Ignore Failed Transactions

Koinly does not ignore failed transactions. It imports them from ETH wallets as if they were successful.

Etherscan API (and others) can pull failed transactions.

Bug Fix:
Failed transactions should be removed or ignored automatically by Koinly.

Workaround:
I don’t even see an option to ignore, only to delete the transaction. Is that what I should do? Will these be reimported if I ever resync a wallet?

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You can claim them back as a taxable cost. You still paid the gas fee even though the transaction failed.

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On second look, Koinly is treating it as taxable gains just on the gas usage while ignoring the transfer amount.

Is that correct?

Hi,

Sorry to bump this old topic, but what was the solution you applied?
I thought as marking the coins as lost, otherwise Koinly is registering a gain…

Thanks for any help.

I think this is both a Gain and a Cost.
There is a Gain on the Gas used if you bought the Gas at a lower cost than the day you sold.
There is also a Cost, since the Gas used is a taxable cost of your crypto trading.

Thanks @sraftery !

In practical terms, I should do nothing, as the difference is automatically computed by Koinly, and I take it as correct?

As long as you are sure that the Koinly record shows what really happened, then you can include it as part of your Tax declaration

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Still learning the tool, thanks for your help!