Im having an issue with the tax report for 2017.  I notice when I make significant changes to trades in 2017, that should change my net profit, after I run the report after having made changes, there is no change in the net profit.  Is there an issue here?  Or does the tax report get stuck in time and need to be reset somehow?

@dario

Thanks, that is good news, sounds like you are on top of it.

I do think you need to do a bit better job of explaining that though on the site(maybe I am not seeing where it is fully explained), its not really clear how it works, especially if you don't have an accounting background.

For example I am still a little confused on this explanation on the site:

Best Prices: (recommended)
The currency with the lowest conversion difference (spread) is used in this order:
1. Fiat currencies (USD, EUR, GBP...)
2. Bitcoins (BTC)
3. Altcoins and commodities (ETH, LTC, XAG...)


So when I trade BTC for XRP, you just said in your response you are using the US dollar value of the BTC to determine the transaction price, correct?  So when would case 2. (BTC) ever be used?  Or in my example are you using case 2?

One more thing...

I am guessing when I trade BTC for XRP, you are using 2 seperate pricing databases to get the purchase and sale price, correct?

You are grabbing the BTC price and the XRP price seperately, right?

This is causing big errors when recording trades because your databases aren't that accurate.  

I have a suggestion, lets say I am trading BTC for XRP.  Why not just use the BTC price(I assume this database is your most accurate), and then subtract the trading fee to come up with the Altcoin price?  This would be much more accurate.  Currently when I am switching from best, transaction, and counterparty pricing, I am seeing huge(2x) differences in my realized gains numbers which is not giving me much confidence in the software.

@dario3000

Ok, when I go to edit asset values I see the purchase price is way off, so I made the purchase and sale price equal.

But I am noticing a bigger issue with your software.

On many trades, when I look at the purchase and sale price of my trades, there is a huge spread between purchase and sale price like between 10-20%.  This doesn't make sense to me.  If I am trading 1 BTC for 10 ETH, you shouldn't be using 2 prices for this transaction, shouldn't they be occuring at the same price minus a small trading fee like .25%?  I think this is causing all my numbers to be off in your software.

Hi Dario,

I am having an issue recording a purchase of an ICO token on the tax report, but it does not involve the price of the ICO token, it is a problem with the ETH I used to purchase the token.

1.  On July 3, I purchased some ETH on bittrex.  It is recorded properly, and the cost recorded in the tax report is correct, about $300 per ETH.

2. And then, also on July 3, I recorded a withdrawal from my wallet and a deposit to the tezos ICO.  I named the destination exchange the tezos ICO.

3.  Also on July 3, then I recorded a trade, buying the tezos with ETH.  The exchange is called the tezos ICO.

The problem is, on the tax report, I am using LIFO, I see a sale price of my ETH as more than double than my purchase price.  It is calculating that my sale price for ETH is about $600, which is obviously incorrect.  ETH did not go from 300 to 600 on July 3rd.

I am not sure if I am recording this transaction correctly, or is there an error in your pricing database?

Thanks for your response.

EDIT: This was using transaction prices, when I use best prices, I get a normal result.   So now my question is, how can there be such a difference between 2 pricing methods?

Thank you Dario!

That worked and my gains now total my total account value.  Thanks for the tip about the double transaction, I noticed it earlier and deleted it and saw it reappeared and was wondering what was going on.

I will be upgrading as this is a very needed product.

A few questions:

1. I am aggregating trades in my poloniex spreadsheet manually, because of the way they break up trades.  I don't want to have to enter a million trades in my tax software at year end.  Do you ignore the price column when importing?

2. Do the profit numbers on the tax return report equal the "realized gain" numbers we were discussing earlier?  Or are they calculated slightly differently?

3.  When calculating the profit numbers for the tax report, do you keep a database of the Bitcoin prices in USD(or of all altcoin prices), so that when we enter a trade, you simply look up the timestamp, find the USD price, and then calculate the purchase or sale price?

Thanks again.

Can someone help me with this or tell me if I am incorrect? I am losing my mind over this and I can't tell if I am wrong or cointracking support is wrong.

Here is the scenario:

Let's say I spent $35 dollars on Bitcoin and ethereum last year.   Since then, I have made a lot of trades with my BTC and ETH with other altcoins.  And now my account value is worth $250.  This is due to appreciation of BTC and ETH as well as good trades with BTC and altcoins.  So now I have more bitcoin then when I started buying, as well as owning other altcoins.

So, you can see I have a profit of $215.   But, when I go to the realized and unrealized gains report, I see I have $127 of unrealized gains, and $104 of realized gains.  Which totals $231 dollars.

Shouldn't the total of my gains equal $215?

I have talked to support about this and they say this is correct, that everything is showing correctly, but the math seems extremely simple to me.  I know exactly how much profit I have made, $215, therefore my realized and unrealized gains must also total $215.

Has anyone else had this problem?  Or am I missing something and not thinking about this correctly?

I would love to upgrade to PRO for this software but it needs to work correctly.  I need to pay estimated taxes on my gains this year, and am relying on the realized gains figure to calculate how much I owe.  But if its too high, that will mean I overpay my taxes.

Help???