Support for 'Deemed Acquisition Cost' for Finnish Tax Law
C
Celadon Falcon
Please add the possibility to utilise 'deemed acquisition cost' in a single transaction when determining the profits/losses of the given transaction. https://discuss.koinly.io/t/support-for-deemed-acquisition-cost-for-a-transaction-finnish-tax-law/8355
Workaround
I need to apply the custom cost basis manually, using the "Capital Gains" report
- Download "Capital Gains" report and open it in Excel
- Add a column "Deemed cost" and calculate it as 20% of the value (proceeds)
- Add a column "Deemed gain" and calculate it as proceeds - deemed_cost
- Use the "deemed" values instead of the default columns whenever its more beneficial
- I can also use DAYSBETWEEN formula to check if the asset was held over 10 years, then apply a 40% deemed acquisition cost
Jack
Merged in a post:
Finland - deemed acquisition cost
G
Golden poppy Angelfish
You can assume buying price to be 20 % of selling if its higher than real buying price:
Or even 40 % if owned over 10 years (probably never with cryptos)
Now Koinly is pretty much self-useful in Finland and with tokens getting over 5 x I need to take all events out into excel and calculate myself all taxes. Koinly only helps me to collect events.
"When calculating the amount of profit or loss, you can deduct the deemed acquisition cost from the selling price of the shares, instead of deducting the purchase price of the shares as well as the expenses incurred in making a profit or the taxable value of gift and inheritance tax.
If you have owned the shares you sell for less than 10 years, the deemed acquisition cost is 20% of the selling price of the shares.
If you have owned the shares you sell for at least 10 years, the deemed acquisition cost is 40% of the selling price of the shares."
"Please note that if you use the deemed acquisition cost, you cannot deduct the purchase price of the shares and the expenses incurred in making a profit from the selling price of the shares.
You have two options:
either the purchase price + expenses incurred in making a profit (or the taxable value)
or the deemed acquisition cost"
Jack
Merged in a post:
Special cost-basis rule for Finland - 20% cost
P
Precise Peafowl
It looks like Finland has a rule where you can choose to set the cost-basis of your sold assets at 20% of the selling price (so gains will never exceed 80% of the sale).
There is an official documentation (see section 4.8):
It would be nice if Koinly could apply this rule automatically whenever it is beneficial for the user (ie. whenever the coin is being sold at more than x5 the purchase price)
O
Optimistic Anglerfish
Think there's already a thread for this, it's called "deemed acquisition cost": https://feedback.koinly.io/feature-requests/p/support-for-deemed-acquisition-cost-for-finnish-tax-law
O
Optimistic Anglerfish
I think this one is a duplicate for https://feedback.koinly.io/feature-requests/p/support-for-deemed-acquisition-cost-for-finnish-tax-law
It has +50 votes.
O
Optimistic Anglerfish
It is time to do this.
A
Advanced Llama
please Koinly, do this 🙏
A
Able Reptile
Very necessary as Finnish customers are forced to look for other options as this is such a vital part
C
Coquelicot Armadillo
It would be nice. In previous year, I have to cherry pick assets that I would like to apply that rule
A
Aware Opossum
Wonder if this possibility is gonna come? Would help Finnish customers a lot
I
Increased Parakeet
Aware Opossum Absolutely! This feature is a must for Finnish tax calculations
I
Increased Parakeet
Also CoinTracking supports this out of the box. Speculative miners and other early adopters benefit from this calculation greatly when doing taxes, as if the price appreciates more than 5x it is economically better to use deemed acquisition cost instead of the real acquisition price.
Load More
→