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

[kfeedorek]

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

[allanster]

@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

[sana123]

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

[itamaram69]

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]

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

[btests]

EcoBit (ECOB) is trading at https://www.cryptopia.co.nz/Exchange/?market=ECOB_BTC but neither the coin nor the price show up.

[Bermuda666]

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

[Bermuda666]

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

[Bermuda666]

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

[Bermuda666]

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

Hi @Plenty,

thanks a lot for your feedback and for submitting your post.
You are welcome, we do our best to give you the best user experience possible. We are glad you like it.

I understand your point and why you would love to see an implementation of this API import.
We´ll do what we can to implement it as soon as even possible. Please have understanding that there should be at least a few people asking for this, because it takes much costs and effort to build this kind of importer.

We take user wishes really serious and we hope to be able to fullfill most of them asap.
But it should be a benefit for many of our users.

So pleae be patient, it could take time.
Thank you.

Best regards,
Keven

[Bermuda666]

EcoBit (ECOB) is trading at https://www.cryptopia.co.nz/Exchange/?market=ECOB_BTC but neither the coin nor the price show up.

Hi @btests,

thank you for letting us know about it.

Our system automatically adds new Cryptocurrencies after a period of higher liquidity in an asset.

As long as it is not listed you are able to set a custom price. Information can be found in our FAQ:
https://cointracking.info/feedback.php
on: How do I enter ICO Coins or not listed Assets?

We hope we are able to add it soon.

Thanks for contributing.

Best regards,
Keven

[Crypto-King!!!]

HI Everyone

I just saw this software looks good...

I am interested in buying this but I have couple of questions

I am having 2 accounts on Bittrex apart from couple of other accounts.

Can I get information through API from both the accounts in one dashboard simultaneously ?

I would like to know what the most cost effective way to buy this software with maximum discount ?

Adding another question 3500 trades is per year for whole life ? Meaning in the second year it can be 3500 of previous year+3500 of second yea =7000 or it will be 3500 only ?

Please help....

[Daled12]

Can someone help me with this or tell me if I am incorrect? I am losing my mind over this and I can't tell if I am wrong or cointracking support is wrong.

Here is the scenario:

Let's say I spent $35 dollars on Bitcoin and ethereum last year.   Since then, I have made a lot of trades with my BTC and ETH with other altcoins.  And now my account value is worth $250.  This is due to appreciation of BTC and ETH as well as good trades with BTC and altcoins.  So now I have more bitcoin then when I started buying, as well as owning other altcoins.

So, you can see I have a profit of $215.   But, when I go to the realized and unrealized gains report, I see I have $127 of unrealized gains, and $104 of realized gains.  Which totals $231 dollars.

Shouldn't the total of my gains equal $215?

I have talked to support about this and they say this is correct, that everything is showing correctly, but the math seems extremely simple to me.  I know exactly how much profit I have made, $215, therefore my realized and unrealized gains must also total $215.

Has anyone else had this problem?  Or am I missing something and not thinking about this correctly?

I would love to upgrade to PRO for this software but it needs to work correctly.  I need to pay estimated taxes on my gains this year, and am relying on the realized gains figure to calculate how much I owe.  But if its too high, that will mean I overpay my taxes.

Help???

[Dario3000]

@Daled12:
First of all you should use the "Average of unsold Assets as Cost Basis" for the gains calculation and not the "of all Assets" method.
And then please verify your entries.
As I can see, you have an ETH double entry on the 2017-05-19 08:34:09.
Once those things are fixed, your gains and your total account value will be the same.

PS: Deleting the ETH transaction will not help, as the ETH wallet import will re-import it again. You will have to delete your ETH wallet import address as well.


@Crypto-King!!!:
You have sent the same post via PM. I have already answered there.
Just for the records:
- Adding multiple accounts from one exchange via API is no problem
- I will add a feature in the next 2-3 days where you can label your API imports
- The PRO limit is a lifetime limit and not per year

Best, Dario

[Daled12]

Thank you Dario!

That worked and my gains now total my total account value.  Thanks for the tip about the double transaction, I noticed it earlier and deleted it and saw it reappeared and was wondering what was going on.

I will be upgrading as this is a very needed product.

A few questions:

1. I am aggregating trades in my poloniex spreadsheet manually, because of the way they break up trades.  I don't want to have to enter a million trades in my tax software at year end.  Do you ignore the price column when importing?

2. Do the profit numbers on the tax return report equal the "realized gain" numbers we were discussing earlier?  Or are they calculated slightly differently?

3.  When calculating the profit numbers for the tax report, do you keep a database of the Bitcoin prices in USD(or of all altcoin prices), so that when we enter a trade, you simply look up the timestamp, find the USD price, and then calculate the purchase or sale price?

Thanks again.

[Dario3000]

Thank you Dario!

That worked and my gains now total my total account value.  Thanks for the tip about the double transaction, I noticed it earlier and deleted it and saw it reappeared and was wondering what was going on.

I will be upgrading as this is a very needed product.

A few questions:

1. I am aggregating trades in my poloniex spreadsheet manually, because of the way they break up trades.  I don't want to have to enter a million trades in my tax software at year end.  Do you ignore the price column when importing?

2. Do the profit numbers on the tax return report equal the "realized gain" numbers we were discussing earlier?  Or are they calculated slightly differently?

3.  When calculating the profit numbers for the tax report, do you keep a database of the Bitcoin prices in USD(or of all altcoin prices), so that when we enter a trade, you simply look up the timestamp, find the USD price, and then calculate the purchase or sale price?

Thanks again.

You're welcome

1) It depends on the exchange. If the exchange provides the buy amount and the sell amount (most exchanges incl. Polo do this), we ignore the "price" column, as it's just "sell amount / buy amount"

2) Using the FIFO method in the tax report tool, will result in exactly the same realized gain. It's the same calculation.

3) Yes. We are keeping the historical prices for over 4000 coins in our database.
For Coin/USD trades we do not need them (as we know the FIAT price), but for Altcoin trades like BTC/ETH a price database is inevitable.

Have a nice weekend,
Dario

[sgjenks01]

@dario3000
@Kevin

Feature Suggestion;
In the "Balance by Exchange" report, I suggest you add a checkbox to allow the user to "hide" any wallet with a zero balance of all currencies or to hide any currency within a multi-wallet that has a zero balance.

This would make it easier to spot wallets that have a currency with a negative or positive balance.

Another Feature Suggestion:
Right now, you show a chart of the past 30 days of BTC in USD. It would be helpful if there were a way to select a 30 day range in the portfolio chart, so the time-frames line up. That way a user could see at a glance if their trading was outperforming BTC or not.

Thanks

Steve

[sgjenks01]

@Dario3000
I have two coins, MGO and QORA that were deposited in my wallets... A gift, I suppose. That means that my cost basis is zero on both. However, for reasons I don't understand, CT show MGO as having a current value on the Dashboard and Unrealized Profit Potential provided I have checked the box for "Add Deposits and Withdrawals to the remaining amount".

QORA also shows a balance, but it is not considered to have a current value on the Dashboard, nor does it show Unrealized Gain /Loss on on that page.

To me, both coins should be presented the same way in both places, but they are not. Why is that?

Thanks,

Steve

[Bermuda666]

@dario3000
@Kevin

Feature Suggestion;
In the "Balance by Exchange" report, I suggest you add a checkbox to allow the user to "hide" any wallet with a zero balance of all currencies or to hide any currency within a multi-wallet that has a zero balance.

This would make it easier to spot wallets that have a currency with a negative or positive balance.

Another Feature Suggestion:
Right now, you show a chart of the past 30 days of BTC in USD. It would be helpful if there were a way to select a 30 day range in the portfolio chart, so the time-frames line up. That way a user could see at a glance if their trading was outperforming BTC or not.

Thanks

Steve

Hey @Steve,

thank you for the additional suggestions, we´ll think about if an integration would be helpful for all users.

Thanks for contributing.

Best regards,
Keven

[Bermuda666]

@Dario3000
I have two coins, MGO and QORA that were deposited in my wallets... A gift, I suppose. That means that my cost basis is zero on both. However, for reasons I don't understand, CT show MGO as having a current value on the Dashboard and Unrealized Profit Potential provided I have checked the box for "Add Deposits and Withdrawals to the remaining amount".

QORA also shows a balance, but it is not considered to have a current value on the Dashboard, nor does it show Unrealized Gain /Loss on on that page.

To me, both coins should be presented the same way in both places, but they are not. Why is that?

Thanks,

Steve

Hi again,

Please text me your Username via DM and I´ll have a look.

Maybe Dario is faster than me with an answer.

BR,
Keven