Adjusted cost basis deemed deposition

Tax Questions
1

URGENT

I need to adjust the cost basis for all holdings for the purposes of deemed deposition. I became a factual resident of Canada on xx date and therefore need to effectively “sell” and ‘re-acquire’ each of the holdings for the correct tax to be calculated moving forwards from that date. How can I accomplish this?

2

Hey @Taxquestions

Thanks for your message. :waving_hand:t2:

To do this, you can:

  1. Create manual withdrawals for all of your assets the day before you became a resident (https://support.koinly.io/hc/en-us/articles/9914594792092-How-to-add-transactions-manually)
  2. On the Settings page, lock your transactions prior to this date:
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  3. Add manual deposits for all of the assets on the day you became a resident, this will form your new cost-basis.

The other way you can do this is to create a second Koinly account, add the manual deposits for the day you became a resident, then lock your transactions and only import data from your wallets going forward.

I hope that helps! :blush:

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