage (Source: Highlights of KoinlyReports generated by Koinly are fully compliant with IRS and other government regulators.Koinly supports every cryptocurrency available through multiple avenues of asset syncing.Koinly tax reports are compatible with traditional tax software such as TurboTax.Official tax reports are automatically generated depending on the user’s location.Koinly automatically identifies multiple income streams, such as staking, mining, and lending.Koinly is available in over 100 countries.Risks of using KoinlyKoinly has expensive pricing plans compared to other tax softwaresThe free version of Koinly does not provide official reports but offers other powerful features.Koinly users do not have access to automated tax-loss harvesting features.The NFT compatibility provided by Koinly may be limited.CoinLedger supports many payment methods, but users cannot pay for services with cryptocurrency.Koinly FeaturesUniversal Wallet Cost Tracking: Connect multiple wallets in a universal pool that automatically tracks transactions across all wallets. This function is utilized by individuals with multiple wallets as well as companies operating across multiple chains. Crypto Portfolio Tracker: Aggregates holdings across wallets to display portfolio value and tax implications in one place. Users can also view passive income streams such as mining, staking, and lending activities.Koinly API: Connect the Koinly API to compatible exchanges such as Coinbase, Binance, and KuCoin to avoid syncing multiple wallets and dealing with exported data. Transactions associated with connected accounts are updated in real-time, allowing users to access the most current data.Tax Guides: A regularly updated database of detailed tax guides for users in all supported countries. For example, the United States 2022 tax guide details the specifics of capital gains taxes, cost-basis methods, U.S. regulations, and efficient tax strategies.Smart Transfer Matching: Through artificial intelligence, Koinly can detect transfers between owned wallets to ensure accurate cost-basis tracking. This automated system guarantees maximum accuracy of tax information for investors.Koinly Pricing & FeesKoinly provides a comprehensive package of tools but is also one of the more expensive cryptocurrency tax solutions. Koinly provides five pricing plans with varying levels of benefits. With paid plans ranging from $49 to $279, there are tax solutions for all levels of traders. The primary difference between plans is the number of supported transactions, with the lowest plans supporting 100 and the

To be regular taxable income.If you hold cryptocurrency from any of these activities, and either spend or sell it later for more than its value when you first received it, you owe short- or long-term capital gains taxes on the profits, based on how long you’ve held it.Money Lost on Crypto May Count as a Capital LossWhen you sell an investment asset for a loss, you can deduct some of your loss from your taxes. If you sold crypto for less than you paid for it, you can also claim a capital loss, and use it to offset other income taxes.Compare the best tax software of 2025How To File Your Crypto Taxes in 2023The standard Form 1040 tax return now asks whether you engaged in any virtual currency transactions during the year. The current 1040 includes this question: “At any time during 2022, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?”While buying cryptocurrency alone isn’t a taxable event, the sale of a cryptocurrency qualifies as a taxable transaction.Keep RecordsYou must keep track of all your cryptocurrency transactions, including how much you paid for crypto, how long you held it, and how much you sold it for, as well as receipts for each transaction. You’ll also need to note the fair market value of the cryptocurrency when it was used or sold.While your crypto exchange may provide a 1099-B reporting your crypto transactions to both the IRS and you, it may not record the cost basis or the original amount you paid for your crypto if you transfer coins between offline cold wallets and your account.Tools like Koinly and Cointracker connect to exchanges and crypto wallets to track your crypto transactions and complete the forms you need to file your cryptocurrency taxes.Fill Out Tax FormsOnce you have a record of your crypto transactions, you’ll need to fill out certain tax forms depending on how you used your crypto. Here are some examples of forms that you may need to complete.Form 1040. This is the standard form you’ll use to file annual income taxes. On the form, there’s a line to report your total gains or losses from crypto.Form 1099-NEC. If you earn crypto by mining it, it’s considered taxable income and you might need to fill out this form.Form 8949. This form logs every purchase or sale of crypto as an investment. This

Should include the amount of crypto, the date and price you bought, the date and price you sold, and your gain or loss for each transaction.Schedule C. If you received coins from mining, you need to disclose whether you received them as a business or as a hobby. If you’re running a crypto mining business, you may owe self-employment taxes if your income exceeds your expenses for the year.Schedule D. This form summarizes your total capital gains and capital losses from all investments, including crypto.Schedule SE. You might use this form if you earned any crypto income through self-employment.File Your TaxesIf you keep records in software like Koinly or CoinTracker, you can connect them with your online tax software of choice. Then use the online tax software to file your overall state and federal tax returns.For those looking for one-stop services, TokenTax provides a full suite of accounting services to track and prepare both your crypto and regular taxes.Consider Hiring a ProfessionalPreparing for cryptocurrency taxes can be complicated, especially since the laws surrounding them are constantly evolving.If you’ve made a substantial income from cryptocurrency, it may be worth hiring a certified public accountant (CPA) who specializes in this type of tax work, so you don’t have the IRS chasing you down later.How To Minimize Crypto TaxesHold crypto long-term. If you hold a crypto investment for at least one year before selling, your gains qualify for the preferential long-term capital gains rate.Offset gains with losses. As with any investment, you can take advantage of crypto gains by also claiming losses on other investments during the year. This process is known as tax-loss harvesting, and the maximum you can write off in a year is $3,000.Time selling your crypto. If you have the luxury of time on your side, you can always try to wait out a lower tax rate.Claim mining expenses. While it might seem like a low-cost activity, in theory, crypto mining comes with considerable expenses, including computers, servers, electricity, and internet service provider charges. If you are a crypto miner, you can deduct these costs against your mining income, though the amount you’ll be able to deduct will depend on whether you categorize your operation as a business.Consider retirement investments. If you invest in crypto using a retirement plan like a traditional individual retirement account (IRA) or Roth IRA, you can defer or avoid investment gains entirely, though it’s

They fixed gate.io api hookups and now that works. ct has best underlying support for taxes.Īs a CPA, how do you suggest I deal with a $5 token pegged to a $500 cost basis, inflating my cost basis exponentially for most trades made after I acquired said token? How would you tackle my thousands of inaccurate DeFi swaps and countless unknown LP pairs on BSC - that is such a disaster, that they have to be reported as simply BUSD in and BUSD out, costing me deductions for my short term losses? Better question - as a CPA, do you think it is wise to purchase a service that does not deliver on its core function of providing accurate tax prep and 'coin tracking?' Unless you are paying for Cointracker, that is. That being said: if there was a service that did all the things Cointracker is supposed to do, I wouldn't expect it to be free, nor would I want it to be - you get what you pay for. I know there is a "pro" level at $100 a month that supposedly comes with "priority support" (maybe they answer emails?) but I'm not that much of a dupe to subscribe to that. Pay the few dollars for paid plan and they respond faster.Īs I mentioned, I am "paying for a service that is not being delivered." I purchased the tax plan and I'm a monthly subscriber at the "enthusiast" level. If you're not satisfied, we're not satisfied and we stand by our 100% 30-day money back guarantee if you fall into this bucket. We realize that this may be too little too late for some folks. You can see some of our top requested changes here (or request your own features). Product quality - we're setting up 2021 planning to dramatically improve DeFi, mobile apps, crypto data, integrations, tax-loss harvesting, and lots more. If you or anyone you know is interested, please reach out. Scale the team - we're immediately looking to at least triple our support staff. The result is that customer support and product quality stagnated and we totally realize that. The reality of the situation is that our small team was hammered with the recent bull cycle and we were working around the clock (literally) just to ensure that the website could stay up to keep up with the enormous increase in demand.We don't have any excuses for the state of the product. I'm embarrassed by how poorly we have served your needs and appreciate that you have rightly & respectfully called us out when we fell short of your expectations. I've looked at TaxBit, Koinly, ZenLedger, CryptoTrader, and CryptoTaxCalculator - all with varying levels of success, but nothing checks all the boxes for me.ĭoes anyone have an alternative app that works for them?įounder of CoinTracker here. So I am looking for any viable alternatives to Cointracker, that have the following features:Īccurate portfolio tracking w/ cost basisĭeFi integration beyond ETH (BSC, Matic, etc.) But unfortunately,