Making Sense of Loans with losses?

Koinly Support
#1

Describe the problem:
Took out a loan using crypto as collateral, used loan proceeds to purchase further crypto which dumped hard, lost collateral paying back loan. Can’t make any sense of this on Koinly? Shows the loans proceeds and what i did with them, but not the loan deposit, or the ultimate loss of collateral to settle loan that I can work out?

Which exchange/wallet is this regarding?
Binance

How did you import data into this wallet?
Auto Sync

What have you tried to fix this so far?
Looked at all transactions

1 Like
#2

Hi @Its_G,

Welcome to the Discuss community and thank you for posting about this issue!

When taking out a loan using crypto, those transactions are imported into Koinly as regular Deposits. There is no tag needed for these. Think of this as borrowing fiat from a bank and then investing the fiat into a cryptocurrency.

The crypto you receive is your own and the fact that it was borrowed makes no difference from a tax perspective. Any profit/loss you make from these coins is taxed as regular capital gains.

We have this help article to provide more detail on collateral/repayments.

If you have any further questions, please let me know - or connect with our support team to investigate the discrepancy in your account!

Thank you, G!

Have a wonderful day!

#3

Thanks Michael,
Ive gone through the transactions with a fine tooth combe, and the issue seems to be it hasnt recognised or picked up the loans at all. There are no deposits of any sort, only transactions from when I received the proceeds.
This was integrated using the APIs, should I reattempt the sync or somehow enter the transactions manually (any recommendations on how)?

Thanks

#5

Hi @Its_G,

Thank you for confirming and connecting back! When you click into your Binance wallet and select the troubleshooting button (yellow), is there any information Koinly is reporting about API issues?

Resyncing can work if you haven’t tried this already. If you haven’t implemented any manual transactions, you could delete the wallet and then recreate it to see if it pulls in the deposits.

The missing deposits can be added manually, we’ll have instructions on how to do so in this article.

If the resyncing doesn’t work, can you please connect with the support team so we can investigate the account to have a targeted approach for a solution?

Thank you, G!

#4

Alright I understand you thank you

1 Like
#6

Hi Michael,

I’ve reached out to Binance, who surprisingly have confirmed they do not export any information of loan history or transactions both via API or CSV, there is literally no way to export the loan history

1 Like
#7

Hi @Its_G,

Thank you so much for sharing this following your conversation with the Binance support team. I echo your reaction of being surprised by their acknowledging there is no way to export this data. Our team will review the help resources to make amendments in light of this.

In the meantime, if anyone is experiencing this issue with not being able to obtain loan history transactions, please connect with our support team.

Thank you again and have a wonderful day, G!

#8

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