CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies

[bergenic]

This question has been probably answered many times here, but it's difficult to go through 50+ pages so I hope I can get a reply like this

I just started to use CoinTracking and it works great, I can get all trades in great, no problem. But when I create my Tax Report I get warnings and an issue I guess is popular?

My Bitcoin history starts like this: I deposit 1000€ -> I buy Bitcoins with 1000€ (to get back those prices...)

In my Tax Report this 1st Purchase of Bitcoins is marked with a warning, and it says there's no suitable purchase date for selling of these 1000€. Since the trade is buy BTC / sell EUR.
So the program then makes this entire 1000€ as gains. There is no gain at this point because I've just purchased my first Bitcoin, there'd be only gain if I sold them.

In the example import excel a purchase is made by putting USD to Sell column and Bitcoins to buy. This is how I made as well.

So how are these crypto/fiat purchased supposed to be put in? I'm confused

Edit: I have deposits marked correctly as deposits, shouldn't that wipe out the fake gain in this case.
Edit 2: I guess I have to input an "income" so then it gets canceled?

[jojo69]

Yes, the free product in this case is to entice you to buy the upgraded version

let's hope that is all it is

it is a lot of data to give to a website

[bhest]

If I'm mining via Nicehash and using the free xfer to Coinbase in BTC which wallet import function would I use? 

Assuming option 1 which is the "import all transactions of BTC address" aka the Coinbase address.  So when I receive an xfer from Nicehash it should show up automatically in CoinTracking and flagged as "mining", yes?

[biologygeek]

I have the unlimited version.  Imported all data and set up api.  Trade statistics look close on the chart.  When I cashed out completely at one point just after the end of the year, it was only off by about $300 on my trade statistics chart (thinks I left behind $300 worth of something... not my real major issue here though). 

All that looks great... However, when I run a tax report the gains show much much higher (>600k usd value!) than the actual value shows of all of my holdings on the trade statistics chart for the year of 2017 (>300k usd).  Am I missing something, or are these calculated so differently that my "gains" would calculate way higher than my entire portfolio value by the end of the year?  Yes, I did a lot of trades in 2017.. a LOT... more than 13,000 entries!  Still, this seems very odd that my "gains" would calculate so much higher than my portfolio value at the end of the year.  How can they be "gains" if I don't have them in my actual value...?  Help, please!  Anyone else have any idea what could be going on?

[kaioy]

I have finally reconciled all my trades so that the balances at all my exchange accounts and wallets match what I got reported in Cointracking.
However, whenever I turn on public portfolio, it will show a totally different value of all the coins e.g. it will show balance of coins I have sold ages ago and got mixed up with coins I currently hold. This affects also the Dashboard values, but it does not affect "Current Balance" and "Balance by Exchange" screens.

As soon as I disable public portfolio, these errors correct themselves.

I wonder if others have seen this before?

[greentea]

anybody have the ranges for the short/long-term gain percentages for the US when generating a tax report?

and what about hifo, lifo, fifo ...?

just want to get a general idea when running reports.

[soothaa]

anybody have the ranges for the short/long-term gain percentages for the US when generating a tax report?

and what about hifo, lifo, fifo ...?

just want to get a general idea when running reports.

I have found that FIFO seems to work the best.

As for those percentages.. those will be based on your income tier level. I'm putting mid 30's to be safe.. but you really won't know for sure until you do your taxes (YAY land of the free!)

[quasimoto]

how do I go about finding the cost basis of my mining payouts.  I enter them in and I can find them in the trades list but the price and tx number are blank.  How do I go about filling all that in?

[soothaa]

how do I go about finding the cost basis of my mining payouts.  I enter them in and I can find them in the trades list but the price and tx number are blank.  How do I go about filling all that in?

The cost basis of your mining payouts is 0.

[jojo69]

how do I go about finding the cost basis of my mining payouts.  I enter them in and I can find them in the trades list but the price and tx number are blank.  How do I go about filling all that in?

The cost basis of your mining payouts is 0.

well, you could add up gear and electricity costs, not sure it is worth the effort at these prices though

[soothaa]

how do I go about finding the cost basis of my mining payouts.  I enter them in and I can find them in the trades list but the price and tx number are blank.  How do I go about filling all that in?

The cost basis of your mining payouts is 0.

well, you could add up gear and electricity costs, not sure it is worth the effort at these prices though

I absolutely will be, every last cent I can deduct, but those are your operating costs and you report them differently.

Total income - operating costs = net income.

[quasimoto]

I have to record the cost basis, because I hodl coins.  If I gain or lose, how much taxes I pay is based of that amount. 

[panacotta]

Add cryptopia support manual CSV deposit and withdrawls

Also add BitBay.net support https://bitbay.net/pl/api-prywatne

What about Bittrex history and API (deposits) still 30 days limit? Is this their issue or yours?
Please push them to fix it.

[Raistilin]

Any idea why my balance of coins on the dashboard would show up correctly but my balances in the tax report closing position does not match.

the primary difference is around 1 coin that doesn't exist anymore that was swapped for another coin. so instead of showing 10000 of coin A and 0 of B and C it is showing 3000 of A and 5000 of b and 2000 of C?

[jkluv000]

Does CoinTracking have a whitelist IP for automatic API interface?

[bitChipper]

how do I go about finding the cost basis of my mining payouts.  I enter them in and I can find them in the trades list but the price and tx number are blank.  How do I go about filling all that in?

The cost basis of your mining payouts is 0.

well, you could add up gear and electricity costs, not sure it is worth the effort at these prices though

I absolutely will be, every last cent I can deduct, but those are your operating costs and you report them differently.

Total income - operating costs = net income.

This would only be if you have filed as a S proprietor or an LLC, all mining/masternode rewards are treated as ordinary income and you only then you can deduct expenses.

It's pretty tough to file if you have been trading across several different exchanges over years, even using these sites its tough to keep track....the best thing any trader can do is try to keep track of their own stuff.

[jkluv000]

Does CoinTracking have a whitelist IP for automatic API interface?

I found this for anybody looking for it in the future - https://cointracking.freshdesk.com/en/support/solutions/articles/29000018216-cointracking-ip-address-for-api-white-listing

[digdags111]

About taxreport conversion.
Why are there three calculation methods and are BestPrice choices recommended?
There is a difference in profit of about 40% when you adopt another calculation method.
As a personal feeling, I think counterpart is the best.

Also, please read API reading from bittrex as quickly as possible for all periods.
When reading from CSV, many errors are generated.

[0x666E5150]

ACB Average cost base yet??? PLZ!!!!

[soothaa]

Proposed new feature: create an option to schedule an automatic import from another CoinTracking account, that you also own.

In this manner we could manage different partial accounts and have them all consolidated in one single portfolio, in an automated way. Cool, isn't it?

This could be very helpful