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

[Andreas_CoinTracking]

You can use the trade list (full view) report here (https://cointracking.info/trades_full.php). There click on "manage columns" and add "buy value" and "sell value" in your local currency.

[TRADERNOM]

I have a day trading account (short term investment) and a longer term investment account, trying to figure out how I can make my short term trades to be treated as income gain/loss instead of capital gain/loss and appreiate any help. Tried looking and saw something about creating two accounts and merging but not on how to actually setup the transactions in the day trading one after api import. Figured this applies to allot of pelople. I wish there was an easy button that treats the entire account as income since its a business yet it can still control wash sale across two accouts.

[Andreas_CoinTracking]

@TRADERNOM Not sure if I get you here, but to merge transactions of 2 CoinTracking accounts your could use the "backup" and the restore feature there where you can select in which account you want to restore your data. But I suggest to add a 3rd account here to avoid changing data in your working first 2 accounts: https://cointracking.freshdesk.com/a/solutions/articles/29000031008-create-backup-restore-or-export-your-account-data/en

[matblam]

Hi. NFT's are much simpler to track now. Thanks
Do we still have to manually enter a "Custom Price" as though each NFT is it's own "Coin" for things like "Current Balance" to show them correctly?
Cheers
Mat

[matblam]

Hi. NFT's are much simpler to track now. Thanks
Do we still have to manually enter a "Custom Price" as though each NFT is it's own "Coin" for things like "Current Balance" to show them correctly?
Cheers
Mat

Also, If so, is there a faster way to do it rather than the "price=custom" page? I have SO many "coins" now that I need to scroll so far down to the "enter new coin" box it take a LONG time to load each collection I sweep.

[Andreas_CoinTracking]

Yes currently you have to add a custom price and the asset value if you want to have a current value and gain calculation as described here: https://cointracking.freshdesk.com/a/solutions/articles/29000038312?lang=en
We are currently working on a completely new custom price page which will help to manage those e.g. NFTs more easily. Thank you for your patience here.

[TRADERNOM]

@TRADERNOM Not sure if I get you here, but to merge transactions of 2 CoinTracking accounts your could use the "backup" and the restore feature there where you can select in which account you want to restore your data. But I suggest to add a 3rd account here to avoid changing data in your working first 2 accounts: https://cointracking.freshdesk.com/a/solutions/articles/29000031008-create-backup-restore-or-export-your-account-data/en

what I mean is when I run the report it should not treat all trades as capital gain/loss if they are from day trading activities. How do I get around this. trades from my kraken1 exchange is for day trading (gain should be added to income) the other kraken2 exchange is longer crypto hold (gain/loss should be added to capital gain). I need them to link so it can accurately do ACB across my accounts and make sure the wash rule is respected.  

Cointracking says you can do this if you have a day trading account and a long term investment account.

Thanks in advance, this is turning into a nightmare, and I have not found one software to address this yet (tried 10). Koinly mentions that they are going to implement a business report that address this as it should be income (closest thing I found to a possible solution down the line).

how are daytraders logging and doing their taxes?

[Andreas_CoinTracking]

We are no tax advisors. I suggest to create a ticket/E-Mail with your account name that we can check your account individually.
What we have is on our reports e.g. on the tax report the "group purchases/sales per day" slider. Possibly this helps already.

[Cryptopete10]

Hello,

On the Validate Transactions Page:  Looking at the "Notice" transactions. When I click on the arrow to go to the transaction, it just takes me to the enter coins page.  Then when I look for the transaction by date, I cant even find it sometimes.  I have over 2300 notices...

Thanks

[Cryptopete10]

Also on the Find Missing Transactions (Deposits and Withdrawals) page I have 4600 No matches.  I have almost 70K transactions.  Is there a fast way to take care of these?  Fix in bulk?

Thanks

[Andreas_CoinTracking]

@Cryptopete10
Validation page: The notices are for your information about asset price spread. Nothing to do here. Only filter on the right for warnings/errors. Those have to be mitigated.
Missing transaction: Actually not. Just start with "balance by exchange" view and compare your amounts vs. real amounts. And start with one exchange/wallet here.

[Andreas_CoinTracking]

Updates and Improvements

API
- Crypto.com Exchange (improved import)
- Independent Reserve (improved deposit/withdrawal import)
- OKEX (import for same timestamp transactions)

CSV
- New CSV imports: Coinfinity & Crypto.com Exchange
- Iconomi (improved withdrawals)
- Swissborg (improved interest and timestamp detection)
- Gemini (support for Earn transactions)
- Crypto.com (import for credit card cashback rewards as non taxable event + support for Mission Rewards)
- Gate.io (support for new format)
- Hotbit (improved fee import)
- Celsisus (support for new format)
- Bybit (support for new formats)
- NEXO (improved Loan/Repayment import)
- Exodus & Trezor (improvements & support for new Trezor Suite format)
- Cake DeFi (improved exit stake fee import)
- Binance (improved duplicate detection)
- KuCoin (support for new date format)
- Swyftx (improved fee import)

Blockchain
- Improvements for Ethereum, Avalanche & Terra

Other
- Several Ticker updates for correct assignments and price history
- Tax report improvements (for Germany)

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

[bitkraft]

I am very confused with Solana Defi. I use radium.io for providing liquidity and then using those liquidity tokens for staking. I have read https://cointracking.freshdesk.com/en/support/solutions/articles/29000040323-import-of-liquidity-pool-mining-transactions but I'm still not understanding. I have cointracking import my Solana wallet. It imports the following (note, cointracking labels these SOL Liquidity and SOL Staked):

(Liquidity pool)
Withdraw 640.21371600 USDC from my wallet
Deposit 640.21371600 USDC to SOL Liquidity
Withdraw 3137.02939871 DFL2 from my wallet
Deposit 3137.02939871 DFL2 to SOL Liquidity
Deposit 12261.15195211 DFL2USDC liquidity token to my wallet

(Staking)
Withdraw 12261.15195211 DFL2USDC liquidity token from my wallet
Deposit 12261.15195211 DFL2USDC liquidity token to SOL Staked
Staking 437.29961819 DFL2 staking rewards in my wallet
Staking 258.29002079 DFL2 staking rewards in my wallet
Staking 629.48067129 DFL2 staking rewards in my wallet
Staking 1993.53963288 DFL2 staking rewards in my wallet
Staking 0.00441913 DFL2 staking rewards in my wallet

(Unstaking)
Withdraw 12261.15195211 DFL2USDC from SOL Staked
Deposit 12261.15195211 DFL2USDC to my wallet

(Remove Liquidity)
Withdraw 12261.15195211 DFL2USDC liquidity token from my wallet
Withdraw 180.11753300 USDC from SOL Liquidity
Withdraw 3137.02939871 DFL2 from SOL Liquidity
Deposit 3137.02939871 DFL2 to my wallet
Deposit 180.11753300 USDC to my wallet
Income 8495.82519361 DFL2 to my wallet

I really have no idea if this is correct! The USDC I receive back is less than I deposited due to impermanent loss. When I check 'balance by exchange', SOL Liquidity shows a positive USDC balance. I do see some gains for the tax report but again not clear if this is being calculated correctly. I've been struggling w/ this for days. Can you help me understand how to adjust these transactions?

[Andreas_CoinTracking]

@bitkraft
The impermanent loss could not be tracked right now. You would need to add them manually. To track the loss you could use "other fee" or "spend" for example. On the gain side you could use "income".

[Cryptopete10]

Thank you for the responses.  I have a new issue...

Anyone know how to get XSURGE wrapped coins to import correctly into CT?  Or what to do to fix after improper import?  CT does not seem to recognize these coins like sBTC, ect...

[Cryptopete10]

Also, if CT is importing MOON2 coins as MOON, how to I fix that in bulk or have it pull in the correct coin to begin with?

[bitkraft]

@bitkraft
The impermanent loss could not be tracked right now. You would need to add them manually. To track the loss you could use "other fee" or "spend" for example. On the gain side you could use "income".

thanks.. i can adjust these. what about all of the other transactions? do they look fine as-is or should I change them to the FAQ article using 'other expense' & 'income (not taxable)'?

[Andreas_CoinTracking]

@Cryptopete10
1. Looks like a bridged/non listed asset. More information could be found here: https://cointracking.freshdesk.com/a/solutions/articles/29000038164?lang=en
2. We need to adjust the importer here where you face this. So just share the exchange name where this happens.

[Andreas_CoinTracking]

@bitkraft
It depends how LP is handled in your country - starting/ending LP as taxable or non taxable.

[Cryptopete10]

The MOON2 is coming in from an ETH wallet 0x452E2B704B863d774195Fb47C11Fd89ce383B872 as MOON