Tax loss harvesting
complete
Alex_Koinly
Requesting feature to assist with tax loss harvesting:
P
Petur
complete
Tax Loss Harvesting has now been rolled out in most countries. You can see our article here to read more about it: https://koinly3886.zendesk.com/hc/en-us/articles/11938146178332
This dashboard is only the beginning though! It will later be expanded to allow for much greater insight and simulations, and we will also be adding different dashboards for tax analysis and planning :)
G
Granite Raccoon
Petur: amazing!!! thank you!!!!
S
Superior Bobolink
Petur: thank you koinly! Another HUGE win for Koinly and users!!!!!!!!!!
C
Cerise pink Ptarmigan
Allow partial sell in your new "Tax Optimization" section
C
Courageous Tortoise
Please, it's been too many months and until the bone how do you make it I think Koinly is very good, mine seems to be standing still
P
Petur
in progress
Koinly has now released the first version of our Tax Optimization dashboard. This dashboard can be used to identify harvesting opportunities :)
NOTE: The dashboard is currently only available in the USA for FIFO users. It will be rolled out across different countries and methods at a later time.
Read more about the new feature here:
C
Cinnabar Echidna
Petur: THIS IS HUGE TO US USERS, THANK YOU PETUR!!
B
Bold Boa
Petur: thank you!!!!!!!
H
Historical Swordtail
Petur: THIS IS AWESOME!!
G
Golden poppy Giraffe
Petur: thank you 🙏
W
Wineberry Ox
Petur: AMAZING! Now, Koinly just needs to finish implementing the announced accounting method switch so I can get back to FIFO for the 2023 tax year...
P
Petur
Merged in a post:
Tax harvesting
P
Physical Swift
P
Physical Swift
Upvote here. This is the single most important tax management tool in my opinion
A
Amazing Perch
Yeah definitely vote up here. It's very time consuming to do fake trades on multiple assets on multiple wallets. I would like to see a chart for cost basis of each asset in each wallet so I could easily get an idea of where the ideal trades are whenever I decide to sell (I would have same assets in multiple wallets with wildly different cost basis).
And perhaps a faster and safer way to add test trade would be nice too for verification before the real deal. (Safer in that currently I might forget my fake trades into the system)
:pray:
P
Plum Bobolink
It would be great to be able to see the different cost basis for each coin and be able to determine the tax loss based on the cost basis method chosen. If I buy a bunch of tokens over the years at different prices then the cost basis shown on the dashboard is averaged. If I don't want to sell 100% of them, it would be nice to quickly calculate the tax loss to sell X amount for different cost basis methods available.
S
Sunglow Porpoise
Already available
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Raspberry rose Pike
Sunglow Porpoise: please detail the claim that we have it as a feature
S
Sunglow Porpoise
Raspberry rose Pike: https://koinly.io/blog/crypto-tax-loss-harvesting/
You need to check if your country allows it first of all. Secondly you need to decide which accounting method will help you most. 3. It's not magic, you save now you pay later. But you can smooth out the tax hit if you play it right.
No such button exists, it's an accounting trick and koinly already tracks it for you. But you have to learn what it is first, so read the article.
I don't work for koinly. But I'm available for the right price Petur
S
Sunglow Porpoise
L
Lavender Parrot
Other crypto-tax software provides specific reports, and helps you understand how much you need to sell to realize the loss. To do the equivalent with Koinly, I had to create a bunch of fake manual transactions and look at the tax results, then delete them.
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