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Taxes, koinly and cointracker gave me very different results

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by COINS NEWS 8 Views

I had first heard of koinly, so I had started that process a while back to see how this works. Seemed reasonably straight forward with connecting your wallets and it looks at your trans and cost basis.

For me, I had become concerned about my wallet's security, so I moved the assets to a new address.

Even though I added both wallets, koinly logged my dates as short term gains and a couple thousand more in gains. I knew that most of my sales were after more than a year of holding, but seems the transfers were treated as if I had freshly acquired the assets.

I decided to try coin tracker which turbotax integrates with. Using that service it counted most gains as long term which aligned with what I thought. Sadly I had to pay for both services to learn this, but it just didn't seem right to be paying short term gains when I've held through a helluva lot. This isn't an endorsement, but if you transferred assets, say to cold storage and then sold, be sure to check the acquisition dates. I'm sure someone will tell me somehow moving wallets counts as a sale, but I'll go with the results from the software integration turbotax and coin tracker have. It seemed to match my expectations.

submitted by /u/Original-Assistant-8
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