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2
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Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies
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on: May 02, 2020, 09:29:15 AM
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I mostly love the software. Really, it is quite nice. But the pricing is extreme AS it relates to actual trades made.
For example:
If I place a market order for 1BTC worth of an alt coin, that might be 150 transactions, maybe more, depends on the order book.
If I was to manually import that, it would be 1 transaction, but I would have to summarize the 150 "trades".
Really, it is just 1 transaction, but details that I don't need are imported. Can't the software just summarize this? (Like how the softwares reporting function has the "group trades by day".)
So, what I have started doing is just summarizing the trade manually, instead of importing the many small trades via the easy .csv import.
If you are a day trader or high frequency trader I imagine it is just way too time consuming.
For tax purposes the price doesn't change. In 99% of cases, I don't need the detail of how that order was filled. If I want that I can just save the original downloaded .csv file.
I feel like going through and summarizing my 150,000 plus trades into what it actually is - about 1200 or so. That would save most of us a lot of money.
And it is a lot easier on the eyes to have a simplified history. When I want the detail, I should have that choice.
The second problems is the complicated nature of the paper wallet solution.
I would like a simplified labelling system for paper wallets precisely. I appreciate the MANY "work arounds" you guys have (labels, pools, etc.), but having a simple paper wallet function would be better.
Appreciated,
IAS
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4
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Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies
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on: February 15, 2020, 11:53:52 AM
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How do you integrate a paper wallet held more than 1 year (for long term capital gains benefits) into cointracking?
In the country I am filing in, they only except FIFO. So, I will do my taxes that way for my trading, but with my long term paper wallets (when I roll them into, e.g. Ethereum) I want to legally get the long term capital gains. (Note - I am importing exchange date for the most part.) I'm not from CoinTracking and they might still reply, but I had the same problem with bitcoins and can say a few words. The basic idea is that you include all your paper wallet information into your bookkeeping. You can manually import the paper wallet's bitcoin address into CoinTracking: - Click on "Enter Coins".
- Scroll down to "Bitcoin Wallet Import" and click on it.
- Copy the paper wallet's public bitcoin address into the field "Your BTC Address".
- Fill in the rest of the form.
- Click the "Import …" button.
CoinTracking will then automagically read all coin movements on the paper wallet directly from the blockchain. But, of course, it still cannot know where you got the bitcoins from originally and how much you paid for them. If the laws of your country, like Germany, make the sale of coins held longer than the limit completely tax-free and if you have held those coins for longer, then it plays no role for how much you bought them for tax purposes. The tax would be zero anyway. If the law allows a lower tax, but still more than zero, after a certain holding time, like the US, then you still have to provide information on how and for how much you bought the bitcoins, so CoinTracking can determine the gain and the tax. Does anyone know, for example, if you can use the above "Import Wallet" function (e.g. BTC, ETH) to track a paper wallet as the user above said? In my case, let's say I have some ETH already bought from 2 months ago. I want to sell them in 10 months. So, if I buy more coins today, can I just import them into another address and have cointracking track that address using the import wallet function, using LIFO accounting, so that I get the tax benefits of holding them one year? (In other words, I don't want the coin software to count my newly bought coins as those sold in 10 months since I'm doing LIFO.) I imagine once it see's the coins are moved, that I enter them as sold (if need be), so it stops tracking? Thx in advance, IAS |
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6
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Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies
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on: July 09, 2019, 08:34:05 AM
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Dear CoinTracking User. We would like to inform you about the following changes / improvements:
Updates and Improvements
- With the tax report, you can now deactivate warnings for all empty foreign FIAT purchase pools (to be found in the advanced settings)
- The 'Balance by exchange' now shows the positions and the values for the entered date when using an end date in the filter
- The ETH import now filters special characters out of token names
- The Trezor CSV import now supports the fees
- Fix for the Huobi API import, because Huobi currently only returns the last 2 days
- Optimization for the Coinbase Pro API import since Coinbase Pro uses the same Tx-ID for different transactions in some cases
- Updates for the Luno API import
- Updates for the Bitfinex API import
- Updates for the CoinSpot API import
- Updates and bug fixes for the Bitmax CSV import
- Binance Coin mapping: ONE is now imported as ONE2 and HSR as HC
- Bitfinex Coin mapping: LEO is now imported as LEO2
Crypto tax laws and tax consultants
In cooperation with numerous CPAs, we have published summaries of relevant crypto laws in many countries around the world.
These crypto laws as well as a list of tax consultants who can help with the tax return for crypto currencies can be found here: 'Tax Report' -> 'Tax Information'.
Thanks for that update. Since you guys are in Germany - Regarding what you posted in the "tax information" section on your website (note bolded 2 sentences) for Germany and no bitcoin taxation on purchases: Also in February 2018, the German Federal Ministry of Finance published guidance on value-added-tax (VAT) treatment of bitcoin and other virtual currencies. It determined that transactions to exchange a traditional currency for bitcoin or other virtual currencies and vice versa constitute the taxable supply of other services for consideration, but fall under the exemption from VAT. It stated that bitcoin or other virtual currencies that are used simply as a means of payment are treated the same as traditional means of payment. Using bitcoin or other virtual currencies for no other purpose than as a means of payment is therefore not taxable. This guidance is in line with the European Court of Justice (ECJ) decision Hedqvist from October 22, 2015.[219] Virtual gaming money, meaning in-game currencies, particularly in online games, is not exempt, because it does not constitute a means of payment within the meaning of VAT law.[220] The Ministry also addressed several follow-up questions regarding the taxation of mining, digital wallets, and online trading platforms.[221] Does this mean that in Germany, bitcoins can be used to purchase items (e.g. precious metals, cars, houses) are tax free, bitcoin wise? So, instead of selling bitcoin for a car (taxable), just pay for the car with Bitcoin (not taxable)? Thank you, IAS |
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7
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Economy / Speculation / Re: Tone Vays Is 85% Certain Bitcoin (BTC) Hasn’t Hit True Bottom
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on: January 06, 2019, 11:56:42 AM
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I kinda agree with his prediction (despite the fact that he is a "bear" and he is dying to see a lower bitcoin price).The true bottom will be around 2-3K USD and any new ATH will happen after the next 2020 halving.
It takes a lot of time to build some new hype around bitcoin.The market is insecure and the fear dominates over the greed.
Sure, when you look at a BTC chart and the last year or so, to say a bottom is in is way premature. Tone is clearly a Bitcoin maximalist, but that said, he sure isn't a perma-bull. His 9 count candle method (which I don't yet grasp - haven't studied it) appears fairly accurate. Anyway, I myself can see BTC coming back to 2500 USD but lots of factors are in play.(e.g. Venezuela - real world problems guys!). I would NOT just be sitting in cash in these times. Having been through these "Bitcoin bubbles" before, you know when the true despair sets in and I'm not really sure we've hit that. Regardless, unless you are just going to hoddle, don't put all your eggs in one basket time wise (i.e. calling an end to a bear, bottom, etc.) Bitcoin moves really quick going up, don't get lost waiting for a bottom. I "listen" to a lot of opinions on Bitcoin, don't hold any of them, but take them into account along with what my TA/mind see's. Alessio is nice to watch btw on Youtube... |
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9
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] WaltonChain WTC
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on: January 13, 2018, 09:28:17 AM
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is there any good news, the price pumped a lot today
i heard many people sold their wtc coins for the ico, and now they will regret
See the twitter quote - HUGE news! https://twitter.com/Waltonchain/status/952024577713975296And I had sold a very small amount (like 20) of my WTC today cause it was up, just cause I felt like things always go up and down and that I could buy it back - but this news was astronomical !! I found WTC back in Sept and thought it was one of the actual use case coins - something that can be put implemented sooner rather than later. Of course I wish I bought more, wish I got more for a guardian masternode, it took off from the 1-2 usd mark quicker than I could ever have imagined, but I'm still extremely happy I held onto the bulk of my coins .... Thanks for the post. I wondered what was up with the explosion in price. Also, there was this post gif on Reddit from a reputable poster, but he said the huge news was coming on Monday. Looks like this is it. https://www.reddit.com/r/waltonchain/comments/7q0k3c/dont_want_to_hype_but/it fall back again, and i think its just a dump and pump game, maybe big holders release this news to cash out, unfortunately, those who buy at a high price will get locked Nah, it is up over 90% still. Just a lot to digest. Watch it over the next week. This is some of the hugest news I have ever scene in crypto. Unbelievable. Walton is over 32 USD per token right now... |
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10
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] WaltonChain WTC
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on: January 13, 2018, 08:44:53 AM
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is there any good news, the price pumped a lot today
i heard many people sold their wtc coins for the ico, and now they will regret
See the twitter quote - HUGE news! https://twitter.com/Waltonchain/status/952024577713975296And I had sold a very small amount (like 20) of my WTC today cause it was up, just cause I felt like things always go up and down and that I could buy it back - but this news was astronomical !! I found WTC back in Sept and thought it was one of the actual use case coins - something that can be put implemented sooner rather than later. Of course I wish I bought more, wish I got more for a guardian masternode, it took off from the 1-2 usd mark quicker than I could ever have imagined, but I'm still extremely happy I held onto the bulk of my coins .... Thanks for the post. I wondered what was up with the explosion in price. Also, there was this post gif on Reddit from a reputable poster, but he said the huge news was coming on Monday. Looks like this is it. https://www.reddit.com/r/waltonchain/comments/7q0k3c/dont_want_to_hype_but/ |
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12
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Alternate cryptocurrencies / Altcoin Discussion / Re: Litecoin is officially dead
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on: January 02, 2018, 11:55:06 AM
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Refresh my memory... How many times now has Litecoin been "officially dead"?
With no developers, no new content added, a dying community, and getting destroyed by ASIC's. Litecoin's 9 lives have run up. I wonder though, does LTC really need any more features? The presence of ASICs is going to make it quite interesting. Will the network start to centralize? Will Wall St. Want a #2? Remember, even with BTC T 600 bucks app., we are VERY early adopters. Basically, I'm saying we don't know. I still have 1/3 of my position in it as when we broke .02 I saved what profits I had and rolled 1/2 that into XMR. The alts are nice in this way as you can (still) move things around with no tax implications. Another reason LTC is nice to have. I get the feeling that when we look back on this time, we are just going to laugh at some of what we thought. We are still in the womb. From page 3 of this thread, 3 1/2 years ago... feels good to say I told you so... |
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO] ICON - Interchain Blockchain Network / Hyperconnect the World!
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on: December 25, 2017, 01:25:44 PM
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Holy shit....this is the best ico i ever been involved in. life changing.
Yeah, this is perhaps one of the most successful ICO‘s I have ever seen (considering the time it‘s been public thus far.) But the scary thing is going to be once S. korea has acces to it on its exchanges. Might want to not let this one go for a while. HODL has never been more clear. thinking what this coin is in 1 to 2 years..... Alex, I’ll take „ What is An Ethereum that works forthe most tech crazy Nation n Earth?“ |
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