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Author Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies  (Read 88541 times)
clardalan
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June 27, 2017, 07:51:24 PM
 #461

just wanted to thank you for this great site!

It is free, and it works!

It allows my wife to see how we stand Smiley

I love this.

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Dario3000
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CoinTracking - Crypto Portfolio & Tax Management


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June 27, 2017, 08:11:57 PM
 #462

just wanted to thank you for this great site!

It is free, and it works!

It allows my wife to see how we stand Smiley

I love this.

Haha, thanks a lot Smiley
I'm glad you and your wife like it.

Best regards,
Dario

CoinTracking.info - Your Profit / Loss Portfolio Monitor and Tax Calculator for all Digital Currencies
Simply the best way to track your digital assets accurately. Get live data for more than 5000 coins, assets and commodities. Track Gains & Balances from all your exchanges and wallets.
Need help? CoinTracking FAQ
sgjenks01
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June 27, 2017, 09:17:06 PM
 #463

Do you have any information to the contrary for any country?

@ebliever This article: https://www.forbes.com/sites/greatspeculations/2017/02/21/if-you-traded-bitcoin-you-should-report-capital-gains-to-the-irs/#2ccc3eb9e3d8 seems like a good one to read if you are an American. The author doesn't specifically address if one were to trade say, from BTC to LTC and back to BTC, and those trades results in a gain of BTC, would that result in a taxable transaction... So, I wrote him and asked (he's a CPA). If he answers me, I will let you know what he says.
@ebliever

Here is the question I sent to: Robert A. Green, CPA and writer for Forbes Magazine

Can you please clarify how you think trades among cryptocurrencies (e.g. Bitcoin to Litecoin and back) should be reported, if at all? If there was a gain on Bitcoin at the time I traded it for Litecoin, would that be a reportable event?

And here is the answer from: Robert A. Green, CPA and writer for Forbes Magazine

"All trades in crypto currency's are taxable as capital gains on intangible assets."
sgjenks01
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June 27, 2017, 10:16:25 PM
 #464

The values "Buy" and "Sell" are always the real amounts you have paid or received.
The "Fee" field is just a note and does not have an influence on the "Buy" or "Sell" value.

@Dario,
My Ledger Nano S wallet reports the total amount with a note that says "Includes Fees of X currency". So the total amount spent is the amount to report.
But Bitshares reports the amount spent AND a transaction fee in BTS. To get the quantities right, I have to subtract the spend from the currency account and also subtract the fee from the BTS account. So, the total "spend" is not the total amount spent! Plus, they send the transaction to OpenLedger, who takes more fees out to transfer it to wherever you are sending the money. From what I can tell, that amount is not reported anywhere, so the fee is the difference from what left BitShares and what arrived at the destination.
I also have a ETH based wallet (Exodus) that you have to have ETH in the wallet to send any of the other coins anywhere, because it subtracts the amount sent from the account and the fee separately in ETH, which accounts for part of the spend for the transaction.
And I have OmniWallet, which is a BTC based wallet. You have to have BTC in the wallet to send any of the other coins from the wallet, because it deducts the quantity sent from that account and some BTC from the BTC account.
With Bittrex, the spent amount includes the commission and the commission is reported separately, but it is part of the "spent" amount, so it's like the Ledger Nano S in that regard.

So, basically, sometimes the fee is just a note to tell the user how much it cost to do the transaction and so the fee is included in the "spend". Other times the fee really is a fee in addition to the amount reported in the "spend", so the fee has to be reported as a "spend" as well. Then there is the case of Bitshares/OpenLedger which just shows a "disappearance" that is another fee.

Are you saying you have a way for CT to handle these different use cases?
 
Dario3000
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June 27, 2017, 10:34:19 PM
 #465

@sgjenks01:
I have created all imports (API and CSV) to detect the fee correctly.
Some exchanges are including the fee, so we can use those values.
Most of them do not include it, so our system adds or subtracts them automatically from the right value.
But when you are using your own CSV files or the Excel import, you would have to add them correctly if they are not already included.

CoinTracking.info - Your Profit / Loss Portfolio Monitor and Tax Calculator for all Digital Currencies
Simply the best way to track your digital assets accurately. Get live data for more than 5000 coins, assets and commodities. Track Gains & Balances from all your exchanges and wallets.
Need help? CoinTracking FAQ
sgjenks01
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June 28, 2017, 12:54:06 AM
 #466

I have created all imports (API and CSV) to detect the fee correctly.

@Dario3000 That's totally awesome!
sgjenks01
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June 28, 2017, 01:06:47 AM
 #467

Do you have any information to the contrary for any country?

@ebliever This article: https://www.forbes.com/sites/greatspeculations/2017/02/21/if-you-traded-bitcoin-you-should-report-capital-gains-to-the-irs/#2ccc3eb9e3d8 seems like a good one to read if you are an American. The author doesn't specifically address if one were to trade say, from BTC to LTC and back to BTC, and those trades results in a gain of BTC, would that result in a taxable transaction... So, I wrote him and asked (he's a CPA). If he answers me, I will let you know what he says.
@ebliever

Here is the question I sent to: Robert A. Green, CPA and writer for Forbes Magazine

Can you please clarify how you think trades among cryptocurrencies (e.g. Bitcoin to Litecoin and back) should be reported, if at all? If there was a gain on Bitcoin at the time I traded it for Litecoin, would that be a reportable event?

And here is the answer from: Robert A. Green, CPA and writer for Forbes Magazine

"All trades in crypto currency's are taxable as capital gains on intangible assets."

One more thing, in case you are wondering if Robert Green knows his stuff. I noticed his email had a unique domain and so I went to their website:

https://www.greentradertax.com/

Doing taxes for traders is about all they do.

So, as I said in my original post, believing the urban myth that you don't have to report gains until you trade back into fiat is just that: An urban myth.

I think the theory behind the myth is that as long as you stay in cryptos, the IRS will never know what your gains are. That might be true and then again it might not. Of course all of this only applies to Americans as far as I know. People in other countries should check with a tax accountant. As they say on TV "Your mileage may vary."  Grin
sgjenks01
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June 28, 2017, 01:19:46 AM
 #468

@Dario3000 and Kevin,
Feature Request:
Put cryptos that are pegged to fiat/real currencies in a category by themselves, or even include them in the "real" currencies category. Right now, CT says how much I have invested in cryptos and what my gain is. That seems a bit distorted because I have a fair amount in Tether (USDT) until this selloff blows itself out.

Obviously, this is not a high priority, but it would be nice.

Thanks,

Steve
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June 28, 2017, 10:47:24 AM
 #469

Thanks for a great website. I'm a premium member who already feels like they got their money's worth, and it's not even tax time yet. I have a couple comments.

First, I have noticed an issue with Ethereum wallet importing lately. My incoming transactions to my wallet are being detected as outgoing. This has been happening both for incoming Eth and for incoming tokens. I have tried deleting the transaction and the automatic import job, but when I re-add the address, the transactions still sometimes come in wrong (and sometimes this fixes them). I wish I could give you a wallet/tx example, but prefer to stay anon.

Secondly, I have some questions about how cointracking handles the various tax accounting methods (FIFO, LIFO, etc).

It seems like the only place to change the method is on the Tax Report page. But the rest of the site appears to only use FIFO to determine things like (un)realized gains; wouldn't that cause inaccuracies? If I report my 2017 (US) taxes using the LIFO method to save some tax on my short-term trades, will my 2018 tax reports in cointracking understand which coins were reported as sold? Ideally, I feel like the calculation method should be a setting which is consistent account-wide.

Thanks again.
allanster
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June 28, 2017, 12:05:08 PM
 #470

@sgjenks01

Thank you so much for taking the time to report your findings on the crypto exchanges. Not the answer I was hoping for, but at least it brings clarity. I was operating under that assumption anyways. Hardly surprising. Good old Uncle Sam... "It's not money but give us more of your money anyways!"

I just bought my first purchase with crypto (Gunbot). How do you handle these transaction entries? Is it an "Out", should there be an "In", or is it a trade to FIAT?

Thanks for any insights!

Allan

lux ex tenebris
sgjenks01
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June 28, 2017, 06:53:22 PM
 #471

@sgjenks01
I just bought my first purchase with crypto (Gunbot). How do you handle these transaction entries? Is it an "Out", should there be an "In", or is it a trade to FIAT
Allan
@Allanster
I'm assuming you bought Gunbot with fiat money. You start with an IN transaction to show you deposited cash somewhere (an Exchange like Bittrex). Then you sell the fiat and buy the Gunbot in a "Trade" type transaction. Also, if it's an exchange that has API trade report exports, you can set it up to do the imports automatically (daily). Any Sell (OUT) side entry should include the fee in the amount sold and you can report the fee in the Fees column if you want to track how much you are paying for the privilege. This would include commissions and miner transaction fees.  I use the "Balance by Exchange" to be sure the balances by exchange by currency matches the amount the exchange/wallet has in it.

Steve
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June 28, 2017, 11:25:28 PM
 #472

Awesome website an thanks for the great free reports and analysis!
allanster
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June 29, 2017, 04:24:47 AM
 #473

@sgjenks01
I just bought my first purchase with crypto (Gunbot). How do you handle these transaction entries? Is it an "Out", should there be an "In", or is it a trade to FIAT
Allan
@Allanster
I'm assuming you bought Gunbot with fiat money. You start with an IN transaction to show you deposited cash somewhere (an Exchange like Bittrex). Then you sell the fiat and buy the Gunbot in a "Trade" type transaction. Also, if it's an exchange that has API trade report exports, you can set it up to do the imports automatically (daily). Any Sell (OUT) side entry should include the fee in the amount sold and you can report the fee in the Fees column if you want to track how much you are paying for the privilege. This would include commissions and miner transaction fees.  I use the "Balance by Exchange" to be sure the balances by exchange by currency matches the amount the exchange/wallet has in it.

Steve

Steve,

I'm up to speed on the API and balances by exchange. I currently balance to zero by exchange. I haven't enabled API's until I see how UTC time get's handled in update.

As far as purchasing Gunbot, I wish I could've paid USD but I couldn't find a way to do so. I purchased on Bitify with BTC that I had mined in 2011. I already have entries for the mined coins.

I just am not sure how to properly do entry for "spent" coin on Gunbot. I'm assuming these day to day purchases should be entered here as well, according to Forbes article I posted earlier, even a coffee needs basis tracked.

So considering I already have all entries for mined coins and trades, how do you recommend the sole entry for the purchase of Gunbot?

Thanks!

Allan

lux ex tenebris
sana123
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June 29, 2017, 05:57:20 AM
 #474

Hi In Canada we use ACB (Average Cost Base) for tax calculations. Could you please add it to your software? Thanks!
itamaram69
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June 29, 2017, 09:12:34 PM
 #475

Hi guys, how can I see my daily and All-time profit/loss? can't find it clearly anywhere..
one more question.. can I upload trades manually or I must export from exchanges?
where can I find a full tutorial on how to use it?
thanks a lot.
Plenty
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June 30, 2017, 12:24:50 AM
 #476

Hi,

I initially started using CoinTracking for @6 months but had too many trades with the PRO account that I upgraded my subscription to CoinTracking UNLIMITED for 2 Yrs.  Thank you for this software!

When I started using CoinTracking I was manually importing many wallet and exchange transactions. But my balances were so far off that I decided to wait for the Automated Import API to GDAX, then deleted my GDAX manual entries and let the new trades automatically update. 

I want the same benefits of the Automated Import API for Gemini Exchange please?  I want the Automated Import API because I am now trading there more often and can't spend more time manually updating individual txs there - even for manual imports - it just takes too much effort.  It would be very nice if you would add the the Automated Import API for Gemini Exchange.  They are one of the only exchanges in the world that legitimately obtained a Bank Charter to do crypto and they are in NY State under the toughest rules in Cryptoland.  They really deserve the props.

Please add Automated Import API for Gemini Exchange as soon as possible.

Respectfully,

PLENTY
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June 30, 2017, 07:21:04 PM
 #477

EcoBit (ECOB) is trading at https://www.cryptopia.co.nz/Exchange/?market=ECOB_BTC but neither the coin nor the price show up.
Bermuda666
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June 30, 2017, 09:30:57 PM
 #478

Awesome website an thanks for the great free reports and analysis!

Hi @kfeedorek,

Thanks a lot for your compliment, we are glad if the service helps you.
We do our best to give our users the most exciting experience possible.

Have a nice weekend.

Best regards,
Keven

CoinTracking.info - Your personal Profit / Loss Portfolio Monitor and Tax Tool for all Digital Coins
- Now over 20% Discount on our Lifetime plans (Limited Time)
- 5% Discount when paying in Bitcoin, plus an additional 10% Discount on all plans by using this link: bit.ly/rebate-ct
Bermuda666
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June 30, 2017, 10:46:35 PM
 #479

Hi In Canada we use ACB (Average Cost Base) for tax calculations. Could you please add it to your software? Thanks!

Hi @sana123,

thank you for submitting your message.

Yes we are aware of this and we hope to be able to implement this kind of calculations in the future.

Currently we have many things with a much higher priority, but we´ll keep it in mind.

Thanks.

Best regards,
Keven

CoinTracking.info - Your personal Profit / Loss Portfolio Monitor and Tax Tool for all Digital Coins
- Now over 20% Discount on our Lifetime plans (Limited Time)
- 5% Discount when paying in Bitcoin, plus an additional 10% Discount on all plans by using this link: bit.ly/rebate-ct
Bermuda666
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June 30, 2017, 11:17:56 PM
 #480

Hi guys, how can I see my daily and All-time profit/loss? can't find it clearly anywhere..
one more question.. can I upload trades manually or I must export from exchanges?
where can I find a full tutorial on how to use it?
thanks a lot.

Hi @itamaram69,

thank you for getting in touch with us.

Please take a look at this page https://cointracking.info/gains.php in the three tables you can find listings of your cumulated all-time Profit/Loss and your P/L for single Coins and transactions.
Further you are able to see you daily P/L in percent here soon: https://cointracking.info/overview.php - it is currently under development.

You should also pay attention to the way you manage your portfolio, as this can show you your account value in different ways.
Please take a look into our FAQ, especially on the point: Different ways to track your portfolio

Yes, you are able to enter Coins manually on the "Enter Coins" page. You can find all necessary information in our FAQ and our Documentation.
Please have a look into it.

Hope this is going to help you.

Best regards,
Keven

CoinTracking.info - Your personal Profit / Loss Portfolio Monitor and Tax Tool for all Digital Coins
- Now over 20% Discount on our Lifetime plans (Limited Time)
- 5% Discount when paying in Bitcoin, plus an additional 10% Discount on all plans by using this link: bit.ly/rebate-ct
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