How is calculated profit (simple situation)

Koinly Support
1

Hi,
First, I want to say I’m pretty new to crypto and new to Koinly: I’m currently importing my data and try to figure out how it works and how it can help me :slight_smile:

I have done several very small transaction last spring to learn a bit more how dealing with Cryptos,
Among others, I have done a few transaction with BCH (bitcoin cash). it’s apparently a pretty simple situation but I see something that seems not correct to me in Koinly.

Basically, I have done this:

  • buy 0.247 BCH with 50€ on Coinbase
  • transfert those to Kraken
  • Sell 0.249 BCH for ~ 47€ on Kraken.

So I expect no profit (infact, a little loss) but on the last sell, Koinly reports ~12€ profit ?

infact, this last sell transaction shows this:

  • Sell 0.249 BCH for ~ 47€ on Kraken.
    €35.24 cost basis €12.12 profit

So I don’t understand why 35€ cost (while I initial buy them for ~50€) and so 12€ profit (which I assume to be 47-35)

I have a very few other BCH transactions in between, but extremely small values (it was for testing) :slight_smile: so I guess it shall no change a lot the numbers.
Those minor transactions are:

  • buy 0.0125 BCH with 2.69€
  • buy 0.002 BCH for 0.38€
  • sell 0.0125 BCH for 2.75€ (Koinly reports 0.24€ profit).

I would be happy to know if this 35€ cost / 12€ profit reported by Koinly seems correct ? or did I set a wrong setting somewhere ?

Would it help to make a screenshot of those transactions in Koinly?

I do have transactions with other cryptos, but that’s all those I have with BCH.

2

If you share screenshots of the 3 transactions then it would be easier to see the issue. My guess is that you have some older transactions involving BCH that are causing the cost base to be different from what you expect or the value of 0.247 bought on Coinbase is not set to 50 Euros

3

Hi!
Here is a screenshot, I filtered all transactions involving BCH, so I think I didn’t missed any ?

The deposit on 22 March is a direct buy from FIAT using coinbase (and then followed by transfert to Kraken).

Capture d’écran de 2020-11-12 09-57-03
Capture d’écran de 2020-11-12 09-57-031920×1080 114 KB

For other EUR buy (0,38€ & 2.69€), the euros comes from previous other crypto selling, but nothing with high profit before on those ones.

For the initial 50€ BCH buy on 22 march, I tried 2 options:

  • either like on screenshot: direct deposit of 0.247 BCH with “set worth” to 50€.
  • or I also tried before a deposit of 50€ + a transaction of 48.01€ for 0.247BCH with 1.99€ fee (which is maybe closer to real situation).
    But it does not change much.
4

Please PM me with your registered email address on Koinly or hop onto Live chat so we can look into this.

5

Hi!
After discussion with live chat support: this situation was due to “PFU” Calculation method (specific to France): as far as I understood, profit is calculated on the whole portfolio (ie all crypto together, not one by one) and then Koinly kind of distribute this total profit on transactions.
That’s why I end up with 12.12€ profit on BCH transaction that was not really profitable, but I add a few better transactions in other crypto around with profit.

I wanted to share in case some other are interested, but @Koinly please feel free to correct if I was inaccurate in my explanations.

6

Puh, that french taxation system seems to be very confuscating.