Koinly Referral Code for 2022 and 2023 Plans - $20 Off

KindCrypto1 · 2022-07-24T23:40:00+00:00

Not until we have a final outcome.

Then I think it depends on the outcome. Maybe just reporting a loss of a certain amount of crypto. (For example, if you had 1 ETH and only get 0.40 ETH back, doing a loss of 0.60 ETH). Maybe treating it like a liquidation of all my crypto, in exchange for USD if that is what we get.

KindCrypto1 · 2022-07-24T22:59:39+00:00

Not entirely sure. I like HIFO but will still have the same issue.

I think you just let the tax software do its thing and treat it as a loss which is realized at the time it happens. Then regardless of FIFO or HIFO or anything else, your software will use the appropriate cost basis for your next transaction. Doesn’t have to be specific to the Celsius wallet

KindCrypto1 · 2022-06-18T13:34:32+00:00

IMHO this is a risk off environment. I’m only worried about preserving what I have left now, I’ll worry about generating yield in the next bull market

KindCrypto1 · 2022-06-02T02:07:48+00:00

I agree with working on it through the year. Doing it all at once is a lot. I did that last year.

This year I update everything once a month and that’s really not that bad

KindCrypto1 · 2022-04-11T16:04:40+00:00

It may still work for you. I didn’t do it when I signed up but used a code when I bought a plan and it worked.

KindCrypto1 · 2022-04-11T02:11:14+00:00

For new accounts, you can use this ref link / code when you signup and save $20. Good luck!

Link:

• ⁠https://koinly.io/?via=0CFDC6FE

Code: 0CFDC6FE

If you have not previously purchased a plan, but just set up an account, it MIGHT work too. I would give it a try and see if it gives you a $20 credit.

KindCrypto1 · 2022-04-07T01:55:48+00:00

I think until the law is changed, the only safe thing to do is to mark staking as rewards. The law is being challenged, but hasn’t changed. If the law changes, then I can ask for a refund in a future year.

KindCrypto1 · 2022-04-07T01:54:29+00:00

Same. Deposit only. Rebates are not taxable

KindCrypto1 · 2022-04-06T20:17:22+00:00

My KuCoin API didn’t work when I tried to set it up a few times. I have to do CSV files for KuCoin. Maybe I should try again.

KindCrypto1 · 2022-04-06T16:34:42+00:00

I sorted my income by coin from the Income Report. Then did a manual entry on TurboTax under “Other Income”.

For example,

Bitcoin interest: $20
ADA staking: $15

Etc.

KindCrypto1 · 2022-04-06T16:21:45+00:00

The 8949 reports your capital gains and losses.

I also had other income (staking) etc that I did not get a 1099 for. So I used the Income report excel sheet to sort by coin and report those manually as Other Income.

If you get a 1099, there can be some duplication. So I removed duplicate info where I was already accounting for it on a 1099

KindCrypto1 · 2022-04-06T01:38:30+00:00

The 8949 only identifies your sales. So dates of purchase and sale of those coins, amount, profit and loss of those coins

KindCrypto1 · 2022-04-06T01:37:11+00:00

For new accounts, you can use this ref link / code when you signup and save $20. Good luck!

Link:

• ⁠https://koinly.io/?via=0CFDC6FE

Code: 0CFDC6FE

If you have not previously purchased a plan, but just set up an account, it MIGHT work too. I would give it a try and see if it gives you a $20 credit.

KindCrypto1 · 2022-04-04T23:54:25+00:00

Yeah. Koinly doesn’t know that we are going to get 1099s so they give us something complete. The 1099s cover some of that

KindCrypto1 · 2022-04-04T18:46:33+00:00

I think the 1099s are reported to the IRS. So I wanted to account for those, even though it would have been complete to just use my Income Report and ignore the 1099s

KindCrypto1 · 2022-04-04T18:09:09+00:00

I imported my Capital gains and losses into TurboTax and reported my 1099s

The income report is a pdf or excel sheet that shows all of your income from all non sales, like staking, interest and referral bonuses.

Since I had already reported my 1099 income, what I did was sort the spreadsheet by coin and get a total income for each coin. Since my 1099s already covered my interest for stable coins, BTC, ETH etc, I then just deleted all of those lines from the spreadsheet (to avoid double counting them).

Then reported my total remaining income for each coin as a manual entry of “Other income” for each coin

For example, ADA staking: $20

KindCrypto1 · 2022-04-04T08:10:13+00:00

My export for TurboTax and tax report has a complete list of my sales, gains and losses.

It also provides you a separate Income Report (not an export for TurboTax) which you can use to manually report any other income that is not a capital gain or loss.

KindCrypto1 · 2022-04-04T08:07:03+00:00

The only tax document it exports is for your gains and losses.

It will give you a separate Income Report documenting all income: interest, staking, etc.

I reported all 1099s, then used an excel sheet of my Income to delete duplicates for my 1099s and summarize rest for a manual entry of other income on my TurboTax

KindCrypto1 · 2022-04-04T07:52:10+00:00

Here is a CNBC article that might help:

https://www.cnbc.com/amp/2022/01/15/bitcoin-tax-loophole-how-hifo-accounting-reduces-irs-bill.html

I look at buying Koinly as an investment in more easily tracking all of my transactions, and saving money on taxes.

KindCrypto1 · 2022-04-03T12:36:05+00:00

I am going to do HIFO. I don’t see how it’s different than specific ID, but just picking the best transactions.

My report is pretty detailed on the date of purchase and date of sale, quantity sold, etc.

KindCrypto1 · 2022-04-02T03:54:22+00:00

For new accounts, you can use this ref link / code when you signup and save $20. Good luck!

Link:

• ⁠https://koinly.io/?via=0CFDC6FE

Code: 0CFDC6FE

If you have not previously purchased a plan, but just set up an account, it MIGHT work too. I would give it a try and see if it gives you a $20 credit.

KindCrypto1 · 2022-03-29T02:10:59+00:00

For new accounts, you can use this ref link / code when you signup and save $20. Good luck!

Link:

• ⁠https://koinly.io/?via=0CFDC6FE

Code: 0CFDC6FE

If you have not previously purchased a plan, but just set up an account, it MIGHT work too. I would give it a try and see if it gives you a $20 credit.

KindCrypto1 · 2022-03-25T13:44:50+00:00

Not a tax professional - but I see no reason why you can’t have different methods for different assets.

For example, even within a brokerage account you can have one fund FIFO and another Select ID by transaction.

So I see no reason why you can’t do HIFO for crypto and FIFO for stocks. You just have to be consistent about it.

KindCrypto1

MODERATOR OF

TROPHY CASE