Use different calculation methods for different years
complete
S
Surprising Camel
Now that 2021 tax is over, I want to change from HIFO to FIFO next year. Currently I don't think this is possible so if I change my cost basis calculation my previous (submitted) tax return will change. There needs to be a way to allow different settings per year (freeze / snapshot / lock?)
P
Petur
complete
Koinly now allows users to change between FIFO, LIFO, HIFO (+Optimized HIFO for US users).
To read more about this feature, see this article: https://support.koinly.io/hc/en-us/articles/12566044397724-How-to-use-cost-basis-method-overrides
All feedback is very welcome! We are also planning to expand this feature slowly to allow for different methods and settings, as well as more customization for the selected timeframes
H
Hilarious Condor
Petur
in 2022 in Italy rewards were considered to have received a zero price. now in 2023 rewards must be considered at the market price as received. how can I do. I set rewards price zero until 2022 but then in 2023 how to set market cost
S
Silver Anteater
This would make a lot of difference on my taxes, please finish it before i have to submit my taxes
P
Petur
in progress
This feature is underway and will be ready very soon. We hope to release it in January but we can not guarantee any release date at this time, since it is a complex feature
B
Blue Tarsier
Petur: Fantastic news. Koinly just keeps getting better
H
Hilarious Condor
Petur: lifo fifo but also reward airdrop and other parameters by fiscal year. possibility of change for 2023. in Italy the rules have changed compared to 2022
A
Amaranth Octopus
Petur: Getting this feature soon would be amazing!!! I, too, would like to change the accounting method for the 2023 TAX year from HIFO back to FIFO. The IRS allows it and we should be able to take advantage of it. Thank you!
I
Icy Gerbil
How is this still not done? Seriously?!
C
Curious Mastodon
This is a highly desirable feature, can Koinly update us with the status and a projected implementation date?
R
Rose Urial
This is a critical feature that needs to be added. Should be able to tag already sold coins and lock away so not recalculated d if I want to change method between years.
P
Peach Eel
Can we get an official statement regarding this please?
C
Curious Mastodon
This is a very important feature to add. Please add before 2023 tax year. Thanks.
Y
Yellow Caribou
Y
Yellow Caribou
Merged in a post:
Lock a tax year, including the cost basis used
P
Parallel Mockingbird
There are feature requests for these independently - lock tax year which includes cost basis used.
It's frustrating that there is no way to lock a tax year, once tax has been submitted for the year, we should be able to lock it, including cost basis used. This needs to be a top feature I am disappointed it's not even available.
That means right now changes could be made to a year that has already been submitted, this is crazy!
Also without the ability to lock the cost basis too, we cannot change cost basis going forward, ever, we are stuck using the same cost basis as changing it will create completely invalid data, as the tax years already submitted to the tax office will re-calculate using the new method.
This is essential, and I am concerned it's not available.
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