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

[CoinTracking Dominik]

Dear CoinTracking User. We would like to inform you about the following changes / improvements:

Updates and Improvements

- Bitfinex API problem solved where some users got a "Nonce too small" error message
- Tax report: display of the selected settings at the top of the "Report" page
- Tax report: losses in the base currency are now displayed in the stolen and lost report
- The coins BLZ and BLZ2 are now assigned correctly

[AussieWayne]

Hi guys
Does anyone have any idea why my correctly entered airdropped bonus coins do not show up in the Closing Positions Report? They do show up in the Income Report under the Tax Report correctly with the zero cost basis.
These coins have been entered into the portfolio under the Gift/Tip designation with a zero cost basis.

And as well I note that in the Double Entry Report the type designation is showing as Deposit (In) and not Gift/Tip? They were originally entered under Deposit (In) until I learnt to put them under Gift/Tip. In all of the other reports the correct designation of Gift/Tip is showing?

As well two transactions of one of these airdropped coins which I did actually sell is showing up in the Capital Gains Report correctly but with a Short Warning attached?
It somehow seems to me that coins shown as Gift/Tip are not being assimilated into the portfolio when they should be no matter what the cost basis?
Does anyone have any advice or guidance on these problems?
Thank you and Happy trading

[drShock]

Anyone have a good suggestion on how to book a loss on FAILED ALTCOINS in Contrackin.info?

I mean altcoins that are defunct, I have several that I received the coins and they are worthless now, and then one where I sent ETH but never received the coin because it went defunct before they even issued it.

Thanks in advance.

[CoinTracking Dominik]

Hi guys
Does anyone have any idea why my correctly entered airdropped bonus coins do not show up in the Closing Positions Report? They do show up in the Income Report under the Tax Report correctly with the zero cost basis.
These coins have been entered into the portfolio under the Gift/Tip designation with a zero cost basis.

And as well I note that in the Double Entry Report the type designation is showing as Deposit (In) and not Gift/Tip? They were originally entered under Deposit (In) until I learnt to put them under Gift/Tip. In all of the other reports the correct designation of Gift/Tip is showing?

As well two transactions of one of these airdropped coins which I did actually sell is showing up in the Capital Gains Report correctly but with a Short Warning attached?
It somehow seems to me that coins shown as Gift/Tip are not being assimilated into the portfolio when they should be no matter what the cost basis?
Does anyone have any advice or guidance on these problems?
Thank you and Happy trading

Hi AussieWayne,
Gift/Tip transactions are always displayed in the Closing Report, even if they were calculated with a cost base of 0. Are you sure you didn't completely exclude these transactions from the tax report?
Please send us a ticket via our HelpDesk (https://cointracking.freshdesk.com) so that we can have a closer look at your account.

Anyone have a good suggestion on how to book a loss on FAILED ALTCOINS in Contrackin.info?

I mean altcoins that are defunct, I have several that I received the coins and they are worthless now, and then one where I sent ETH but never received the coin because it went defunct before they even issued it.

Thanks in advance.

Hi drShock,
If you have lost or stolen coins, you can enter them as "Stolen / Hacked / Fraud".
Does that answer your question?

[drShock]

Anyone have a good suggestion on how to book a loss on FAILED ALTCOINS in Contrackin.info?

I mean altcoins that are defunct, I have several that I received the coins and they are worthless now, and then one where I sent ETH but never received the coin because it went defunct before they even issued it.

Thanks in advance.

Hi drShock,
If you have lost or stolen coins, you can enter them as "Stolen / Hacked / Fraud".
Does that answer your question?

Kind of, I was more thinking about a coin that is no longer operating and has lost all value, gone out of business, etc.

[drShock]

Why aren't trades I made in the last few days on Binance  reflecting in my "Current Balance"? - I sold a bunch of coins for ETH but I'm still showing those coins as having a balance, and my ETH balance hasn't increased. 

I sold ALL my REQ and MCO for ETH but still showing REQ and MCO.  The TRADES were imported via API and show in the Cointracking.info ledger "Enter Coins" area, but not reflecting in totals?

[CoinTracking Dominik]

Kind of, I was more thinking about a coin that is no longer operating and has lost all value, gone out of business, etc.

If you want to set the value of a coin to 0, you can do so on the following page: https://cointracking.info/summary.php?prices=custom
Deactivate the "Best Price" option so that the price is not overwritten by our historical prices again.

Why aren't trades I made in the last few days on Binance  reflecting in my "Current Balance"? - I sold a bunch of coins for ETH but I'm still showing those coins as having a balance, and my ETH balance hasn't increased. 

I sold ALL my REQ and MCO for ETH but still showing REQ and MCO.  The TRADES were imported via API and show in the Cointracking.info ledger "Enter Coins" area, but not reflecting in totals?

If the coins were sold through a trade and this was imported, the total values on the dashboard (or other pages) always update as well.
Please write us a ticket via our HelpDesk (https://cointracking.freshdesk.com/), so that we can look at the problem in your account.

[G crypto]

Hi Domenic & CT team,


I'm booking monthly portfolio results and noticed a valuation difference between my "Total unrealized and realized Gain / Loss each Currency" report and the Balance by day report. So the value according to unrealized report per 31/8 is the same as my value per 30/8 in 'balance by day' report.

I would like to report on month end valuation, but not sure which of the 2 is the correct one? I would prefer to use the value from Unrealized gain/loss report, this because it already calculated results.

1-What report shows the actual month end value of my portfolio?
2- How can these values differ?
3-What is the timing/cut off for the valuation? Normally for accounting this would be close of business (COB), so COB Munich time? or COB exchange?
4-are there any easy ways or plug inns to use booking the portfolio changes into Xero accounting?

I've posted this also around 1-2 weeks ago, please let me know if you require further specification.

Many thanks!
Gert

[CoinTracking Dominik]

Dear CoinTracking User. We would like to inform you about the following changes / improvements:

Updates and Improvements
- New Idex CSV Import
- Update of the Exodus CSV Import (Trades are now supported and imported)
- The "Current Balance" is now displayed in the mobile version of the dashboard above the "Timeline"
- Fixed a problem where the Add/Edit Pop-Up boxes in the "dark theme" on the "Enter Coins" and "Easy Enter" pages were displayed incorrectly

[Arkaen]

3 New Methods for Tax Calculation

By popular request, three new methods for tax calculation are now available to all CoinTracking users:

- AVCO - Average Cost
Similar to FIFO, but with the average cost basis for every purchase.

- ACB - Adjusted Cost Base
This special adjusted method can be used in some countries like Canada or Sweden.

- OPTI - Optimized Calculation
This method will always provide the lowest profit.
1) All purchases that are long-term (by default > 1 year) are sold first starting with trades with the highest profit.
2) If there are no more long-term purchases available, short-term purchases (by default < 1 year) will be sold, starting with trades with the lowest profit.

Hi Dominik,

Thanks for implementing these new methods. I noticed an error with the ACB tax reports that should be very simple to fix.

The tax reports show the cumulative gain over multiple years, without subtracting the gain or loss from previous years.

For example, say for DASH I had a capital gain of $1000 in 2017, and $500 in 2018. This means I should get taxed on $1000 of that gain in 2017 and $500 of that gain in 2018. But the current ACB tax reports show a gain of $1000 in 2017 and $1500 in 2018.

It's calculated as if I get get taxed on gains from previous years over and over again.

The solution would be to simply subtract the 2017 gains ($1000) from the total cumulative gains as of 2018 ($1500), and then report the difference as my 2018 gains ($1500-$1000=$500).

Here's a screenshot from CoinTracking to illustrate the problem:
https://imgur.com/a/UJgytnk

If you need more specific examples I can email you more screenshots from my account.

Thanks,
Tim

[Headzup21]

 I love the cointracking site and am learning as i go...but i cant seem to figure out how to subtract coins from any given category when i use them in a transaction. Can i manually change the value? i sometimes transfer amounts from gdax/Coinbase pro to my coinbase wallet to spend and i cannot change the value of the coins to subtract what i have spent. Is there a tutorial on this? Thank you for all your work, i appreciate the site!

[CoinTracking Dominik]

Hi Dominik,

Thanks for implementing these new methods. I noticed an error with the ACB tax reports that should be very simple to fix.

The tax reports show the cumulative gain over multiple years, without subtracting the gain or loss from previous years.

For example, say for DASH I had a capital gain of $1000 in 2017, and $500 in 2018. This means I should get taxed on $1000 of that gain in 2017 and $500 of that gain in 2018. But the current ACB tax reports show a gain of $1000 in 2017 and $1500 in 2018.

It's calculated as if I get get taxed on gains from previous years over and over again.

The solution would be to simply subtract the 2017 gains ($1000) from the total cumulative gains as of 2018 ($1500), and then report the difference as my 2018 gains ($1500-$1000=$500).

Here's a screenshot from CoinTracking to illustrate the problem:
https://imgur.com/a/UJgytnk

If you need more specific examples I can email you more screenshots from my account.

Thanks,
Tim

Hi Tim,
Thank you for explaining the problem.
Could you submit this as a ticket via our HelpDesk (https://cointracking.freshdesk.com) with your username? Then we can check the problem directly with your tax report. That would be great. Thank you !

I love the cointracking site and am learning as i go...but i cant seem to figure out how to subtract coins from any given category when i use them in a transaction. Can i manually change the value? i sometimes transfer amounts from gdax/Coinbase pro to my coinbase wallet to spend and i cannot change the value of the coins to subtract what i have spent. Is there a tutorial on this? Thank you for all your work, i appreciate the site!

Hi Headzup21,
Normally this is imported as a transfer (consisting of deposit and withdrawal). And so it should be entered.
You can do this via the "Enter Coins" page. Create a new transaction and then choose Transfer (creates deposit and withdrawal in one step).
I hope this is the answer to your question.

[book1483]

Hi,

If an Alt coin is not listed under "Altcoin Wallet Import", is manual input for each wallet transaction the only option? Or is there another way to bulk enter wallet transactions?

Thanks.

[Arkaen]

Hi Dominik,

Thanks for implementing these new methods. I noticed an error with the ACB tax reports that should be very simple to fix.

The tax reports show the cumulative gain over multiple years, without subtracting the gain or loss from previous years.

For example, say for DASH I had a capital gain of $1000 in 2017, and $500 in 2018. This means I should get taxed on $1000 of that gain in 2017 and $500 of that gain in 2018. But the current ACB tax reports show a gain of $1000 in 2017 and $1500 in 2018.

It's calculated as if I get get taxed on gains from previous years over and over again.

The solution would be to simply subtract the 2017 gains ($1000) from the total cumulative gains as of 2018 ($1500), and then report the difference as my 2018 gains ($1500-$1000=$500).

Here's a screenshot from CoinTracking to illustrate the problem:
https://imgur.com/a/UJgytnk

If you need more specific examples I can email you more screenshots from my account.

Thanks,
Tim

Hi Tim,
Thank you for explaining the problem.
Could you submit this as a ticket via our HelpDesk (https://cointracking.freshdesk.com) with your username? Then we can check the problem directly with your tax report. That would be great. Thank you !

I just submitted a support request.

Thanks for your help,
Tim

[CoinTracking Dominik]

Hi,

If an Alt coin is not listed under "Altcoin Wallet Import", is manual input for each wallet transaction the only option? Or is there another way to bulk enter wallet transactions?

Thanks.

If you have the possibility to export this data so CSV or XLS you can try to import it via the "Custom Exchange Importer" (https://cointracking.info/import/custom/). You can also use our "Excel Importer". For this you have to transfer the data into our template file (https://cointracking.info/import/import_xls/).

[book1483]

Hi,

If an Alt coin is not listed under "Altcoin Wallet Import", is manual input for each wallet transaction the only option? Or is there another way to bulk enter wallet transactions?

Thanks.

If you have the possibility to export this data so CSV or XLS you can try to import it via the "Custom Exchange Importer" (https://cointracking.info/import/custom/). You can also use our "Excel Importer". For this you have to transfer the data into our template file (https://cointracking.info/import/import_xls/).

That worked great.

Thanks.

[CoinTracking Dominik]

Dear CoinTracking User. We would like to inform you about the following changes / improvements:

New Import
- OKEX API Import

ETH double transactions bugfix
- For some users, the ETH Wallet Importer has imported double transactions in the last few days. These duplicate transactions have already been removed automatically.

Updates and Improvements
- IDEX CSV Import (Format Update)
- Bitfinex API Import (faster import)
- Sticky date column in the "Daily Balance" for a better overview
- The ETH Importer now supports ETH fees
- Some users had a problem where the automatic ETH Importer did not import ETH tokens. This has been fixed
- Fixed a problem where in some ACB tax reports the total profit/loss was displayed at the end of a table and not the profit/loss for the selected tax year
- The ACB Tax Report now rounds up to 8 and no longer to 16 decimal places. This avoids warnings when a fraction of an asset is still open
- HitBTC API now correctly assigns IOTA as IOT
- Endor-Protocol (EDR) and E-Dinar (EDR2) are now assigned correctly

[exsqueezeme]

3 New Methods for Tax Calculation
- OPTI - Optimized Calculation
This method will always provide the lowest profit.
1) All purchases that are long-term (by default > 1 year) are sold first starting with trades with the highest profit.
2) If there are no more long-term purchases available, short-term purchases (by default < 1 year) will be sold, starting with trades with the lowest profit.

I have a question about the new OPTI tax calculation method: Does it take into consideration how much of each purchase pool was sold in previous years' tax reports when deciding what to sell for this year? For example, let's say I calculate my 2016 and 2017 taxes with LIFO and then use OPTI for 2018. Doesn't it need to be aware of the calculation method used for previous years so it knows how much of each purchase pool is still available? In the United States we have to specify all of that when we report our taxes--I used the "tax declaration export" of CoinTracking. It would be a mistake to use the same purchase pool twice for different year tax reports, so want to ensure that doesn't happen. Hopefully my question is clear, thank you in advance.

[Hadrop.Boyle]

Hey guys,

I don't get the KUCoin Bonus working. With the API importer
My thoughts are that the KuCoinShares are getting updated and summed up in Cointracking, is that wrong?

I use this api import features:

import kucoin bonus
aggregate kucoin bonus


greetings

[CoinTracking Dominik]

I have a question about the new OPTI tax calculation method: Does it take into consideration how much of each purchase pool was sold in previous years' tax reports when deciding what to sell for this year? For example, let's say I calculate my 2016 and 2017 taxes with LIFO and then use OPTI for 2018. Doesn't it need to be aware of the calculation method used for previous years so it knows how much of each purchase pool is still available? In the United States we have to specify all of that when we report our taxes--I used the "tax declaration export" of CoinTracking. It would be a mistake to use the same purchase pool twice for different year tax reports, so want to ensure that doesn't happen. Hopefully my question is clear, thank you in advance.

You can choose another method for the new year. But the method should always be the same as from the previous tax year. Because if you want to take the calculations from the previous year with you in the tax report, these data will also be calculated in the selected method. 

Hey guys,

I don't get the KUCoin Bonus working. With the API importer
My thoughts are that the KuCoinShares are getting updated and summed up in Cointracking, is that wrong?

I use this api import features:

import kucoin bonus
aggregate kucoin bonus


greetings

Could you please submit a ticket through our HelpDesk (https://cointracking.freshdesk.com)? Then we can check the problem with your account. Thank you.