Koinly

📅 June 7th, 2023 (rolled out gradually throughout June):

Migration from Shared Pool [Legacy] and Shared Pool (Individuals)

This change may impact UK users who signed up to Koinly before December 2021 and had not updated to the non-legacy method manually. Users who signed up after this date are already on the updated method.

Same-day purchases of the same asset were treated as separate tax lots

- Same-day purchases of the same asset were treated as separate tax lots

Same-day purchases of the same asset are pooled together and treated as a single tax lot

This change will only impact your gains if you purchased the same asset on the same day but at very different prices, and then sold some of it in the next 30 days

- Same-day purchases of the same asset are pooled together and treated as a single tax lot
- This change will only impact your gains if you purchased the same asset on the same day but at very different prices, and then sold some of it in the next 30 days

Migration from FIFO / Ireland [Legacy] and FIFO / Ireland

This change may impact users in Ireland who manually updated their cost basis method to "FIFO / Ireland" (the default method is FIFO) before January 2023.

Sales taking place within 4 weeks of the acquisition were being treated as wash-sales. This was due to incorrect guidance on Revenue's website <a href="https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/selling-or-disposing-of-shares.aspx" rel="nofollow noopener noreferrer" target="_blank">here</a>

Losses resulting from wash-sales were being deducted from net gains when the re-acquired asset was sold, regardless of whether the eventual disposition resulted in a profit or a loss

- Sales taking place within 4 weeks of the acquisition were being treated as wash-sales. This was due to incorrect guidance on Revenue's website <a href="https://www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/selling-or-disposing-of-shares.aspx" rel="nofollow noopener noreferrer" target="_blank">here</a>
- Losses resulting from wash-sales were being deducted from net gains when the re-acquired asset was sold, regardless of whether the eventual disposition resulted in a profit or a loss

Sales taking place within 4 weeks of acquisition will now be calculated with the LIFO method but losses from these sales will not be restricted.

Restricted losses will now only be deducted against future profits from the same asset

- Sales taking place within 4 weeks of acquisition will now be calculated with the LIFO method but losses from these sales will not be restricted.
- Restricted losses will now only be deducted against future profits from the same asset

Note that there is still no clear guidance from Revenue on whether the wash-sale rules actually apply to crypto in Ireland. Professionals continue to debate this and it is still common practice to apply regular FIFO, without applying the wash-sale rules.