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Author Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies  (Read 88578 times)
Bermuda666
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June 30, 2017, 11:35:19 PM
 #481

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

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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Bermuda666
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July 01, 2017, 12:13:14 AM
 #482

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

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
Crypto-King!!!
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July 01, 2017, 10:42:37 AM
 #483

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
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July 01, 2017, 01:48:20 PM
 #484

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
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July 01, 2017, 04:14:57 PM
 #485

@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

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
Daled12
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July 01, 2017, 05:04:39 PM
 #486

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
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July 01, 2017, 05:21:11 PM
 #487

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 Smiley

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

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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July 02, 2017, 08:59:11 PM
 #488

@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
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July 03, 2017, 02:36:03 AM
 #489

@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
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July 03, 2017, 03:29:33 PM
 #490

@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

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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July 03, 2017, 03:33:45 PM
 #491

@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

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
sgjenks01
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July 03, 2017, 07:15:45 PM
 #492

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

I found you on Twitter and I THINK I sent you a message. I don't use Twitter very much.

Steve
Dario3000
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July 03, 2017, 11:16:01 PM
 #493

I found you on Twitter and I THINK I sent you a message. I don't use Twitter very much.
Steve

Nope, I don't see a message there.
Please let us know here and I will have a look: https://cointracking.info/feedback.php

Adding a gift, will still result in a current value and an unrealized profit.
If someone will send you 1 ETH, it will still have a value of 275 USD no matter if you have paid for it or not Smiley

QORA has a very low price. If you just have few of them, the value can be rounded off to 0.

As said, let us know and I will have a look.
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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July 04, 2017, 03:23:25 AM
 #494

@dario3000
I sent the message to Keven, I just tried to send you a message @dario3000. Anyway, I think you nailed it. The account where I hold it says there are just over 16 QORA and it says it is worth 3 dollars. It was worth $5 when it was given to me. Kind of going the wrong way... I plan to retire on it. What do you think?

Steve
Bermuda666
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July 10, 2017, 07:45:08 PM
 #495

Addition of transaction types at Cointracking

To be able to enter different transaction types more accurately and to get a more detailed classifications, we decided to orientate towards the common law and tax standards, by increasing the amount of transaction types.

With this additions it is possible to calculate the Tax-Report much more efficient, to add entries much easier and to improve the structuring of a portfolio on Cointracking.

Additionally to the current 3 types of transactions (Trade, Deposit and Withdrawal) it is now possible to enter more types into our system. These new transaction types are considered in all reports and especially have an influence on the Tax-Report.

From now on, following transaction types can be added to our system and have impact on the calculations:

(EXCHANGE) Trade Purchases/Sales
Are listed in the Capital Gains Report.

(IN) Deposits (Transfer)
Are considered as transfers between wallets or exchanges and are not included in the calculation.

(IN) Mining
Are listed in the Income Report with the value at the time of transaction.

(IN) Gift/Tip
Are listed in the Income Report with the value at the time of transaction.

(IN) Income
Are listed in the Income Report with the value at the time of transaction.

(OUT) Withdrawals (Transfer)
Are considered as transfers between wallets or exchanges and are not included in the calculation.

(OUT) Spend
Are listed in the Capital Gains Report.

(OUT) Gift
Are listed in the Gift and Donation Report.

(OUT) Donation (registered charity)
Are listed in the Gift and Donation Report.

(OUT) Stolen/Hacked/Fraud
Are listed in the Lost and Stolen Report.

(OUT) Lost
Are listed in the Lost and Stolen Report.



Information about the different kinds of Reports included in the Tax-Report:


Capital Gains Report - Your Sales of Capital Assets:
This table contains all sales during the selected tax year including its appropriate cost basis, calculated with the chosen method.

Income Report:
Income report including mining and received gifts.

Gift and Donation Report:
All gifts and donations made in the selected tax year. There is no gain for gifts and donations as the cost basis is transfered over to the recipient. If the recipients wishes to spend those coins, he needs the cost basis information.

Lost and Stolen Report:
All losses you have reported for the selected tax year. In some cases they can be deducted from your total tax as casualty losses, at their original cost basis value.

Closing Position Report:
This table contains all coins that you still own including their cost basis.

Everyday, we do our best to make the lifes of our members easier. We hope you are going to like this implementation and it´s useful for you.

Happy Tracking. Smiley


BTCest regards,
The Cointracking Team

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
sgjenks01
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July 11, 2017, 02:56:44 AM
 #496

Wow! This looks great! But just think of all the work you have created... LOL
Bermuda666
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July 12, 2017, 01:29:05 AM
 #497

Wow! This looks great! But just think of all the work you have created... LOL

Hey @sgjenks01,

Thank you for your feedback.

You are right, you can put in more work now, but also everything is more accurately.
We decided to choose the most perfect solution for our users.

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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July 13, 2017, 04:56:47 AM
 #498

what api do you guys currently use to pull all transactions from the bitcoin wallet address?
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July 13, 2017, 06:02:28 AM
 #499

what api do you guys currently use to pull all transactions from the bitcoin wallet address?

I just enter them manually, as the wallet's addresses are ever changing.
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July 13, 2017, 06:13:46 AM
 #500

I'm asking @Dario3000
How does it work underneath? can we trust that you guys are only doing read only? 
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