New Reports (USA): IRS Form 8938, FBAR report
Konstantinos
IRS Form 8938 to auto-populate in Koinly.
I need a report that shows:
- Highest value throughout the year per account (wallet) in USD terms
- Fair market value at end of year per account (wallet)
Workaround
I can already get the EOY values per account using the "Wallet balances" report. To find the highest value in the year, I would need to generate multiple "Wallet balances" reports for custom dates, changing the end date to the date when I want to check what the total value was.
Jack
Merged in a post:
FBAR report
J
Jolly Kangaroo
Need data for FBAR reporting
Jack
Merged in a post:
Highest balance US Report displays incorrect highest balance
H
Hollywood cerise Mongoose
From my understanding, the highest balance report associated with US tax reports should determine the highest value of a wallet based on a particular asset. This is not the behaviour observed. It appears to me that the highest balance is determined based on transaction activity. When generating the report, many wallets (which I have no activity for) mark 01/01/2024 00:00:00 as the moment of the highest balance and other wallets mark the moment I add an asset to that wallet (without any subsequent transactions) as the moment of the highest balance
Personally, I would like a report which tracks the maximum value of an asset across all wallets and reports the maximum along with the date of that maximum value. This is useful when reporting Form 8938
Jack
Merged in a post:
Support for IRS EOY balance/highest balance that year reporting requirements.
B
Blue Fish
There is an IRS requirement where unmarried taxpayers need to report for each foreign account/wallet if at some point during the year the value of any account/wallet >$75000 and if the value EOY >$50000
Married couples have different requirements.
Jack
Merged in a post:
Add US Tax Reports to indicate 1) maximum USD value of each token during the tax year and 2) USD value of each token at year end to better facilitate IRS Form 8938 reporting requirements.
C
Charcoal Deer
H
Hollywood cerise Mongoose
Assuming that the code is structured in such a way that there is a persistent storage value for the highest balance which is populated with the value at the start of the year and then compared against for each subsequent transaction, a simple solution to this issue might involve introspecting price changes between the current transaction and the previous transaction as the underlying asset balance would not have changed and thus the price of the asset alone is sufficient to determine the max value. Updates to the maximum value based on transactions is still necessary as the underlying asset balance would change
C
Charcoal Deer
Some US tax reporting situations (such as mine) may also require highest value per token to be reported on Form 8938 for tokens held in personal wallets. Therefore, "highest value per token held in personal wallets" in addition to "highest value per exchange account" during the calender tax year would be extremely helpful since it is difficult (if not impossible) to calculate manually.
C
Charcoal Deer
Can Koinly admin please combine the following 3 feature requests together as they relate to basically the same information needed to help boost the number of requests? Please note, for US taxpayers, there is a real risk of severe penalties for non-compliance. Therefore, this reporting information would be highly appreciated and save a great deal of time from trying to manually calculate which is virtually impossible with many tokens. Thank you.
- FBAR report
- Support for IRS EOY balance/highest balance that year reporting requirements
- IRS Form 8938
A
Azure Gopher
Yes I agree. FBAR and 8938 requirements are "highest value per account". Similar s/w like Coinpanda clearly lists such "highest value per account". Kindly requesting to prioritize please.