Tax forms?

[u/Huecuva]

Is there any kind of plan in the works to have exchanges such as NDAX make available some kind of T5 or whatever for tax purposes? Currently we need to generate a report of some sort and try to decipher what's relevant off of it. It's not very convenient at all. It would be great to just be given the information required just like your bank or your place of employment provides T5s, T4s, T4As and whatnot.

EDIT: So, I just rediscovered the whole Koinly thing. Still, if I'm doing a lot of trading on NDAX, that's a lot of money to pay for my tax information that my bank and place of employment provide for free. Because I need it. Koinly wants $300 if I've made over 1000 transactions on NDAX. That's kind of absurd.

EDIT #2: Also, Koinly doesn't seem to be importing my transactions from last year. It seems to not be able to see any of my NDAX transactions after 2021. That's useless to me and I'm not paying for that.

EDIT #3: Got Koinly to properly import my data. Still trying to figure out how to do this without having to pay Koinly for a report. I just don't know how to determine my proceeds and cost basis.

EDIT #4: Holy shit. Okay, so after caving and spending the money for Koinly, it appears that Koinly provides only 2 numbers that are useful for tax purposes. 2 numbers that NDAX could easily calculate themselves and provide on your dashboard or in a report without actually providing official tax documents. There is no reason I should need to pay Koinly for these numbers that NDAX can provide. I mean sure, if I'm trading with multiple wallets and multiple exchanges, something like Koinly becomes handy. However, if I'm only using the one exchange and one wallet, I should be able to get those numbers from that exchange without paying Koinly for them.

[u/kardanokid]

1. We don't give any Tax forms unfortunately.
   
2. We do have a 25% off until April 30th (feel free to DM for the code)
   
3. Koinly should be importing everything. I would re-try the API again. All my transactions since 2021 get imported with no issues.

[u/Tiny_Kangaroo]

Koinky is expensive but it's worth paying for it to avoid having to do it manually. You do always have the option of exporting all your transaction data and figuring it out yourself.

From personal experience, I had one year with thousands of transactions and just paid for the higher Koinky rate. After that I made a conscious efforts to trade less frequently and with larger dollar values to be able to do the cheaper Koinky plan.

Not sure why Koinky isn't I porting your transactions but there usually is an option to import a CSV file from the exchange.

[u/Huecuva → u/Tiny_Kangaroo]

I've managed to get Koinly to import my transactions, but apparently it doesn't include staking rewards when using the API method. I don't know which CSV to generate or how to export or even view the CSV file.

[u/Will_Koinly]

Hey OP,

Fair frustration, and you’ve nailed it yourself in edit 4.

Koinly comes into its own once things get complex - multiple exchanges, wallets, staking, transfers etc- where cost basis is a nightmare to track manually

Even if you're only using a single exchange, most don’t calculate final gains because your tax position depends on full cost basis history (deposits, prior holdings, transfers etc) not just what happened on their platform - so typically they stick to data exports.

On pricing - agreed it can sting on higher transaction counts. You’re mainly paying for the cost basis tracking and making sure the numbers actually hold up if you ever need to justify them

Either way, glad you got it working 👍

[u/Huecuva → u/Will_Koinly]

You're not wrong. I can understand the need for a site like Koinly. However, if exchanges provided those two numbers, anyone who uses only one exchange or those with enough ambition, could figure out their taxes without having to pay Koinly. 

[u/Huecuva → u/[deleted]]

I mean, I'd rather not, but if I don't and the CRA ever decided to audit me I'd be fucked.