Hello looking for help.
After connecting wallets and exchanges I see I have a high amount realized gains. One transaction shows a transfer from my ledger wallet to Coinbase as creating 4.2k. Is this an error? How can a simple transfer of funds be considered gains? Aren’t taxes calculated from converting to fiat and for trades/swaps only? Any help would be much appreciated. -Joe
Is the transactions linked e.g. does it show up as a transfer in you transactions not as a deposit.
Other thing to check is your settings. I think wallet based cost tracking needs to be turned off.
Thanks so much for the response! It is labeled a “Withdrawal” It shows bitcoin and an arrow pointing to a globe.
This is the info from the “Cost analysis tab” - “You sent 0.08595396 BTC worth $4,942.16 to someone. Your cost-basis for 0.08595396 BTC has been calculated using FIFO (universal) from the investments listed below. Your final capital gain for this transaction is $4,175.88.”
Yes wallet based cost tracking is turned off…
No exactly sure what you mean by linked.
On further inspection it looks like I sent the BTC to an address I do not recognize before it was sent to Coinbase. I do not have any wallet that I remember connected to that address. It is seeing that as a withdrawal. Hmm I wonder how I can identify that address.
Koinly should have matched the 2 transactions automatically, so the 2 transactions currently labelled ‘Withdraw’ and ‘Deposit’, would change to a single transaction labelled ‘transfer’ showing it moving from your ledger to coinbase. Sometimes this doesn’t happen for whatever reason.
I’ve had this occur before and have solved it by manually changing one of the transactions to ‘transfer’ and adding the details from the other transaction, koinly was then able to match them and the other transaction disappeared. It’s not as simple as it happening automatically, but it works.
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Oh ok I can go in and change. But there is this new mystery address that I can’t identify. It makes no sense that I would send to another address then to Coinbase. I guess I can just ignor that transaction, hopefully that does not trigger an audit…
Do you have both Coinbase AND Coinbase Pro synced? Having just one causes these kind of issues, in my experience, as sometimes transfers to & from Coinbase Pro go via Coinbase, and vice versa
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Ah ok, then you might not need to edit any transactions, just need to figure out what that address is and include it in your wallets, then hopefully koinly will recalculate and everything will look ok.
Is it possible it’s just a different coinbase address? I’ve never used coinbase, but other exchanges I’ve used allow me to create multiple different addresses for receiving bitcoin.
As mentioned above normally koinly will automatically match and merge the two transactions. Sometimes this doesn’t work e.g. if the time of the transactions are not correct e.g. they are not both at the same time.
There is a option to manually merge the transactions. You should have a transaction labelled withdrawal from the ledger wallet and another one labelled deposit to coinbase.
To merge transactions you select the two transaction then click merge.
I had issues in the past syncing my ledger wallets so ended up importing the transactions via a csv file now.
Didn’t know about the merge option, this is actually a better solution than editing the transaction, thanks!
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