Describe the problem:
Noob question: Dollar values don’t balance out within Koinly. I have reviewed the amount of fiat I have on-boarded through Newton. Each of these transactions does appear to have been captured as a transaction with Koinly. However, this actual amount being invested is considerably more than the amounts that is shown on my Koinly dashboard. My assumption is that the “Cost basis” approximates the “total value” + “unrealized gains”. However the “cost basis” amount is still significantly less than I have actually invested. Hoping for some clarification as I don’t want these funds to “appear” later and be taxed on the full amount.
Which exchange/wallet is this regarding?
Newton
How did you import data into this wallet?
e-transfer of Fiat
What have you tried to fix this so far?
The Cost Basis total on the Dashboard is showing you the total cost of acquiring the coins that you are currently holding in the wallets you have imported. As such, the Cost Basis total is not showing you the total fiat you have spent on crypto. (See Koinly note when you hover over the “i” next to “Cost Basis”.)
If you have been trading in a declining market for the coins you hold, your total Cost Basis will be less than the amount of fiat you have invested in crypto.
If your total Cost Basis is lower than you think it should be, it could be that Koinly is assigning a zero cost base to crypto purchase or acquisition transactions. This happens when Koinly can’t find a market price for the coins you have acquired or when Koinly is missing transactions that are needed to assign a cost base to acquired or transferred coins. For example, Koinly is currently assigning a zero cost base to NFTs when I transfer them from one wallet to another. Koinly can’t seem to carry the cost basis of thetransferred NFTs from one wallet to another. As a result, I have to edit each of these transactions to assign the correct cost base to these NFTs.
These are just a few thoughts that come to mind. Others may have different ideas about what you are experiencing.