Add override for cost-tracking.
S
Slim Hare
As per the IRS, fro 2025 onwards we are required to use wallet based cost-tracking, previously universal cost-tracking was acceptable (and has been the default for Koinly). So if we do not separate our cost-tracking for each wallet we will be out of compliance with the IRS.
As it stands, changing to wallet based cost-tracking causes large discrepancies to all previous tax years. If we want to change to wallet based cost-tracking from 2025 onwards, it involved an extremely complicated process of creating a second Koinly account and migrating every token.
With the new IRS requirements, it would be great if an 'add override' feature could be made available for cost-tracking (similar to what we currently have for cost basis). This would enable us to switch from universal to wallet based from 2025 onwards, hence being in compliance with the IRS without negatively affecting all previous tax years.
E
Elated Panda
Now that I have filed my 2023 tax return I locked transactions through 12/31/2023 where I did not use wallet based cost-tracking. How will this new requirement affect this situation?
E
Elated Panda
This transition is going to be a nightmare for US citizens. How is Koinly planning to handle this and what timeframe will a plan be communicated?
Q
Quince Swordfish
To get ready for the 2025 IRS reporting requirements, we need to take all the cost basis not already allocated to sold assets, and assign them by purchase date and wallet where the assets reside on Dec 31. So we need to be able to get a report on any unused cost by purchase date and wallet.