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

[enteleca]

Calculating single exchanges will probably lead to missing purchases.
Especially when you're moving coins from one exchange to another.

But you could exclude your margin trades from the tax report by selecting "all without a group" in the "group" selector.
This will only calculate your regular trades.

Hey Dario,

I understand; I did the calculation for all exchanges "without a group" and it finally worked with no errors! My total profit/loss is still over what it actually is from regular trades, but I am assuming that my total profit/loss from margin should be negative to offset that gain?

The problem is now that I set all trades to "Poloniex" and then to "Poloniex Margin" there are still many errors that show the "no suitable purchases" errors. When I also load those reports, in the "closing position report," (I'm not entirely sure if this is total already closed positions or current open positions that could be closed now) it says that I have alt coins that have gained great "end of year value", but I actually closed all my positions and am entirely in BTC or USD. Does the tracker account for short positions even if I have none of the actual coin that I sell then buy back?

Thanks

[Dario3000]

@baam25:
Thanks a lot.
The price base is USD and the shown BTC price will adjust depending on the current market price.
So it will not be more expensive when the BTC price goes up

@enteleca:
The closing position report will show all coins, that are not sold at the end of the tax season.
Calculating trades is one thing. But margins are a bit more difficult, because you can sell coins before you have bought them.
I'm already working on a tax calculation for margin trades and it should be done in the next days.
Since the tax year 2017 will end in more than 6 months, you have still plenty of time to do it
I will let you know, once it's done
Dario

[enteleca]

@enteleca:
The closing position report will show all coins, that are not sold at the end of the tax season.
Calculating trades is one thing. But margins are a bit more difficult, because you can sell coins before you have bought them.
I'm already working on a tax calculation for margin trades and it should be done in the next days.
Since the tax year 2017 will end in more than 6 months, you have still plenty of time to do it
I will let you know, once it's done
Dario

Wow, that's wonderful, I didn't know you hadn't finished the program.

I will patiently wait! I was just preparing for the worst before tax year came.

Thanks for your wonderful program and great customer service!

[Dario3000]

You're welcome

It's was made for regular trades.
Margin trades are completely different.
But I will find a good solution

[sgjenks01]

It would be awesome if you could add Komodo (KMD) to the Alt-Coin Wallet job.

[Dario3000]

Hey,
we are using the API of a multi-blockchain solution to track those wallets.
Currently we can only list those coins, listed in the API.

But I will try to do my best to include more currencies into the Altcoin Wallet Import.

Best, Dario

[kkris]

As the creator of a great coin-tracking website, you could do everybody a favor by coming up with some sort of standard transaction format that all exchanges could use. Maybe document it in a formal way.

Then try to persuade all the exchanges to allow export in that format. It would make life so much easier for everyone. I think they would listen to you.

[baam25]

@baam25:
Thanks a lot.
The price base is USD and the shown BTC price will adjust depending on the current market price.
So it will not be more expensive when the BTC price goes up

Oh I didn't know that! thanks! also what does this mean?

For users with multiple accounts, all accounts will be upgraded when purchasing CoinTracking Pro or Unlimited.

I have about 4 friends/family that are in crypto right now, can I track all 4 portfolios by purchasing 1 unlimited acct? so we could pool our money, get the unlimited for life, and track 4 accounts?

[sgjenks01]

Dario,
That's great! Thanks.

On another note. On the page labeled Currencies by Exchange, I find the subheadings Bittrex Trades and Coinbase Trades and BTC Wallet Trades to be confusing. To me, what is being referred to is Balances, not Trades. So, it would be clearer to me if headings say Bittrex Balances, Coinbase Balances, etc. Likewise, If there is a currency in a stand-alone wallet, such as a BTC Wallet, it would say BTC Wallet Balance.

Best,

Steve

[Dario3000]

Hey Hey,

@kkris:
Most exchanges do not have a standard format.
I don't think it will be so easy to get them all into one format

@baam25:
Yes, as long all your accounts are linked together (Settings -> Join Account), they will be all unlimited.
When you join 4 accounts, you only have to purchase unlimited once.
But this also means, that all your friends/family will get access to your account as long they are joined.
If that's fine for you, this would be the best solution.

@sgjenks01:
Yes, that's a very good point.
I will change that to "Balance" later on today.

Dario

[btests]

You should add the new coin Aragon (ANT). It's already on Bittrex https://bittrex.com/Market/Index?MarketName=BTC-ANT and Liqui.io https://liqui.io/#/exchange/ANT_BTC

There is an ANT coin that shows up when you try to add a trade, but it's not the Aragon coin.

[Dario3000]

Thanks.
Seems like there is a coin called "ANT" on CEX.IO which distorts the value.
I will fix that asap

[kkris]

Most exchanges do not have a standard format.
I don't think it will be so easy to get them all into one format

There is no published standard export format. That's half the problem.

And most exchanges do not use a standard export format. That's the other half of the problem.

Now if somebody with some expertise and credibility were to come up with a well-defined standard export format (in the style of an RFC or a BIP), that would solve half the problem.

The next step would be to get just a couple of exchanges to adopt that standard format. Why would they do it? Because every exchange is looking for features that its competitors don't have, and claiming to adhere to a published standard would be such a feature.

Once two different exchanges are using that standard format, it will be a lot easier to get the others to do the same -- so they don't get left behind.

But all of it has to begin with one person with the expertise and credibility taking the lead.

[layoutph]

This is very promising. I just registered today, and will try to import my trading logs to see hows my improvement in trading My target is to double or tripple my capital every month.

[sgjenks01]

Dario,
I see that you changed the Exchange Balances page per my suggestion. Thank you!

Now, I have another suggestion. On some of the pages, you give the user the opportunity to select Only Digital Currencies, or Real Currencies. I think perhaps a better description of the "Real" currencies would simply be Fiat Currencies. After all, any currency, whether paper or electronic or cryptographic are all real, otherwise, you couldn't buy a new hard drive with any of them. Any currency, after all is just an agreed upon fiction that relies on everybody believing the currency has and will retain value (which is why fiat currencies are in such trouble).

Thanks,

Steve

[Plick9]

Quick question

When you buy a coin with your fiat in the U.S, do you put it in as a trade (usd to BTC) when it stays in your wallet like coinbase? Or do you manually input it as deposit?  Or both?

Also this is considered as a sell?

[SaudiPrince]

Hi guys, I am having some issues with cointracking.

I paid for the 2 years for unlimited pro, because I wanted to update my trades. But all of the data is wrong.

I went to kraken imported my entire ledger, I went to poloniex and imported my entire trade history, I put in all of my wallet addresses VIA the API wallet importer.

It says I have 1000 more ether than I have, which may be due to not showing withdrawals on poloniex.

It says I have 12,000 more ICN than I actually have. Now I am confused. Because I imported EVERYTHING from kraken and my wallets, all of the information is there so I don't understand why its off by 12,000 ICN.

The only issue I can think of is I bought some ICN/GNT from the Mist exchange called Mercatrox or whatever. But I figured that importing the ether wallets would solve that problem because it would just show me receiving/sending Ether.


And on the Kraken imports, it shows I have 330 trades in Excel, but when I import it will only show 173 trades.

[Dario3000]

@layoutph:
Excelent


@sgjenks01:

I see that you changed the Exchange Balances page per my suggestion. Thank you!

You're welcome.

I think perhaps a better description of the "Real" currencies would simply be Fiat Currencies.

We had that some time ago and we received several mails a day from users asking what a fiat currency is.
So I decided to call it "Real currency". I know it's not correct, but understandable


@Plick9:

When you buy a coin with your fiat in the U.S, do you put it in as a trade (usd to BTC) when it stays in your wallet like coinbase? Or do you manually input it as deposit?  Or both?
Also this is considered as a sell?

A trade has always two sides. Buy and Sell.
You should enter your BTC purchase as: Buy = x BTC, Sell = x USD.
If you use a deposit for that, your BTC balance will be correct, but you will not be able to see the expenses and the BTC cost basis.
That's why I would always recommend the first method.


@SaudiPrince:

I went to kraken imported my entire ledger, I went to poloniex and imported my entire trade history, I put in all of my wallet addresses VIA the API wallet importer.
It says I have 1000 more ether than I have, which may be due to not showing withdrawals on poloniex.

Have you used the Poloniex CSV import?
I would recommend using the Poloniex API import as it can import deposits and withdrawals as well.

It says I have 12,000 more ICN than I actually have. Now I am confused. Because I imported EVERYTHING from kraken and my wallets, all of the information is there so I don't understand why its off by 12,000 ICN.
The only issue I can think of is I bought some ICN/GNT from the Mist exchange called Mercatrox or whatever. But I figured that importing the ether wallets would solve that problem because it would just show me receiving/sending Ether.

The wallet import does only import wallet movements (deposits and withdrawals) but not your trades on an exchange.
You need to add your Mercatrox trades as well, otherwise the balance will not be correct.

Please also ensure, all your deposits and withdrawals are set correct.

And on the Kraken imports, it shows I have 330 trades in Excel, but when I import it will only show 173 trades.

That's because it's a ledger entry. Each trade part (buy, sell, fee) can be listed in a separate line.
CoinTracking reads the data and converts it into trades.
That's why the number of "rows" in Excel does not match the number of trades.


Best, Dario

[sgjenks01]

I think perhaps a better description of the "Real" currencies would simply be Fiat Currencies.

We had that some time ago and we received several mails a day from users asking what a fiat currency is.
So I decided to call it "Real currency". I know it's not correct, but understandable

Dario,
You had me laughing out loud on that one.

If they don't know what a fiat currency is, what the heck are they doing trading in cryptocurrencies???

But, it's whatever keeps 'em quiet that matters! You probably hear from far fewer who object to "real" meaning fiat than the other way around. 

[Dario3000]

Dario,
You had me laughing out loud on that one.

Haha
Some people are not really into all the details of crypto currencies.
They just sign up on an exchange and do few trades.
Calling it "real currencies" instead of "fiat" makes it more easy for beginners.

But, it's whatever keeps 'em quiet that matters! You probably hear from far fewer who object to "real" meaning fiat than the other way around.  Cool

Exactly