Cost Basis Edit

Koinly Support
#1

Describe the problem:
Cost Basis needs an edit buttonm

Which exchange/wallet is this regarding?
All

How did you import data into this wallet?
CSV Manually

What have you tried to fix this so far?
So far nothing has worked. People have been putting in fake transactions to edit cost basis. This is unacceptable in my opinion. Koinly needs to add an edit button for cost basis. 90% of my cost basis on all of my transaction are wrong. Even USD and USDC which is a 1/1 is showing profit when it should not be…

2 Likes
#5

Hey there - Koinly is also showing +10.33% profit on my USDC holdings, and indicating a cost basis of $0.91 per USDC, which is wrong. I have gone through all of my CSV uploads and wallets, and in the transactions the cost basis is shown as 1:1 @ $1.00, as I exchanged USD → USDC on Coinbase Pro. This looks like an error in retreiving data related to the market price of USDC - what oracle is being used to populate the market prices? Even in the Markets tab, it is showing a 1:1 rate. This error is generating a very, very serious incorrect profit readout. Please advise @Koinly team on how to address this very serious issue.

#2

Hello!

Alex from Koinly here :slight_smile:

Usually cost-basis issues are related to missing transactions or some other import issue so even if you were able to manually edit the cost-basis it would likely not fix the situation entirely and might even cause you to under-report your profits which could have some bad implications.
If USD to USDC transaction is showing a profit then there must be an issue with the transaction history.

With that said, it’s possible to manually edit the cost-basis by finding the transaction where you acquired the asset you want to change, and edit the “worth” of it. That way it will have a different cost-basis when you go to dispose it.
But note that your cost-basis method will determine a lot in this case.

There can be cases where Koinly fails to import something and you end up having to manually add some transactions. This is not the experience we want to provide, we want everything to be as automated as possible, so if that’s the case then it’s more than likely that we are working on a solution for it. :slight_smile:

I’m sorry for the inconvenience this causes meanwhile, but rest assured that we are doing our best to make the tax calculation process as easy as possible!

If you need help with getting the cost-basis showing properly then please send us an email at [email protected] so we can give you more direct support :slight_smile:

Best regards,
Alex

#3

I have a simar issue where some transactions between 2 stablecoins (usdt to usdc) are showing various gains of around 15-20%. And while I understand there might be a small change in the worth of then this is way out, so how do I fix it?

The money was a P2P buy through Binance as usdt so wasn’t used in any other crypto transaction to confuse the history.

#4

I also have issues with cost basis. One is that it shows value of the S*USD send to pool as 0, so calculates the NLV of portfolio wrong. Also, noticed that situation that got 2 transactions where I received coins with total value $50.02 (1 buy and 1 reward) and later when I sold it, the cost basis is $51.23. I haven’t check other coins, but if it gets it wrong here, how can I trust it to do it automatically correctly on 100s of transactions?
PS I know those are small amounts, I’m just testing for now.

#6

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