I’m looking for a way to set a specific point in time to record the cost basis for my coins and then generate a tax report based on their value from that date until I dispose of them.
Here’s my situation: I recently moved to Australia, and my crypto assets are now considered Australian assets as of the date I entered the country. I need to mark the value of my coins at the time I arrived in Australia and use that as the starting point for calculating any future gains or losses.
Is there a way to set this “pin” for the coin value in Koinly?
Any advice would be greatly appreciated!
This is something that requires the assistance of a crypto-aware tax accountant as we, in Koinly, are not qualified to give such advice - Scope of our Technical Support
However, a few notes that may help you move forward.
Generate an End of Year Holdings report with custom dates so you have all your balances and their cost basis as of the end of the date you entered the new country.
Create a second Koinly account (assuming you already have one)
Add your wallets again but start adding txns from the moving date.
Add manual deposits for each coin/token to each relevant wallet with their cost basis from the End of Year Holdings report.
So you will have balances of each asset with their cost basis previously calculated. Basically, your txn history should start from the day you moved, but the cost basis of initial balances will be calculated based on the precious years’ txns.
If you wish to use the market value of your assets on the day you moved to the new country as the cost basis, you do not need to change the cost basis explained in step 4.
From a tax perspective, I can’t confirm for certain. This is simply a technical workaround.