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

[twintalk]

Hello all,

I've just started mining and using CoinTracking recently (This is my first day of using CT, to be honest) . I did a "test run" of mining a few cents of an altcoin, paying it out to an exchange and then selling it for LTC. What would I write in Cointracking to document that I sold the altcoin that I mined and received an 'x' amount of Litecoin in return? I tried a few different Google searches to hunt down an answer before I posted here but I hit a dead end. I appreciate any help  

Thank you!

Assuming your mined coins are already entered into CT, under "Enter Coins" you can enter a Trade of 'x amount of altcoin' to 'y amount of Litecoin'.  If you used an exchange that is supported, use the "Exchange Imports" options.  If not, use the "Overview and Manual Import" option.


I have a feature request to put in front of the team:

Have you ever considered creating an iOS and Android app that syncs with our CT accounts and allows us to see gains and losses on a mobile device?  Several apps do already exist that do this, but I think this would be extremely useful since all of our trade information is already in CT and it would be another selling point for the product.  Thanks!

[AussieWayne]

Have you ever considered creating an iOS and Android app that syncs with our CT accounts and allows us to see gains and losses on a mobile device?

Twintalk
I have the iOS app and it syncs and works fine.

[GaryH]

Using Cointracking for over a year now, great program.

Is there a report that I can run that will show a number of a particular crypto that would be considered Long or Short trades? 

For example, long term (over a year holding) trades are taxed at 15%, but short term (under a year) are at my current tax rate.  So I mined a lot of Ravencoin over a year ago, but I've also mined some more recently--plus I bought some hardware with Ravencoin.  So what I'm hoping to do is find a report that shows amounts of how much Ravencoin I have on hand that is over a year old versus the amount that would be considered short term.

I could manually work it out based on what I've sold (FIFO) and figure it out from there, but there has to be an easier way.

Thanks in advance...

[mgrett]

I mined RVN long before it was available on an exchange so there is no historical value to calculate their value at the time I acquired them. I've got hundreds of transactions... apparently I was using a pool that paid out every 10mins for a good portion of this time period. When I try to highlight multiple transactions and edit asset value it seems to assign the same value to all the highlighted entries. Since all these entries have varying values for the amount mined this ends up being inaccurate for me. Is there a way for me to assign a value of say, 100satoshi per RVN and let it calculate the RVN's USD value based on the known BTC price during on my transactions timestamp?

[astairfred]

Hi All,

I am trying to use Altcoin Import for Bitcoin Gold (BTG).
I am providing the address that I have verified on https://btgexplorer.com but nothing imports. It has been several days.
Is Altcoin Import for BTG working?
Does it matter, that the BTG is still unsplit?

Thanks in advance.

[boomboom]

Is cointracking able to track IOU assets issued by particular Gateways on Ripple?

Can CT track XRP even?

[twintalk]

Have you ever considered creating an iOS and Android app that syncs with our CT accounts and allows us to see gains and losses on a mobile device?

Twintalk
I have the iOS app and it syncs and works fine.

Thank you, I did not know it existed but just downloaded it!

[CoinTracking Dominik]

Hi All,

I am trying to use Altcoin Import for Bitcoin Gold (BTG).
I am providing the address that I have verified on https://btgexplorer.com but nothing imports. It has been several days.
Is Altcoin Import for BTG working?
Does it matter, that the BTG is still unsplit?

Thanks in advance.

Hi astairfred,
Our Altcoin Wallet API provider has removed the BTG support. Unfortunately the Coin list at CoinTracking has not been updated yet.
Sorry for the inconvenience

Is cointracking able to track IOU assets issued by particular Gateways on Ripple?

Can CT track XRP even?

Hi boomboom,
Also with XRP we are dependent on our external Wallet API Provider. Unfortunately this provider does not support XRP.

[Wassupia]

I am considering an unlimited/corporate account.

1)How does cointracking deal with following scenario:

*I only have USDT
*I loan 2XRP on gate.io and 2 XRP on huobi, sell 1 XRP on gate.io, sell 1 XRP on huobi, the other 1+1 XRP might stay in the margin wallet or be moved to the spot wallet but they won't be sold.
*I am short 2XRP on Bitfinex and have 1XRP in my BFX funding balance.

Does cointracking show a net balance of -3XRP?

2)is there support for funding earnings from gate.io and BFX?
If I earn 1 OMG of interest today when 1 OMG=2€, will the system consider it as a interest payment of 2€ and a purchase of 1 OMG@2€.
3)Does cointracking support USDT/USD trades from bitfinex?
4)What does cointracking value USDT at for BTC/USDT trading?
5) Does cointracking account for foreign currency gains, when the tax base is EUR but trading occurs in USD and others.
6)If I upgrade to corporate, can the purchased unlimited subscription be deducted from the price?

[djago]

Please, add pool support, like zpool or miningpoolhub!

[boomboom]

Please add support for importing Decred staking history via wallet csv for purchasing of 'tickets' and 'voting' , quite a complicated series of transactions involved , but a top20 coin with lots of potential.

[edanastas]

Can someone clarify what the meaning of "automatic blockchain import" is. I'm trying to decide if I want to sign up for a plan and am not clear on this. In many cases we may have well beyond 5 wallets. With the Pro Account you can only do 5 automatic blockchain imports? Does that mean anything beyond the 5 will need to be updated by some manual update button?

Thanks in advance.

[wbullockiii]

I'm noticing that VNX VENOX is not supported.  Any chance we might be able to get this added?

https://www.venox.info/

[rustyblokchain]

Why do I have negative values for btc in, for example, binance being displayed? how is it possible to have less than zero btc?

[Dario3000]

Can someone clarify what the meaning of "automatic blockchain import" is.

"automatic blockchain import" means that all your tx of a public key will be imported automatically into your CoinTracking account. This works for BTC, ETH and 200+ other blockchains.
As a PRO user you can set up up to 5 BTC imports + 5 ETH imports + 5 imports for other altcoins. (15 total). For UNLIMITED users the total is 150.

I'm noticing that VNX VENOX is not supported.  Any chance we might be able to get this added?

VENOX will be added automatically as soon it is listed on any major exchange.
In the meantime, you can simply enter your VNX transactions and set a custom price. Once VNX will be traded, CoinTracking will automatically use the latest exchange prices.

Why do I have negative values for btc in, for example, binance being displayed? how is it possible to have less than zero btc?

Maybe you have not imported all your tx from all your exchanges into CT.
Can you please create a support ticket and our team will help you set up everything correctly.


@ZBTCoin:
Well... this is not correct.
We do have two different ways to create a FIFO report for specific exchanges.
Either by using the filters and only select the exchange you need or by using the "depot separation (tax lots)".
This is used by many US customers, however not by all, since the IRS does not require to submit a separate Form 8949 for every single exchange.

Most of our users use more than 2 exchanges without any issues. No PHD is required to set up everything properly
It just requires a little bit of time at the beginning to set up everything.
Most inaccuracies occur, because users don't import all of their exchanges/wallets or because some exchanges do not list all transactions via the API, which needs to be fixed once with a CSV import.

We do have a support team trained to find all the missing transactions and help to set up your account properly. No matter which exchange you are struggling with.
Just send us a support ticket via the CoinTracking website and I'm sure we will be able to set up everything for you.

Best regards and Happy Easter
Dario

[Sprucemoose78]

Does anybody else have a problem with recalculating trades today? Recalculations stops at 100%, but does not refresh or update the page. It also seems that CT doesn't update with real-time prices, and my portofolio value has been stuck at the same value for some hours now. I'm just wondering if there is trouble server-side, or if my account is bugged somehow.

[muxmax]

Does anybody else have a problem with recalculating trades today? Recalculations stops at 100%, but does not refresh or update the page. It also seems that CT doesn't update with real-time prices, and my portofolio value has been stuck at the same value for some hours now. I'm just wondering if there is trouble server-side, or if my account is bugged somehow.

yes, for me the same. Additionally, after updating a trade the app is showing completely wrong things...

[Dario3000]

Sorry guys, there was an issue with the API import, price update and re-calculation system.
Everything is fixed now. I'm sorry for the problem.
We will make sure, this will not happen again.

[muxmax]

Sorry guys, there was an issue with the API import, price update and re-calculation system.
Everything is fixed now. I'm sorry for the problem.
We will make sure, this will not happen again.

nothing is fixed...all the same as before, update not finishing, wrong (negative) account value in app and more...

[Dario3000]

nothing is fixed...all the same as before, update not finishing, wrong (negative) account value in app and more...

In case your upgrade bar stuck at 100% before the fix, just click on cancel and restart it. This will work.
Regarding negative values: This has nothing to do with the fix, but in most cases happens when not all exchanges are imported completely into your account.
Please make sure all of your transactions (exchanges and wallets) have been imported completely in your account (incl. all deposits and withdrawals).
If you need some help, send us a support ticket and our team will help you setting up everything in your account.