Manually Inputting NFT Cost vs Market Value

[Ed_Balloon]

I have been using Koinly to track my NFT purchases and sales for 2021 taxes and am wondering if there is a way to manually enter the End of Year Market Value of an NFT Asset.

I have been able to manually enter the purchase price of the NFT at the time of a deposit transaction, but on my end of year balance report it shows the end of year value of all of my NFT assets as $0.00. This is giving me an incorrect capital gains total as it shows I’ve lost significant money on all of my NFT assets. Please let me know if there is a way to correct this.

Thanks!

[Alexander_Koinly]

Hello!

Alex from Koinly here

Unfortunately there’s no way to get the end of year value for these since that data is grabbed from Coinmarketcap and the NFT can’t be listed there.
But it won’t have any impact on your actual capital gains calculation since that one uses the calculated values based on the cost basis that you set when receiving the NFT.
So as long as you have input the worth when receiving the NFT then Koinly will automatically track and calculate the correct profits when you sell it.

If you still feel that something is wrong then please send us a message at [email protected] so we can take a closer look!

Best regards,
Alex

[claudemlandry]

But it won’t have any impact on your actual capital gains calculation since that one uses the calculated values based on the cost basis that you set when receiving the NFT.

This might be true for the Tax Report.

However on the Dashboard, the “Total Value” of our assets is undervalued and generates a loss in the “Unrealized gains” total because NFT are considered as having a market value of 0.

We need a way to manually enter a NFT market value, or NFT should be removed from the “Unrealized gains”. It’s one or the other…

Until then, we can’t rely on the Dashboard to follow our “Unrealized gains”.

regards

[eivindml]

I need this as well to be able to report correct capital tax here in Norway.

NFTs are included in the capital tax reporting, and should be the value of a “reasonable re-sell price on the 1st of january”. So there should be an option to enter this manually.