My 8949 shows Proceeds and Cost of $85K and $100K for ADA betwee dates 3/3/2021 and 3/10/2021, yet my transaction history shows between these two days is a bunch of buys for that token ADA (using FIAT), and a couple of trades worth a total of 300 ADA. How can Koinly be so off the mark???
Which exchange/wallet is this regarding?
Binance us
How did you import data into this wallet?
automatically.
What have you tried to fix this so far?
Not sure what there is to fix because all the transactions are correct yet the 8949 is wrong.
I’m having the same problem with seeing 400k+ usdc sales when the highest volume at the time was a $250 purchase.
Koinly please do not aggregate the irs forms/report, this makes explaining this mess all that much harder when I cant identify which specific lots were sold.
Unfortunately I feel like I wasted my money and time now after getting all my data synced and unsupported chains manually entered to see the reports with very obvious and unexplainable errors
Same here. This is ridiculous. The service is worthless if the IRS sees $500K+ in costs/proceeds on $40K of actual transactions. If this isn’t fixed in the next week, I’m asking for my money back. If they won’t give me my money, I’m disputing with my credit card company. The biggest problem is not knowing how the IRS will react, even if the gains/losses are correct. “Where did this guy get $500K for trading? I don’t know…audit!”
Same issue here. My 8949 has random amounts which are not consistent with my actual transactions. Dates are correct but in one case a $250 purchase shows as $36000 + on the 8949. My gain/loss is fairly accurate but the total amount which i transacted is totally inflated with few random amounts. Sigh
yeah I got the same its insane 820,131.4-853,224.6 holy crapola. I’ve never even come close not even a smige to having that much money lol. I was looking through my 8949 for 1 instance I have 1 coin that I have about 13,000 coins total now, and in the section (a) column property it shows 30,613 lol no idea how the heck it got that.
I even have a LP uni v2 token showing 55,703 loss i think but the section a totals seems high
I hope the proceeds and cost don’t affect anything and flag anything, I know the profit and loss are pretty much look about right, but man 800,000!!!
same issue - I traded $500 worth of XRP on 1/4-1/7 and it’s showing $7145 - I also found my total gain/loss off not sure if it’s due to same reason, but if it’s back end algo issue I guess I can’t do anything?
So firstly, the reports that you receive have all been aggregated meaning that you will not see singular entries for your trades, but rather a compiled version. Its perfectly fine to present your report in this way to the IRS, you wont be penalised for doing so in anyway.
Secondly, I just wanted to clear up some confusion around the data you see under the Proceeds from sales and Acquisition headers. Its perfectly normal to see a number higher than expected here, but you dont need to be alarmed.
Proceeds from sales
This is the total sale price of all your disposals. If you invest $1000 and keep trading with it multiple times, you might end up with a sales proceed that is much higher than your initial investment.
Acquisition costs
This is the total cost of all your disposals. It is a sum of all transactions so even this can be higher than what you expect.
I hope that was helpful!
If you guys need further assistance for any account related issues - please get in touch with us on support@koinly.io.
I understand your point about totals, but everyone single person here is saying that even i they add up all their buys and all their sells in between the dates specified on the report, it doesn’t match the Gain/Loss on the 8949.
I hear you, lets’s investigate this properly. Could you please email us on support@koinly.io ? I can take a look myself, and if it requires escalation for potential bugs, then we can do that too.
Be sure to include this thread link in your message so we can handle this efficiently for you.
