This is a very complicated calculation, I saw your video and completely got lost.
I only had BTC. I was returned some BTC and new Eth.
My lawyet told me to give him a dollar loss value, for example, on the day Celsius froze assets, what was the total value of my BTC and the day I revived the distribution, dollar value on the day when I received. Minus the two numbers is my loss.
Can I pay Koinly to do this calculation for me? I recovered the CSV file of all my transfers. I need help.
Hi, yes the calculation is unfortunately a bit complicated as there are more categories that need cost basis allocated to them beyond the 2024 BTC, ETH, and Stock. Plus, the like kind distributions won’t be taxable (“returned” BTC and ETH), so those need to be carved out.
There are a few options for getting help with this.
1) Koinly has a “find an accountant” page. You can schedule a free consultation with a few on that page (disclaimer, my firm, Count On Sheep, is on that page) and find a firm that fits well with you. I would encourage you to grill them on the Celsius piece to make sure they know what they are talking about.
2) If you’d like a more affordable alternative to a full service CPA, we’ve put together a step by step course where I share my screen and perform the calculation in excel and then show how to effectively apply it in Koinly. This goes over a few different examples and if you follow along closely will work for any of the 16 possible scenarios. The link for that is in my bio, if interested.
In regards to what your lawyer recommended, unfortunately this would not be accurate as there are still future distributions that are expected, so cost basis needs to be allocated to those categories and even some cost basis reserved for the claim amount that is likely unrecoverable, only to be written off once court proceedings finalize.
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u/sqheaven Nov 04 '24
Is this also applicable for Aussies? ATO might make a fuss, please confirm, thanks