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Author Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies  (Read 88914 times)
jackjackfly
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January 30, 2018, 02:17:16 PM
 #1061

So guys, how you like this service? Is it worth using? As I sometimes have problems with controling all coins I follow. So I'm looking something like cointracking

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soothaa
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January 30, 2018, 02:27:05 PM
 #1062

So guys, how you like this service? Is it worth using? As I sometimes have problems with controling all coins I follow. So I'm looking something like cointracking
Is it worth it if you can use the free version? Yes.

Is the UNLIMITED plan worth it? Not by a long shot.

Want increased coin support within AwesomeMiner? Try my free plugin to add support for nearly any coin! https://bitcointalk.org/index.php?topic=2979494
Want Masternode income stats within AwesomeMiner? Try my free plugin to add support for them! https://bitcointalk.org/index.php?topic=3047367
jojo69
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January 30, 2018, 03:25:37 PM
 #1063

So guys, how you like this service? Is it worth using? As I sometimes have problems with controling all coins I follow. So I'm looking something like cointracking
Is it worth it if you can use the free version? Yes.

Is the UNLIMITED plan worth it? Not by a long shot.

remember, if something is free...YOU are the product

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
soothaa
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January 30, 2018, 03:35:58 PM
 #1064

So guys, how you like this service? Is it worth using? As I sometimes have problems with controling all coins I follow. So I'm looking something like cointracking
Is it worth it if you can use the free version? Yes.

Is the UNLIMITED plan worth it? Not by a long shot.

remember, if something is free...YOU are the product
Yes, the free product in this case is to entice you to buy the upgraded version, which, IMO is not worth it. To many bugs, quirks, and unsupported exchanges/wallets to be useful. I spend more time correcting things manually than it does automatically/usefully.

Want increased coin support within AwesomeMiner? Try my free plugin to add support for nearly any coin! https://bitcointalk.org/index.php?topic=2979494
Want Masternode income stats within AwesomeMiner? Try my free plugin to add support for them! https://bitcointalk.org/index.php?topic=3047367
bergenic
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January 30, 2018, 05:26:54 PM
 #1065

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 Smiley

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 Huh

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
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January 30, 2018, 08:24:00 PM
 #1066

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

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
bhest
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January 31, 2018, 07:50:39 PM
 #1067

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
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February 01, 2018, 02:28:12 AM
 #1068

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
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February 01, 2018, 03:56:04 AM
 #1069

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?
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February 01, 2018, 07:58:20 PM
 #1070

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.

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soothaa
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February 01, 2018, 09:29:10 PM
 #1071

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!)

Want increased coin support within AwesomeMiner? Try my free plugin to add support for nearly any coin! https://bitcointalk.org/index.php?topic=2979494
Want Masternode income stats within AwesomeMiner? Try my free plugin to add support for them! https://bitcointalk.org/index.php?topic=3047367
quasimoto
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February 02, 2018, 12:22:45 AM
 #1072

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
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February 02, 2018, 03:15:10 PM
 #1073

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.

Want increased coin support within AwesomeMiner? Try my free plugin to add support for nearly any coin! https://bitcointalk.org/index.php?topic=2979494
Want Masternode income stats within AwesomeMiner? Try my free plugin to add support for them! https://bitcointalk.org/index.php?topic=3047367
jojo69
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February 02, 2018, 04:34:55 PM
 #1074

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

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
soothaa
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February 02, 2018, 06:09:25 PM
 #1075

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.

Want increased coin support within AwesomeMiner? Try my free plugin to add support for nearly any coin! https://bitcointalk.org/index.php?topic=2979494
Want Masternode income stats within AwesomeMiner? Try my free plugin to add support for them! https://bitcointalk.org/index.php?topic=3047367
quasimoto
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February 02, 2018, 09:39:33 PM
 #1076

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
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February 02, 2018, 10:49:24 PM
 #1077

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
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February 03, 2018, 06:37:19 PM
 #1078

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
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February 03, 2018, 07:46:38 PM
 #1079

Does CoinTracking have a whitelist IP for automatic API interface?
bitChipper
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February 03, 2018, 08:04:30 PM
 #1080

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.
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