Koinly calculations for US TAX & need for cold wallets

Tax Questions
#1

For the US Tax report in Koinly, does it matter if I omit my cold wallets that have no buy/sell transactions? I was thinking I only need to connect my trade/exchange accounts. Just want to make sure before submitting my tax report if this effects the tax calculations. In the tax report form 8949 that Koinly produces, column D says "Date sold or disposed of " What does disposed of mean in this respect? Does it consider me moving my assets to my own cold wallet “disposing”? In which case is purchasing, and moving to a cold wallet considered a taxable event? I though it would only be a taxable event when I sell.

#2

You need to add your cold wallet addresses to Koinly and then it would automatically see those transactions as transfers, not sales.

#3

Thanks. I still seem to be stuck as some of the coins that I have can not be found in Koinly. If I go to add Guarda wallet, or Ledger, or Vechainthor wallet, its just prompts me to locate the coins from the list. Most of my coins can not be found in the list, XDC, QNT, HBAR, CSC…
Then it tells me to create a custom wallet, and then manually upload the transactions. Not sure what I am supposed to do here. What you suggested makes sense, but it seems there are obstacles here that average joe is not going to overcome.

Thanks again for the reply, greatly appreciated. If you have any further advice or guidance, please do share.

Thanks

#4

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