Manual Transactions Spark Debate | Koinly Users Weigh Tax Implications

A recent discussion among crypto enthusiasts has raised questions about manual transactions when using Koinly. One user, reflecting on their experience selling distributions on Coinbase, sought clarity on their tax responsibilities concerning an associated wallet.

Context of the Discussion

The original poster has exclusively used Coinbase for their crypto transactions and is considering a manual transaction in their Celsius Wallet for assets believed to be held. They wonder if this method is sufficient for accurate tax reporting.

Opinions Split on Manual Transactions

Despite the straightforward question, responses from the crowd reveal a split opinion. Some users believe the proposal has merit, while others caution about its complexities.

Key Comments from the Forum

"No, read the article on the Koinly blog. You're a little late to be asking this."

• A firm note from one user suggests that late inquiries on such matters can lead to problems.

• Another user advised, "If you’re in convenience class, yes. Otherwise, no. It’s not as simple as that unfortunately."

• A third commenter pointed out that for Canadians, the deadline is extended until the end of the month, suggesting relief for some in similar situations.

One user shared, "I got back ETH, BTC which I sold in whole for $8319 CAD." This shows the potential financial stakes involved in the discussion.

Key Takeaways

• ◻️ Conflicting advice on manual transactions' tax consequences

• ◼️ Users stress the importance of timely inquiries for tax matters

• ◽️ "My total value was so low I should have just a minor adjustment with the CRA."

These insights underscore varying levels of understanding and opinion among crypto users navigating their tax reporting responsibilities in the rapidly changing landscape of digital currencies.