I’m looking for a software to track crypto taxes for many years. How does Koinly track cost basis consistently across years?
In other words, if I first use Koinly for 2019-2020 and choose HIFO before paying my taxes, are those entires in the cost basis “crossed off” in calculations for the next year? When I then pay for 2020-21 taxes, will it choose the highest transactions that aren’t used in 2019-2020 as the cost basis?
Hi, no Koinly would recalculate using HIFO in this case. We are planning on adding a feature that will allow you to split off txns after a certain date though so you can use some other basis on future txns
Gotcha. If I stick with HIFO will it remain consistent? This is less a question about Koinly and more about accounting methods.
I plan on using HIFO every year, just want to make sure that won’t cause issues.
Yes, this is an important feature to be able to “lock” cost basis of previous years/transactions as not to affect new tax years. Also, to be able to select cost basis PER year, even PER token or transaction as other crypto sites offer. I’ve been using Bitcoin.tax for years and have been able to adjust cost basis per token, which allows me greater flexibility in how I want to report my G/L.
Please update this ASAP! It’s what traders care about, minimizing their taxes!
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