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Author Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies  (Read 88861 times)
wacked
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March 07, 2018, 08:56:50 PM
 #1221

Is there a how-to for the correct way to track Coinbase in CoinTracking using their API keys? I've imported my information but I know I'm missing some steps on to accurately account correctly going back a few years involving deposits, purchases etc. Coinbase takes transfers to different addresses as sells, but for accounting/tax is this the correct way? I'm just looking for a how-to guide on using Coinbase with APIs. If I must I'll use the csv files and follow a how-to as well.  Thanks  
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pragmatic gut
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March 08, 2018, 12:44:21 PM
 #1222

My Ethereum balance on CT for Poloniex is WAY off. Anybody know the cause? In fact most of my balances on CT are way off for Poloniex, Binance and Bittrix.
WickedPigeon
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March 08, 2018, 02:40:28 PM
 #1223

Is there a how-to for the correct way to track Coinbase in CoinTracking using their API keys? I've imported my information but I know I'm missing some steps on to accurately account correctly going back a few years involving deposits, purchases etc. Coinbase takes transfers to different addresses as sells, but for accounting/tax is this the correct way? I'm just looking for a how-to guide on using Coinbase with APIs. If I must I'll use the csv files and follow a how-to as well.  Thanks  

One suggestion:
Once you upload your trades to CT, either by API or by CSV/Excel file, you need to reconcile your CT accounts with the exchange history, in this case Coinbase. This can be tricky because you don't have a "bank like statement" to balance against. But you need to look at your balances and trades to make sure they are uploaded correctly and try to tie them out.

With Coinbase you'll need to export each Wallet's history to Excel. The Coinbase exchange reporting is horrible and basically you have to construct your own statements and get them to tie to Coinbase.   I exported all the data and then sorted it by date got it into columns that matched CT and printed it.

Then I exported the Exchange history in CT to Excel. Once you have both reports you can start the painful process of "ticking and tying."

I upload all of my accounts, both with the API and manual CSV, and check them weekly to make sure the transactions are right and complete. (I'm an accounting manager - same thing my staff does with our company accounts too, although that's not with this software and not with cryto, just the same concept). Reconcile, Reconcile and Reconcile. I have just over a 1,000 transactions in the last quarter, and an good amount of capital invested (at least for me >50, <100), 5 exchanges (Coinbase, Bitfinance, etc.), 10 wallets which don't have APIs, with a bunch of mining activity.

Yes - I've put the hours in to balancing everything, and it took hours. So is this the greatest accounting software I've ever used, no. But it does a darn good job of tracking everything. Come tax time, everything was there.

Like most complex accounting activities - it takes time and reconciliations!
Good luck   

If I leave here tomorrow would you still remember me?
For I must be traveling on now cause there's too many places I've got to see...
Flufferboy
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March 10, 2018, 10:24:40 AM
 #1224

1. If you delete a trade, imported by either CSV or API, will it come back again when updating?

2. *FIXED* Tax report: I get an errror (and this message: "There is no suitable purchase to this sale (all purchasing pools consumed). Assuming purchase on the same day for 0 USD.") on all my EUR deposits to Kraken (from my bank account). Seems like CoinTracking sees them as "gifts" or "free money", which makes sense, since I haven`t imported my regular bank`s transactions... So, the initial deposits have come from the skies, and are then naturally seen as pure gains. But how to fix this in the tax report? My gains are way too high now.

EDIT: fix to number 2 is here:

https://cointracking.freshdesk.com/en/support/solutions/articles/29000018222-working-with-two-fiat-currencies-cost-basis-0-for-fiat
AltScope
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March 10, 2018, 03:38:07 PM
 #1225

1. If you delete a trade, imported by either CSV or API, will it come back again when updating?

2. Tax report: I get an errror (and this message: "There is no suitable purchase to this sale (all purchasing pools consumed). Assuming purchase on the same day for 0 USD.") on all my EUR deposits to Kraken (from my bank account). Seems like CoinTracking sees them as "gifts" or "free money", which makes sense, since I haven`t imported my regular bank`s transactions... So, the initial deposits have come from the skies, and are then naturally seen as pure gains. But how to fix this in the tax report? My gains are way too high now.

personally id just subtract the initial EUR value from the total gains

if you find a better way be sure to advise me
Flufferboy
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March 11, 2018, 09:36:54 AM
 #1226

1. If you delete a trade, imported by either CSV or API, will it come back again when updating?

2. Tax report: I get an errror (and this message: "There is no suitable purchase to this sale (all purchasing pools consumed). Assuming purchase on the same day for 0 USD.") on all my EUR deposits to Kraken (from my bank account). Seems like CoinTracking sees them as "gifts" or "free money", which makes sense, since I haven`t imported my regular bank`s transactions... So, the initial deposits have come from the skies, and are then naturally seen as pure gains. But how to fix this in the tax report? My gains are way too high now.

personally id just subtract the initial EUR value from the total gains

if you find a better way be sure to advise me

I actually did. Set all deposits from your bank to "Income" instead of "Deposit". It is explained here:

https://cointracking.freshdesk.com/en/support/solutions/articles/29000018222-working-with-two-fiat-currencies-cost-basis-0-for-fiat

When I did this, nearly all of my 264 warnings disappeared, even though my number of deposits are waaay lower. So now I am a bit closer to the actual gains. A long way to go, though. Man, this is much work.
soothaa
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March 12, 2018, 03:30:43 PM
 #1227

Oh look. Delta just released their new Exchange connector and it supports Binance. Without specifying each trading pair. And it's automatic!

Yet my paid cointracking still doesn't...

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
GooseNL
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March 12, 2018, 08:04:42 PM
 #1228

I am looking for my portfolio value in BTC of my alts from polo and bittrex on Jan 1 2017. How can I find it?
I have imported files from these exchanges.
gwestcot
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March 13, 2018, 02:54:21 AM
 #1229

Can you add ravencoin for tracking?
WickedPigeon
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March 13, 2018, 07:44:52 PM
 #1230

Can you add ravencoin for tracking?
It's there already. RVN is currently tracking

If I leave here tomorrow would you still remember me?
For I must be traveling on now cause there's too many places I've got to see...
AltScope
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March 14, 2018, 09:15:21 AM
 #1231

anyone else experience a double import on btc transactions yesterday?

I almost had a freaking heart attack
Convington
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March 14, 2018, 01:42:50 PM
 #1232

Anyone know how to set up multiple Exchange accounts?  Example:  I have 2 Bittrex accounts for trading.  I want to do the FullOrder.csv import to import all my data - but there is no way to differentiate between one account and another to import into.

I know that when I set up the API auto I can Name each connection, so I could have Bittrex #1 and Bittrex #1.  But how can I make sure the transactions are imported from csv to the proper location? Is it automatic, somehow?
gwestcot
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March 14, 2018, 03:59:21 PM
 #1233

Can you add ravencoin for tracking?
It's there already. RVN is currently tracking

I don't see it in wallet import.
soothaa
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March 14, 2018, 04:08:38 PM
 #1234

Can you add ravencoin for tracking?
It's there already. RVN is currently tracking

I don't see it in wallet import.
Dude their "wallet import" doesn't support 90% of current Cryptos.

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
WickedPigeon
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March 14, 2018, 08:37:41 PM
 #1235

Can you add ravencoin for tracking?
It's there already. RVN is currently tracking

I don't see it in wallet import.

From RVN wallet -> Transactions -> Export -> Adjust fields to match CT
From CT -> Enter Coins -> Bulk Import -> Excel or CSV and follow the directions there.

Works fine for me.

If I leave here tomorrow would you still remember me?
For I must be traveling on now cause there's too many places I've got to see...
bitsolemn
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March 14, 2018, 08:46:55 PM
 #1236

Can you add ravencoin for tracking?
It's there already. RVN is currently tracking

I don't see it in wallet import.
Dude their "wallet import" doesn't support 90% of current Cryptos.

90% of cryptos are scams and going to $0.
*PRIORITIES*
They should actually fully implement exchanges instead of only half-doing it.
I've got a 35,000 line CSV of Poloniex borrowing fees I cannot import making this product useless. This means they are severely over-estimating my taxes.
 No updates since Feb 5th.
Did their devs go on vacation? I'm sympathetic to their support probably being over-whelmed but what are the devs doing? Last update was 6+weeks ago for a simple API fix.
gwestcot
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March 14, 2018, 10:22:26 PM
 #1237

Can you add ravencoin for tracking?
It's there already. RVN is currently tracking

I don't see it in wallet import.

From RVN wallet -> Transactions -> Export -> Adjust fields to match CT
From CT -> Enter Coins -> Bulk Import -> Excel or CSV and follow the directions there.

Works fine for me.

Ahh ya I could do it the roundabout way. I of course always prefer to simply have it automatically done in wallet import. Well csv is still a hell of a lot better than manual import. Thanks!
pragmatic gut
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March 15, 2018, 08:11:14 AM
 #1238

How would I input a monero wallet (XMR). I just generated the wallet offline - no api. How do I put it in?
WickedPigeon
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March 15, 2018, 07:06:48 PM
 #1239

Can you add ravencoin for tracking?
It's there already. RVN is currently tracking

I don't see it in wallet import.

From RVN wallet -> Transactions -> Export -> Adjust fields to match CT
From CT -> Enter Coins -> Bulk Import -> Excel or CSV and follow the directions there.

Works fine for me.

Ahh ya I could do it the roundabout way. I of course always prefer to simply have it automatically done in wallet import. Well csv is still a hell of a lot better than manual import. Thanks!
Agreed - I don't see an API coming anytime soon. This also allows you to quick balance the wallet and CT to make sure your balances are correct. Easy reconciliation.

If I leave here tomorrow would you still remember me?
For I must be traveling on now cause there's too many places I've got to see...
Blitzky
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March 16, 2018, 02:31:02 AM
 #1240

Oh look. Delta just released their new Exchange connector and it supports Binance. Without specifying each trading pair. And it's automatic!

Yet my paid cointracking still doesn't...

What is Delta? Another tax tool?
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