Is there a way to override cost basis calculation manually so that I wouldn’t pay extra taxes?
Have already paid for full subscription with extra transaction fees just to find out that I would most likely need to do whole thing manually.
At least in Finnish taxation there is always an option to use Deemed purchase Price.
Currently one can enter 20% of the selling price for tokens that you have owned less than 10 years and 40% after that.
One can choose freely which one should you use when calculating cost basis.
This should be utilized when:
- gained/given free tokens
- has lost transaction history of a certain position
- value has risen more than allowed deemed purchase price eg. 5x vs 20%
Currently I can see that Koinly is generating Form 9A but “Deemed Purchase Price” field 3.9 is empty. Therefore using Koinly either gives unoptimal results (calculates too much taxes to be paid) or requires a lot manual work.
As an software architect I put up a quick MVP requirements for such feature:
- Query, recognize transactions where Deemed purchase price could be utilized
- Choose transactions manually from the result list
- Tag with “Cost override” or similar and insert percentage eg. 20% to be applied for those transactions (this done so that other limits and taxation laws are also supported)
- This should have affect on taxation sums as well as generated and both prices should be visible on generated reports (cost basis calculation, deemed price)