I have a specific question and I understand this might be a unique situation to me, so this is more about asking for advice how to approach this.
I played a lot with crypto/different chains and end I ended up with 46 wallets in Koinly (together with hundreds of transactions). Now I kind of “calmed” down, consolidated my portfolio and focusing on only a few coins that I want to manage.
My question is: is there a way to “start over” with Koinly? What I mean by that is a “clean slate”, only with the relevant wallets I am using now (and plan to use it in the future) and so on. Issue is that I cannot just simply delete a wallet because that has transactions that contribute to the overall accounting (it contributes to past transfers between wallets, creates lots and so on).
I am not sure it’s clear what I am looking for, but essentially I would like to start over somehow.
Seems like you should be able to do this manually. Assuming all your holdingsLooks like you could have Koinly create a end of year holdings report, and use this to create dummy transactions with the average cost of each coin, and put that in a single wallet, and delete all your old wallets. You will have to adjust dates to make the holding period correct though.
I was thinking about that too - using average cost - but what’s not clear to me is whether I can mix and match average cost with potential future lots later? Maybe this is US/IRS specific question.
So let’s imagine just one blockchain (BTC) and that I create a single transaction for 2022 as you say which consolidates all my previous year BTC transactions. This manual transaction will say that I got X bitcoin as deposit (where X is all the BTC I have currently), I set the deposit as non taxable (not sure how… set it as received from pool?) and I set the cost basis manually to the average cost basis for all my existing lots up until 2022. All good.
But what happens now if I buy more BTC and that creates a new lot? Is that OK tax accounting wise to have a lot which is ACB and then add another lot which is not and then treat these two with FIFO?
I guess I could just set ACB universally in settings for cost basis method, but I’d be reluctant to do that.