071C2299
Got an email from them this morning for this Black Friday deal. Not sure if it's targeted… Give it a go and let me know!
40% off All Crypto Tax Calculation Plans: Newbie US$29.40, Hodler US$59.40, Trader US$107.40, Pro from US$167.40 @ Koinly
150
Referral Links
Referral: random (155)
US$20 for referrer and referee.
This is part of Black Friday / Cyber Monday deals for 2021
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Just 2 days back i paid full price for the koinly trader tier subscription..
Is it worth it? I’m not new to crypto but looking at other options.
@vchoy Too right. They probably aren't aware of all their transactions being tracked by the ATO through the various DSP's either.
I did my crypto tax using Excel last FY… what a nightmare!
Pro tip: if you’re in loss, nothing is payable haha
cries in SHIB at 0.001
Just to be clear, if you're a hodler there aren't any tax obligations?
Of course there are tax obligations - you need to keep meticulous records, because one day when you do decide to sell, you'll need to know exactly what you purchased and when and for how much, in order to work out your capital gains tax at that point.
If you don't have a full and complete list of all your transactions, you'll be totally screwed 👍If you've never sold and never traded, and never got any airdrops or interest payments, then you don't have any tax to pay until the day you do one of these things - and you need to be ready for that day !
I more meant if you hold for the financial year in which you purchased, there is no obligations for that particular year. I purchased on a well known exchange that sends email receipts of price and has your history filed.
If you have ONLY bought crypto using $$$, and then just held it, then there's no tax to pay until you do something with that crypto 👍
But when you do do something with that crypto, you'll need to pay Capital Gains Tax on your gains - and to calculate those gains, you're going to need your history.
Koinly is free to start using - I suggest you add your "email receipts of price and has your history" to your Koinly account now so that you know you have everything in place for the day you retire/sell/trade.
@Nom: Right - you only have to report upon a CG "event", which includes selling, trading, airdrops and so on. Even for HODLers, that may not happen for the foreseeable future, but when it does, they'll need those records. Trading is particularly tricky, as you need to know the price of both currencies at the time of the transaction(s). (Note: I'm not an accountant!)
Hodlers don't sell and if they sell then they're not hodlers.
Precisely.
Every HODLer stops being a HODLer one day. If that day is 40 years from now, good luck trying to find your original history then !!
@Nom: Why would hodlers stop hodl one day?
Coinbase Users Can Borrow $1M With Bitcoin As Collateral And No Credit Checks
by Samyuktha Sriram
November 4, 2021 11:15 am
https://www.benzinga.com/markets/cryptocurrency/21/11/238822….
Celsius Crypto Loans
Why sell your crypto assets when you can borrow against them at industry leading ultra-low lending rates (1% APR)? Celsius crypto loans allow users to borrow against their crypto for fiat or stablecoins, all within their mobile app.
https://allaboutcelsius.com/celsius-crypto-loans/Hodlers can hodl till the day they die by borrowing to avoid paying taxes.
Why would hodlers stop hodl one day?
Because they want to pay off their mortgage, buy a Lambo, travel the world, send their kids to school, or any of a zillion other reasons.
Hodlers can hodl till the day they die by borrowing to avoid paying taxes.
Yes they can. But this isn't what most people do…
@Nom: They can do/buy all of that without selling.
It's in fact more profitable to hodl and borrow than to sell and get screwed by taxes.
https://www.ozbargain.com.au/comment/11340580/redir
They save $24,769 over 30Y by not selling.
@rektrading: Yes, we understand how crypto loans work.
Firstly, I'm not sure why you're equating them with selling ? If you take the loan, you have to repay that amount 🤷♂️
And secondly, you've listed one of the upsides as "avoid taxes". Why is this more desirable than the alternative ? I'd much rather pay $80,000 in taxes when I sell, making my contribution to society, than instead paying $50,000 in interest fees to a crypto company's profits and being saddled with 30 years of repayments.
@Nom: Perpetual loans don't have a maturity date. The borrower can pay the interest for 30Y, 40Y or until they die without closing the loan. The assets will then be passed on to their partner or children. They can sell the assets tax-free or on a step-up basis and repay the loan (P+I).
People can choose to pay $83,167 in taxes or $58,398 in interest over 30Y. The former will go into a black hole that will be wastefully spent by the feds. The latter will go to businesses that employ people that work in this industry.
I'm happy to see the interest go to people that support this industry rather than the incompetent and wasteful fed spending.
Paying tax is the best thing that can ever happen to you.
8horse
People can save $30 and avoid capital gains taxes by buying, Tx to wallet and hodl.
People that are thinking of using Koinly or any other apps should know that once you connect an API there will be no turning back. They (Koinly) will record your wallet address and it will be impossible to revoke it.
The privacy of the wallet will be lost forever.
Good tip! Fortunately Crypto.com App doesn't have an API, and Koinly only supports CSV imports!
Any wallet that's been used with a commercial exchange already has no privacy - the exchange knows which accounts have used which wallets.
It's a complete none issue unless you have standalone wallets that have never interacted with any other known wallets, and for some reason you need to keep them unassociated 👍
The code isn't doing anything for me. I have $260 of credit in my account for referring people, I was hoping I could double dip and get an upgrade from Hodler to Trader for free :')
I guess I shouldn't be greedy and just let Koinly deduct $179 for the upgrade of the credit I worked hard for.
Thanks OP. Signed up using an OZB referral link. Hopefully someone benefited USD20.
However, unfortunately the USD20 doesn't stack with the 40% off!If anyone bought and sold crypto then it's good to buy now while you getting 40% off
CheersBitcoin crashed, again.
Nov 26, 2021, 04:45am EST
‘Be On Guard’—Black Friday Crypto Price Crash Wipes Billions From Bitcoin, Ethereum, BNB, Solana, Cardano, XRP And Dogecoin
https://www.forbes.com/sites/billybambrough/2021/11/26/be-on…It's down by 8% at last count.
Time to sell and get a job at McDonald's or BTFD?
Thanks OP, still worked for me!
Merged from 40% off Koinly plans (From $59.4USD)
A bit niche, but for those who missed out on their 40% Black Friday deal. EDIT - 40% still working
As someone who went full bore into crypto in 2016, always wanted something to do my taxes, was a pain in the ass before.And don't bother with the "but you buy crypto to hide your taxes/income" BS, pay your taxes people, the ATO is very good at finding your hidden bitcoin/assets, especially if you want to cash out from time to time, as I do to buy more shit from OZB.
Crypto tax reports in under 20 minutes
Koinly calculates your cryptocurrency taxes and helps you reduce them for next year. Simple & Reliable.Available in 20+ countries
Free report preview
Code is for 24 hours only.
Hey, I've seen this Blitz promo in the past, it shows up in a little box on your screen when logging into Koinly. Unfortunately the code only works on your account if it's been offered to you.
I find it often randomly comes up if you haven't yet paid for a subscription this FY, or if it detects you might need to upgrade to a higher plan soon.
This code doesn't apply on the 2 Koinly accounts I have, says 'code can't be applied'.
AH damn.
Alright, I'll expire the deal
Edi - Mods, could you please delete the deal? Don't know how to do it.
I refuse to engage with any start up businesses that choose the lazy name option of insert-word-here- ly.
https://www.theatlantic.com/technology/archive/2013/07/pitfa…
It was already on the nose nearly 10 years ago
The 40% off Black Friday code still works - 071C2299
Does it apply to anyone?
Not sure if this applies here but the crypto.com app offers a free tax calculator
20,000 transaction limit.
Ok, Thank you :)
People can work out their tax liability without using invasive 3rd party apps. It takes a bit of work but is worth it if they want to protect their privacy.
True if you have less than 100 transactions, getting the AUD equivalent of both the token you're selling and buying at a point in time can be very time consuming.
AUD/USD barely moves. Just use a monthly average in SS. Nobody is going to be able to tell the difference between a monthly, weekly or daily average.
This is wrong on so many levels.
You can't work out your tax liability without a tool like this, when you have thousands upon thousands of different transactions across multiple services. It's way way more than "a bit of work" if you're anything more than a light user.
The whole point of services like these is to handle the "bit of work" - why would you spend time doing it yourself, when these guys are already providing a product ?Koinly is not invasive in any way. The only function it has, is to apply the tax rules for your country of choice, to the data you provide in the CSVs.
Not sure what you mean by "protect their privacy" - all your wallets that have interacted with any commercial exchange or known wallet, are already known. Koinly isn't adding anything to this data.
Do you hodl Koinly stonks or are you on their payroll? I ask because you sure shill/promote/defend them a lot in almost every post.
@rektrading: No, he's just explaining it properly on a statement you made without providing evidence. He's articulated why Koinly works. You haven't.
Explain why you said they are invasive? Don't give me the you have to add exchange API to it.
@he11bent: The API links the Tx to the wallet. That can't be undone. The company will forever be able to track the users.
Users that don't understand that are missing one of the ethos of why Satoshi designed the network to be transparent but anon.
@rektrading: You can have a read only API, and you can delete the API from the exchanges themselves, severing connection to Koinly.
Honestly, been in it since 2016, I don't care about anon, I'll pay my taxes if it means I can spend my crypto like a normal bank account
@rektrading: No stocks or payroll, I'm just a user.
Note that there are plenty of crypto tax tools out there - I couldn't care less whether people use Koinly or one of the others.
But they should definately use something.
I've noticed that you always come riding in defending Koinly when I post why people shouldn't be using them.
Tick the associated box for transparency.
@rektrading: What the hell are you on about? This is the first time I've ever commented on Koinly either in creating a deal or any other post about them.
OH I see, you're a troll account.
when I post why people shouldn't be using them.
Because this is terrible advice.
Without using tools like this, most Crypto users have no chance of meeting their tax obligations.
I did a tax dump from Binance. Half of the transactions are missing. My other trades (all currently unrealised losses…maybe…Defi I was in got hacked and now worth not much) would be between PCS and Trust W. Guessing the ATO would only see my Binance stuff anyway? But I guess if audited, would ask where the BNB transactions from Binance to Trust W are going?
My summary, invested $2k, currently got about $300 worth remaining. Staked my ADA (which I now hold more of, but now has a negative net worth overall), but guess I still owe the ATO albeit losses all round in this financial year.
Your losses offset you gains, so this year you won't owe the ATO and next year you'll be able to offset this year's losses as well.
Worked for me, thanks!
Cheers, best discount yet. Just worked for me
Koinly saved my a fortune by not needing an accountant. I just followed this step by step and got the report at the end. Then added that in my mygov tax section.
https://sharetrading.guru/using-koinly-to-complete-your-aust…
I have a feeling those new trading crypto don't know about their tax obligations.
Keeping that wallet safe and secure :P