Incorrect Cost Base

Koinly Support
#1

Describe the problem:

Incorrect Cost Basis
Incorrect Cost Basis2820×1250 256 KB

In the screenshot attached I exchanged XRP for ETH this incurred a profit of £513.96 which is correct. After this point I moved the bought ETH to my Coinbase wallet then to Coinbase Pro where I sold the asset and incurred a profit of £951.66 which shouldnt be case, as my cost base for this asset should be £1,170.70. Koinly is showing a cost base which is much lower at £208.92. Why isn’t the cost base of £1,170.70 carried through to Coinbase?
I am basically reporting more profit than I am receiving. The second line shows £0.54 fee cost basis, so from this point it looks like the cost price of ETH in the previous line has not been passed through.

Also to mention, the cost basis Koinly is choosing is Section 104 pool, Fee. Previous to this transaction I sold a bunch of ETH that I was holding for some time (in the same day). But to release my XRP to fiat I converted to ETH first. I did not anticipate for this purchase to be lumberd in the previous ETH sells.

Which exchange/wallet is this regarding?

  • XRP wallet from Ledger
  • ETH wallet from Ledger
  • Exchange XRP to ETH was done within Ledger’s Exchange section
  • Coinbase
  • Coinbase Pro

How did you import data into this wallet?

  • Coinbase Pro was manual
  • All others are Sync

What have you tried to fix this so far?

  • double checked the transactions
#2

Hey @ACE

Thanks for reaching out. :+1:t2:

Assuming from your screenshot that you’re in the UK, this could be due to your cost-basis method. In the UK the Shared Pools method is used to calculate your cost-basis:

image
image1196×196 17.9 KB

So if you’ve been trading ETH at a lower cost throughout the year, you’d expect to see a cost-basis that reflects this as you’ll have a lower average.

There are some other rules in the UK that can also affect these calculations, such as the Same Day and B&B rules:

One other thing to check is to make sure you have no Missing Purchase History errors as this will greatly affect your profit and loss calculations:
https://support.koinly.io/hc/en-us/articles/9908121652380-How-To-Find-Missing-Transactions

I hope that helps! :blush:

#3

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