Transaction Fees | Users Seek Solutions to Itemize Costs in Koinly
Edited By
Diego Silva
A rising number of people are hitting roadblocks while trying to file taxes that require separating trading fees from the overall cost basis. As the deadline approaches, many are seeking efficient methods to manage their transaction reports in Koinly.
Currently, Koinly automatically combines transaction fees into the asset's cost basis, complicating the reporting process for many. "Every fee is added to the asset’s cost, which makes it tough to itemize them for separate reporting," one user noted, stressing the need for better tools or workflows.
Commenters have expressed frustration, noting that this inclusion impacts reported gains. One user suggested to simply record fees separately as dollar amounts. Meanwhile, another user-friendly response pointed to the limitations of the platform, stating, "Unfortunately, this is not possible because fees are included in the cost basis."
Koinly’s automated system has stepped in to guide users through mishaps. A message from the Koinly Automoderator directs users to a comprehensive FAQ section, emphasizing the importance of credible support channels and warning against scams.
"Never trust anyone at forums claiming to be from Koinly support; they are scammers!"
Key User Insights
🛠️ Many users are looking for a bulk solution
📉 Commenters highlight the impact of fees on gains
❓ Requests for specific reporting features are growing
Some questioned, Is it too much to ask for a toggle? Recent comments show that many people wish to streamline their tax paperwork without manually sorting through each transaction.
User Feedback Summary
Challenges arise from the automatic fee inclusion in Koinly.
Practical Solutions are highly sought after, with many pitching for extensions or scripts.
Community Frustration ripe with calls for better support tools from Koinly.
As tax season rolls on, individuals continue to express hope for enhancements that allow clearer itemization of transaction fees. For those grappling with Koinly, sharing experiences and insights seems to be key in navigating this complicated landscape.