I bough eth on coinbase for 1000 (example number), then I sold it for 1080, still Koinly would report I made a loss, in the cost calculation you would see ETH I bought on Coinbase and ETH I bought afterwards on Bitpanda, so I suppose because of FIFO some calculation is made that leads to this. This all is really confusing and I don’t know if it’s actually correct. I know I made a gain on Coinbase, but Koinly will report a loss. If I change in the settings “Wallet based cost-tracking” to enabled now I would see the gain instead of a loss BUT I now also see that my total loses of the year goes up by ~10%, only because of enabling this setting, this doesn’t make sense to me. Please explain this to me.
Please see this article: https://help.koinly.io/en/articles/3661351-cost-tracking-method-explained
That’s interesting. Does anyone know if HMRC in the UK allows either option? It would seem too easy to be allowed to choose whichever method resulted in less tax to pay! I would have thought that HMRC would not allow wallet based cost-tracking, can anyone confirm?