Some Loans on Kucoin (USDT BTC) are profit but have been paid back

[Stef87]

Describe the problem:
My tax reports shows super high profits and gains that I have not realized in reality. I narrowed it down to Kucoin lending.
The “Tx source: loans” in BTC and USDT (and maybe others) are counted as profits. However they were all paid back.

Which exchange/wallet is this regarding?
Kucoin

How did you import data into this wallet?
API

What have you tried to fix this so far?
Nothing.

[Stef87]

I attached this image to visualize the issue. Those red circles are actually not profit, because they got paid back a couple of hours later, with interest.

[Taylor_Georges]

Same issue here. Any hope in a resolution?

[Glazier1273]

Same issue. I have 52 pages of these… totally regret my life choices using KuCoin lending. The $18 total profit was not worth this headache!

How are y’all getting around the issue? Manually changing each entry? Does CoinTracker have the same issue or is it isolated to Koinly’s interpretation of the KuCoin API?

[Glazier1273]

For what it’s worth, I found a [manual and tedious] workaround:

1. Open your transactions. Filter by “withdrawals.”
2. If you aren’t withdrawing very much crypto, then most of these transactions are loans. But if you want to double-check, click the entry and you will see under “Tx Source” it will say “Loan.” Delete all of these transactions. You can use the option to soft-delete, so in case there is an “oops” you can recover. If you’re looking for the delete button, it is the red trash can icon, or available under the “…” menu.
   N.B. If you hover over the left side of each entry, there is a checkbox you can use to bulk-delete all 10 entries on the page. And yeah I know, this part is really tedious. Sorry!
3. Clear the “withdrawals” filter and instead filter all transactions by “deposits.”
4. Repeat step 2 for all the deposits made from loan payments. If you have your other wallets on point, then all the deposits made by random address on The Internet are probably loan repayments. But if you want to double-check, you can expand the entry and check that the “Tx Source” field reads “Loan Repayment.”
5. Now sit back and wait for the system to recalculate your totals. This took 2-3 minutes on my account.

That’s it! So the real request for Koinly: can you please please please just read the “Tx Source” field and tag the Loan / Loan Repayment entries appropriately? If that is too much to ask, then maybe give some sort of API configuration option where we can custom-filter transactions by these field entries?

[chugsteruno]

I followed what you did but it did not change my realized gains amount at all. In other words i see the same realized gains amount (eg - 2000$) with or without performing a soft delete as mentioned . My gains were all defi metamask binance chain related .

I also did not see any transactions for loan interest amount as a result of repayment…It was around 5$ so i did not bother digging in but i thought i would see a transaction like loan interest or something but i see none…All i see is the exact same numbers for deposit and withdrawals. Eg :- if i loaned out 500$ then i see i entry for a withdrawal and 1entry for deposit for the same exact amount. I don’t see the interest amount captured in koinly anywhere .

Kucoin loans are not worth the effort anyways as the darn loans get paid out in 1-3 days for most part.

note : My loans were all in USDT and not any other crypto. my snapshot attached below