I have several Binance Smart Chain tokens that are showing as near $0 cost basis and saying that I had 100% profit when I actually acquired these tokens from launchpads like DxSale and PinkSale. How do I fix these so they show that I purchased the tokens and they weren’t an airdrop?
Also, I have several transactions where I converted BNB to BUSD and Koinly is showing a large amount of profit for these cases. This doesn’t seem right to me. How do I handle these transactions?
Q #1: Remove “Airdrop” label and leave the token acquisition as a Deposit. Edit the Deposit transaction to change the “worth” of the acquired token to reflect fair value on acquisition date.
Q #2: Need more details of affected txns to respond to this question. A screen print of the txns would be helpful.
Thanks Mark.
For Q #1,the transactions are marked as an exchange not an airdrop. I bought the tokens through a presale and sold them at various times, but it shows a $0 cost.
For Q #2, here’s a screenshot:
I appreciate your help.
Thanks for the additional info Levi.
For Q #1, you need to look at the transactions where you are acquiring the PETS to set the cost base that you believe is appropriate for tax purposes. I am guessing you are applying US tax regulations such that the cost base of your PETS should be market value on the acquisition date.
It seems that Koinly is setting the value or worth of the acquired PETS at $0 perhaps because it is seeing the acquisitions as free airdrops/gifts or because it can’t find a market price for the PETS on the acquisition date (in which case Koinly would note this in RED below the transaction). As there seems to be a market price available for PETS, I don’t know why Koinly is valuing the acquired PETS at $0. It could be the tag that Koinly is applying or it could be your settings.
If you want to set the cost base of all your PETS purchases at market value on acquisition date, there may be a couple of different ways of doing this. I would need to see the details of a sample purchase to suggest the easiest way to do this. If you have lots of these transactions, I don’t think you want to set the value manually on each purchase as I suggested in my first reply.
For Q #2, it is difficult to comment without seeing the detailed cost analysis and looking at the history of your acquisitions of BNB vs USD. The only thing I can suggest is that you look at how Koinly assigned the cost base to the 16 BNB that you traded for BUSD. As Koinly is showing a 30% profit on this trade I can only surmise that the market price of BNB has risen significantly against USD between the date you acquired the 16 BNB and the date you traded it for BUSD. Sorry I can’t be more helpful.
Hi Levi, great questions!
During presales usually what is considered is the purchase price of the tokens acquired i.e what you paid to enter the presales. The issue is that oftentimes you will not receive the tokens right away or sometimes, you receive them in installments(vesting), so in Koinly you will lack a clear acquisition trail.
That’s ok though, what you can do is edit the “send” transaction of the tokens you spent to enter the presale into a “trade” to the total amount of tokens you are set to receive in the future (irrespective of vesting).
That means your acquisition cost on disposal will be tracked back towards that initial purchase 
Regarding unusually large or incorrect looking gains, I would suggest starting to troubleshoot here, as this could happen for a wide variety of reasons My capital gain is too high/wrong! | Koinly Help Center but do not hesitate to get in touch with our support team at [email protected] if you are having any trouble there.
Cheers!
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