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

[entertainment]

When support for Arbitrum?

When support for Moonriver?

When support for MEXC?

[1714771728]

1714771728

[1714771728]

1714771728

[Andreas_CoinTracking]

Hopefully this year. We are working on MEXC already. Thank you for your patience.
Once there are news we share them on our new features pages (and then here as well) as always.

[vampyz]

 Hello, I had a question about when I fix my trade entries for the buy and sell value in USD. When a coin fatfingers (goes drastically down or up) and comes back to normal price, I was curious how I fix the buy/sell price for that appropriate trade.


For instance, UNI went to $6.001 which I had bought, then quickly went back to normal price at $26.4872. When I go to that trade entry, I assume the "Buy value in USD" I will change to "6.001" and leave the "Sell value in USD". Is this correct?


Also, if the opposite happens (price goes drastically up then back to normal), do I change the "Sell value in USD" to reflect the price I had sold the coin in?



Thank you.

[Andreas_CoinTracking]

@vampyz
We recommend using the default asset value of CoinTracking and keep them untouched. You can check your transactions and click "take over data" of your trades if needed.
See our FAQ "Fiat, coin and commodities price sources, individual exchange price, change Fiat account Currency" (https://cointracking.freshdesk.com/a/solutions/articles/29000007214?lang=en)

[vampyz]

@andreas_cointracking

I see thank you.

If a deposit and withdraw time stamps are off, does that affect the program's calculations? For example, 1 BTC withdrawn 3/5/2022 12:00:00 and then another entry with 1 BTC deposit 3/5/2022 12:15:00



Thanks

[Andreas_CoinTracking]

You are welcome @vampyz
They have to be in the correct order especially for depot/lot separation. (https://cointracking.freshdesk.com/a/solutions/articles/29000038566?lang=en)
Withdrawal first, then deposit always or at least at the same time. So it could happen that you need to adjust those manually.

[vampyz]

So, even if say a deposit was at 12:00:00 and the withdraw was at 12:02:00, I would still need to correct it? I ask because I know the amount at the time of withdraw and deposit would be pretty much exact.


My other question is, if I sold a coin to USD and then had that USD profit transferred to my bank account, do I need to show an entry of that? I already have an entry for the withdraw, deposit and trade of the coin to USD.

Thank you

[Andreas_CoinTracking]

Yes of course. Withdrawal first, then deposit.

We do not recommend to track FIAT deposits or withdrawals. Either you do that everywhere or nowhere in your account. (https://cointracking.freshdesk.com/a/solutions/articles/29000018265?lang=en)

[Andreas_CoinTracking]

Updates and Improvements

API
- OKEX (Staking transactions and other improvements)
- FTX (support for internal stable coin swaps + USD stable coin pools)
- Celsius (fixed rounding issues for interest payments)
- Bybit (support for Spot trades and transfers)
- Kraken (Earn ETH update)
- KuCoin (new API version)

CSV
- Binance (support for full-year files)
- OKEX (Staking transactions and other improvements)
- Kraken (Earn ETH update)
- Celsisus (update for transfers)

Blockchain
- improvements for BSC, ETH and AVAX
- SOLANA import E-Mail notification added
- new ETH Import version and support of deflationary tokens

Other
- Several Ticker updates for correct assignments and price history
- CSV exports now also contain the Tx-ID
- new partner benefits

Source: https://cointracking.info/new_features.php

[entertainment]

The new way to manage liquidity pools make 0 sense to me.

Why a deposit into a liquidity pool is considered as an expense and then as a taxable event? When I deposit something into a pool is a Deposit, I'm not expending my coins, I'm depositing them in a pool.

Is it possible to choose the old method as default?

[Andreas_CoinTracking]

Yes, you can still use the old importer unless you have valid job there.
Please check the new FAQ here as well regarding how LP are imported: https://cointracking.freshdesk.com/en/support/solutions/articles/29000040323-import-of-liquidity-pool-mining-transactions

[Flea_man]

Hi,

It looks like the KuCoin API now imports loans. But this messes up capital gains calcualations. loans out are withdrawels (which dont count as a disposal), but when they are paid back, the whole amount (the loan plus interest) is read in as "other income". Only the intrest should be income, the returned loan should be a deposit. This other income as it is then creates astronmical unrealised gains!

Can this be rectified to record loans properly or else switched off? I have tired turnign on only trades, but this still records the loan repayment incorectly as income.

[Andreas_CoinTracking]

@Flea_man
please send us a ticket/E-Mail with example screenshots from your KuCoin account.
For now please adjust those transactions manually as described here: "Loans and their repayments" (https://cointracking.freshdesk.com/a/solutions/articles/29000033408?lang=en)

[dolphintree]

hi. if i transferred my assets to my spouses exchange what is the best way to handle this in coin tracking?

another company said to label them as gift.

is that what you would do?

[Andreas_CoinTracking]

@dolphintree
We have a FAQ with options here: "Lending / borrowing crypto or sending to / receiving from a friend - which transaction types should I use?" (https://cointracking.freshdesk.com/a/solutions/articles/29000029374?lang=en)

[matblam]

Hi
Adding a new Token/Coin/NFT question:

These questions relate to adding a NEW NFT as a "NEW Coin"

A- Are "Edit Asset Value" and "Custom Price For Currency" not the same thing? I notice one is not auto populated when I fill the other.

B- Should the "Custom Price For Currency" be set to exactly the same as I set "Edit Asset Value"? (I set this as the purchase price when adding a NFT)

C - Is it a problem if I do not set both of these? Which is the most important?

Thanks

[Andreas_CoinTracking]

@matblam
A: No, they are not.
B: No, asset value is the value when you buy/sell it. Custom price is the current value (with no price history for unlisted assets).
C: Asset values are more important for capital gain/loss calculation.
See this article: "How to add NFT or IDO transactions" (https://cointracking.freshdesk.com/a/solutions/articles/29000038312?lang=en)

[matblam]

Thanks .
So for tax purposes there's really no need to create a Custom Price for each NFT then?
I have been setting one to match my buy price.

Cheers

[Andreas_CoinTracking]

Yes, asset value is needed for gain/loss calculation for a specific NFT.
We are working on a solution that the custom price is used on closing position report to specify current value.

[jjj0x]

maybe others have asked for this before

but can you guys please start a Discord

would be nice and many times community members can answer each others questions fairly easily.

this feels so 2013!