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

[Andreas_CoinTracking]

@Nerome
It is in our list, but we have the API instead. Thank you for your patience here.
You can import it via Custom CSV importer or Excel template for now. 

[FakeBird]

Hi,

I need help with how to track staking/farming on Pancakeswap in CoinTracking. When you are staking you get a proof-of-stake token called SYRUP. CoinTracking interprets this as a trade (which it technically is), but as this token does not have a value, it throws a warning. Apart from that, for taxes, this is not a trade but a transfer.

So how can I handle these transactions? Do I need to add a transfer manually?

It would also be really helpful if there was an automatic way. I usually harvest and stake several times a week, so adding the transaction manually every time would be painful.

Thanks!

[bitdogg]

The Find Missing Transactions (Deposits and Withdrawals) report does not appear to consider deposit-side fees in finding exact 100% matches. Kraken, for example, charges a fee on certain crypto deposits, like Cosmos (ATOM2).

[asdsvsdf]

how do I ensure staking a coin and then selling it has tax properly accounted for if the token doesn't exist in CoinTracking.info? (similar to FakeBird's question)

For example, I have been receiving staking income from Bao.cx on XDai chain (https://blockscout.com/xdai/mainnet/tokens/0xe0d0b1DBbCF3dd5CAc67edaf9243863Fd70745DA/token-transfers) and immediately sell it for BAO (which IS on CoinTracking.info, https://etherscan.io/token/0x374cb8c27130e2c9e04f44303f3c8351b9de61c1) which should yield a small amount of 'realized gains' (because of the cost basis of Bao.cx being close to 1:1 with BAO), but since CoinTracking.info doesn't have Bao.cx supported my realized gain is massive (i.e. the entire proceeds of my trade) which ends up inflating my tax bill (in fact, I should have roughly 10% in realized LOSSES of the cost basis because of the slippage when trading Bao.cx for BAO, as they are intended to be 1:1 but the swap contract doesn't exist yet and the market has Bao at a 1.1x premium)

Is there a way to fix this, or does CoinTracking.info need to import/support Bao.cx for me to properly have this reflected in tax reports? Is there a way for me to set a cost basis price for each staking entry (since I have multiple over the course of a couple of weeks, i.e. a way to specify for each staking entry and trade what the price was for Bao.cx at the time)?

Perhaps this is a request/pretty please ask to add support for Bao.cx (https://blockscout.com/xdai/mainnet/tokens/0xe0d0b1DBbCF3dd5CAc67edaf9243863Fd70745DA/token-transfers) for me and others receiving this as staking rewards

[Andreas_CoinTracking]

@FakeBird
Yes you can handle this as transfer. We are working on a automated solution at the moment. And in addition a swap transaction type with no impact on gain/loss or holding period. Thank you for your patience.
@bitdogg
If the fees are not added or a mismatch in the amount is there it could appear that the missing transaction report shows them still as white but should be green. So you can skip those 2 entries then.
@asdsvsdf
We suggest to use the asset value of the counterpart currency which is listed on our price sources and copy the sell value from there e.g if you sell this unlisted token against ETH - Edit asset value manually (https://cointracking.freshdesk.com/a/solutions/articles/29000033219?lang=en)

[Sprucemoose78]

Quick question on the correct input when transferring FIAT between my bank and a crypto exchange.

I want to transfer EUR from Binance to my Norwegian bank account (currency is NOK). Which one of the following methods are correct:

A) First make a transfer in EUR from Binance (outgoing) to bank (incoming), then make a trade from EUR to NOK using my bank as the exchange (then I will end up with three lines under "Enter coins": A withdrawal, a deposit and a trade).

or

B) Make a withdrawal from Binance in EUR and a deposit in NOK to my bank (resulting in only two lines under "Enter coins": A withdrawal and a deposit)

[Andreas_CoinTracking]

@Sprucemoose78
Both options are fine.
See "Working with Two Fiat Currencies / Cost Basis 0 for FIAT" (https://cointracking.freshdesk.com/en/support/solutions/articles/29000018222-working-with-two-fiat-currencies-cost-basis-0-for-fiat)
In general we do not recommend tracking FIAT deposits at all.
See FAQs:
"Different ways of managing your portfolio" (https://cointracking.freshdesk.com/a/solutions/articles/29000018265?lang=en)
"My account is showing negative FIAT values" (https://cointracking.freshdesk.com/a/solutions/articles/29000018210?lang=en)

[theratears]

Should we be creating a new API for Binance or will our existing ones work with the upgraded API?

[Andreas_CoinTracking]

We are working on this with high priority.
Please keep monitoring the next few days. If an error will persist at your end then new keys would be needed.

[Andreas_CoinTracking]

Updates and Improvements

- Crypto.com CSV updates
- Bitpanda CSV updates
- Support of the new NEXO CSV format
- Support of the new OKCoin CSV format
- Bitcoin Suisse CSV import fixes
- CoinEx CSV import fixes
- ADA Wallet import updates
- Binance API upgraded to the new API version
- The Binance API can now import the Tx hash for deposits/withdrawals as comment - this is an optional feature
- The exchange BitMAX was renamed into AscendEX

- Update of the tax fees export
- TurboTax export updates for the TurboTax online version

- New Partner Benefits: Crypto Careers and ByBit

- The new weekly CoinTracking newsletter can now be subscribed to in the account settings, featuring helpful clarifications over crypto tax questions, and tips for you to take advantage of CoinTracking's features

[Sprucemoose78]

Is there an easy way of changing accounting methods when I've already used FIFO in previous tax years. Where I live, I can now choose whatever accounting methods I want (LIFO, HIFO etc), and this year it will matter quite much. Can Cointracking in some way correct for earlier tax years to prevent counting coins twice? If so, how to do so? I also want it to be correct when viewing my "realized and unrealized gains".

Example 2013-2020 FIFO, switch to LIFO or HIFO in 2021, maybe switch back in 2022 etc.

[Andreas_CoinTracking]

@Sprucemoose78
It is not yet possible, but we are working on this already. It will be hopefully available later this year to change the calculation methods for the tax years.

[dr1ver]

I've just signed up for a 2 year PRO Package and have imported my transactions. I haven't done many trades but have a few coins earning interest. The interest is generating 100s of transactions, and I'll soon blow the limit for my Pricing Tier.

I assume the transaction limit comes from a time before DeFi, but now earning interest can be the main strategy for many traders. For many people, CoinTracking is not a viable tool to use purely because of the transaction limit which can quickly be exceeded by having a few coins with daily (or more frequent) interest payments.
Can I request that, at the least, interest payments are excluded from the transaction limit?

In the meantime, is there anything I can easily do to reduce the number of transactions from interest payments? For instance is there any way I group them into weekly transactions?

[Andreas_CoinTracking]

We import transactions 1:1 as they appear in reality. And every transaction count - there is no way to exclude transactions from those limits.
Some customers combine those to daily/weekly/monthly or even yearly transactions if allowed according tax laws in each country. This has to be done manually.
Then you can set a start date to API jobs to avoid re-imports.
Please create a backup beforehand.

[dr1ver]

Do you have somewhere where users can submit requests that other users can vote on? I suspect that the ability to import Interest without requiring the top level price tier and without requiring manual workarounds would be popular.

Could price tiers be based on a different metric? For instance total value transacted. That may correlate better with people's ability to pay, and so may attract more users to sign up.

[scatterbug]

Hey guys, there is something I can't wrap my head around regarding gifts.

Let's say I have two different type of gifts:

• Gifts where I know (and can prove) the original cost basis and purchase date.
• Gifts where I don't know either.

For the former, if I want to take over the cost basis of the previous owner I can enter the original cost basis as the transaction's value.
For the latter though, where I don't know the original cost basis, I would have to set it to zero.

Unfortunately though it won't save it when I enter zero (it will revert to the fair market value it calculates automatically).
Now, I'm aware that we can set ALL gifts to be calucated with a zero cost basis (via the filter).
But try as I might, I don't see how I can enter a cost basis for some gifts and have it set to zero for other gifts.

Question(s):
Is it possible to use both? That is, can we enter a custom cost basis for some gifts while setting it to zero for others?
If that is technically not possible at the moment, how do you guys handle it when you have both types of gifts? 

[Andreas_CoinTracking]

@dr1ver
Thank you for your suggestions. It is not available yet, but we will discuss that.

@scatterbug
Yes, you can do so. Just use trade groups. When you would use separate trade groups and assign those to each "type" 1. or 2. and set e.g. on gains page (on tax report as well) for one trade group the cost base to zero (slider in the middle) via the filter settings. Then you have both options here separate by trade groups and using gift as transaction type.
See FAQ: How to create trade groups (https://cointracking.freshdesk.com/a/solutions/articles/29000027248?lang=en)

[dr1ver]

@Andreas: Thanks for taking that forwards with the team

FYI If I google: "CoinTracking Forum", the 1st 2 results are a forum for CoinTracker, not CoinTracking. And it seems that some people are posting in the CoinTracker forum unwittingly thinking they are posting in the CoinTracking Forum (and I seem them wondering why they are not getting the right response -there are some fairly lengthy discussions in there!)

Given how many users CoinTracking has, and the size of your team, it is odd at the very least that your main user forum is 96 pages deep in a sub-forum inside a general bitcoin forum. If I click back to page 1, those posts are from 2013!
Given the number of users you have, engagement seems very low compared to other sites - unless I'm missing something, and you have more structured user engagement somewhere else (e.g. Discord channels?). It is possible that you actually have more people discussing your product at CoinTracker! Low user engagement leads to design & development not aligning with the priorities of your users, which makes you more vulnerable to competition.

Is there somewhere else I should be posting? If not, do you have plans to change how you engage with users?

Typical functionality includes:
- Announcements
- Bugs: Open/Closed
- As a user, allow me to easily search for something that other people have already discussed, to avoid the same discussions repeating themselves
- New Feature requests, including voting
- Status of new feature requests
- Ability to pin important posts
etc etc

[Andreas_CoinTracking]

@dr1ver
Thank you for letting us know.
When I search for "CoinTracking Forum" I find German Forum "blocktrainer" and of course our web page cointracking.info beside one competitor and on #5 it starts with the Forum you mention.

We have everything listed here https://cointracking.info/feedback.php
And here we post our new features and fixes https://cointracking.info/new_features.php
We have a blog here https://blog.cointracking.info/
And we are on facebook and twitter of course. Every post will reach us.

We appreciate your feedback and will looking for opportunities to improve here.

[scatterbug]

Yes, you can do so. Just use trade groups. When you would use separate trade groups and assign those to each "type" 1. or 2. and set e.g. on gains page (on tax report as well) for one trade group the cost base to zero (slider in the middle) via the filter settings. Then you have both options here separate by trade groups and using gift as transaction type.
See FAQ: How to create trade groups (https://cointracking.freshdesk.com/a/solutions/articles/29000027248?lang=en)

Oooooh that makes so much sense! I never had a use for trade groups before, so after a while I filtered them out of my mind.^^
Thank you so much for that hint!

EDIT:
@Andreas_CoinTracking
I spoke to soon. :\
When I add a trade group, then I can only toggle them on/off in the filter of the tax reporter, but I can't put them into the half-state so that they are calculated with a 0 cost basis.
It seems that is only possible for all the pre-defined incoming and outgoing transaction types, but not for the user-defined exchanges or groups.
How exactly do I switch specific transactions (or groups) to 0 cost basis?