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Author Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies  (Read 89405 times)
V.pop85
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August 07, 2017, 10:30:29 PM
 #561

Thanks Dario and Cointracking for taking care of minor issues so fast !!!
It takes some time to get used to it and know it's insights, but it's very powerful...and indispensable tool for a trader
Maybe you should consider an "EASY MODE" for beginners /investors ...it will definitely get you more customers in the future
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ALargeOrangeCat
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August 07, 2017, 10:37:31 PM
 #562

Thanks Dario and Cointracking for taking care of minor issues so fast !!!
It takes some time to get used to it and know it's insights, but it's very powerful...and indispensable tool for a trader
Maybe you should consider an "EASY MODE" for beginners /investors ...it will definitely get you more customers in the future

Compared to manually putting in all my transactions in Blockfolio & Excel, I definitely consider this easy mode!  Grin
afterfiat
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August 07, 2017, 10:40:19 PM
 #563

Hi, new to cointracking and am enjoying it so far. Im trying to add BCH "the easy way" on the "enter coins" page but the values in USD don't seem to show up. I think Im probably missing something here.

Will you be adding automatic pricing from date and time for BCH soon?
I haven't "dealt with" BCH in my data yet, but I thought I'd take a look in case it helps...

1. Enter Coins / Overview & Manual Import
2. New
3. Transaction Type = [In] General Deposit (Transfer)
4. Deposit: Amount=1, Currency=BCH
5. Exchange=test123
6. Add transaction
7. Dashboard
8. "click here to recalculate your data"
9. Balance by Exchange

"test123 Balance" shows 1 BCH = 337.11 USD


Seems to be working.
smartinuf
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August 08, 2017, 02:08:19 AM
 #564

Hi, new to cointracking and am enjoying it so far. Im trying to add BCH "the easy way" on the "enter coins" page but the values in USD don't seem to show up. I think Im probably missing something here.

Will you be adding automatic pricing from date and time for BCH soon?
I haven't "dealt with" BCH in my data yet, but I thought I'd take a look in case it helps...

1. Enter Coins / Overview & Manual Import
2. New
3. Transaction Type = [In] General Deposit (Transfer)
4. Deposit: Amount=1, Currency=BCH
5. Exchange=test123
6. Add transaction
7. Dashboard
8. "click here to recalculate your data"
9. Balance by Exchange

"test123 Balance" shows 1 BCH = 337.11 USD


Seems to be working.

Thanks for trying but still not working for me, the BTH does show up in both Balance by exchange and also in Summary but shows a zero balance, weird.
sgjenks01
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August 08, 2017, 02:36:22 AM
 #565

Hi,
I've got what was AntShares, Now called NEO (much cooler name, don't you agree?)

Anyway my question: Do I have to manually go in and change any transactions from ANS to NEO manually, or is that going to be automagic.?

Thanks,

Steve
Bermuda666
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August 08, 2017, 04:44:59 AM
 #566

Thanks Dario and Cointracking for taking care of minor issues so fast !!!
It takes some time to get used to it and know it's insights, but it's very powerful...and indispensable tool for a trader
Maybe you should consider an "EASY MODE" for beginners /investors ...it will definitely get you more customers in the future

Hey @V.pop85,

you are welcome.  Smiley

Yes, it´s true. Our system is quite complex at first. But it´s very flexible and powerful, once you become familiar with it.

Something like a more light version, is on our idea list. Until now it´s not quite certain how realistic a possible integration would be.
But thank you very much for sharing your thoughts on this.

We are glad our tools are useful for your and appreciate you´ll spread the word for us.

Thank you. We wish you successful trading and investing.

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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August 08, 2017, 05:12:27 AM
 #567

Thanks for trying but still not working for me, the BTH does show up in both Balance by exchange and also in Summary but shows a zero balance, weird.

Hey @smartinuf,

thank you for getting in touch with us and for your interest.

As I see, you´ve tried to enter "BTH" (Guess you mean BCH) as an ICO Coin/Asset with a custom value.
But you did not enter a value in the summary. It´s not going to work this way.

There are 2 ways you can enter your BCH now:

1) The easy way:
Add your BCH as "gift" with a cost basis of 274.59 USD per coin (the initial price on August 2nd).
(Edit the Asset value in the pop-up window on the "Enter Coins" page.)

2) The correct way:
To make it 100% tax compliant, you would have to search for every single BTC transaction you made (before August 2nd) and create an additional BCH transaction at the same date/time and with the same amount (just with a 0 USD cost basis).
At the end (on August 2nd) you will have the same amount of BCH as your BTC amount in your CoinTracking account.

But if you have hundreds of BTC transactions this method can be quite time wasting.

However if you plan to keep your BCH for more than 1 year, you can ignore this method and go with the first one, as your BCH will be tax free anyway.

I hope it´s going to help you.

@afterfiat Thank you very much for going into this and for trying to explain it. Awesome.  Smiley

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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August 08, 2017, 05:24:08 AM
 #568

Hi,
I've got what was AntShares, Now called NEO (much cooler name, don't you agree?)

Anyway my question: Do I have to manually go in and change any transactions from ANS to NEO manually, or is that going to be automagic.?

Thanks,

Steve

Hi again @sgjenks01,

I would probably agree, but we have to keep some neutrality. Wink

We´ve already added a FAQ topic for this. I guess it will answer your question. Automagic? Haha, yes. But only for future transactions. Smiley

How do I enter renamed or rebranded Coins (e.g. ANS and NEO)?

If a Coin is renamed, you will need to rename all your old Coins as well in order to get the correct cost basis and the profit.

This can be done using the 'Bulk Edit/Delete' button on the 'Enter Coins' page or by changing them in the trade table on the same page.
Using the bulk function, select 'Overwrite Coins' from the dropdown and replace your old Coin ticker with the new one.
After that, all values are displayed again correctly.

I hope it´s 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
sgjenks01
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August 08, 2017, 06:08:08 AM
 #569

Okay Keven, Thanks!
afterfiat
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August 08, 2017, 07:18:35 AM
 #570

Bug Report: After importing 2680 LTC mining transactions, 9 of them were off by 0.00000001 LTC.

Sidenote: It was not fun finding which 9.
smartinuf
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August 08, 2017, 02:51:26 PM
 #571

Thanks for trying but still not working for me, the BTH does show up in both Balance by exchange and also in Summary but shows a zero balance, weird.

Hey @smartinuf,

thank you for getting in touch with us and for your interest.

As I see, you´ve tried to enter "BTH" (Guess you mean BCH) as an ICO Coin/Asset with a custom value.
But you did not enter a value in the summary. It´s not going to work this way.



@afterfiat Thank you very much for going into this and for trying to explain it. Awesome.  Smiley

Best regards,
Keven


Wow, thanks! I don't where I got "BTH" from but that was it, duh! Not enough sleep and cryptos aren't compatible yet but look out when they are, ha. Thanks All !
Dario3000
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August 08, 2017, 08:44:34 PM
 #572

@afterfiat:
So you're saying, that after importing 2680 transactions, your balance is off by $0.00000414?
Well... could be worse, right? Cheesy

I guess it's due to rounding errors of the 8th decimal place.


@V.pop85:
Actually there is an easy mode (Reporting -> Easy Enter Statistics).
OK, it will not show any historical balances nor advanced gain calculations, but if you only want to track your current assets with a basic gains review, it can be a good choice.

Speaking of advanced gain calculations...

Just released some cool new features for the Realized and Unrealized Gains page:
- Instant Gain Calculator: Know your profit/loss before selling
- Calculation Methods: FIFO, LIFO, HIFO, LOFO
- Filters: Select your Exchanges, Groups and Trade Types
- Short / Long indicator for all sales

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
afterfiat
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August 08, 2017, 08:59:52 PM
 #573

@afterfiat:
So you're saying, that after importing 2680 transactions, your balance is off by $0.00000414?
Well... could be worse, right? Cheesy

I guess it's due to rounding errors of the 8th decimal place.
@Dario3000
It definitely wasn't a catastrophe. Smiley

But I found it odd that any rounding was required at all.  It was a LTC chain import so I expect it to just be a data transfer (LTC -> LTC) with no math/rounding involved.  US$ (or any other currency) shouldn't be involved in the import, right?  As such, I figured it's a bug in the importer rather than a rounding issue.  Perhaps I'm misunderstanding how the importer works though.
Dario3000
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August 08, 2017, 09:43:38 PM
 #574

You're absolutely right.
There should be no rounding as all LTC chain values have 8 decimals.
We're using chainz.cryptoid.info/ltc/ for LTC imports.
I would guess, that the 1 satoshi difference is coming from there (what's 1 satoshi in LTC by the way? 1 charles? Wink )

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
afterfiat
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August 09, 2017, 12:50:41 AM
 #575

what's 1 satoshi in LTC by the way? 1 charles? Wink
https://www.reddit.com/r/litecoin/comments/43epab/smallest_value/
Dario3000
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August 09, 2017, 01:08:28 AM
 #576

1 Litoshi?
Sounds strange.
I think I will stay with 1 LTC Satoshi Smiley

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
Bermuda666
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August 09, 2017, 03:19:30 AM
 #577

Wow, thanks! I don't where I got "BTH" from but that was it, duh! Not enough sleep and cryptos aren't compatible yet but look out when they are, ha. Thanks All !

Hey @smartinuf,

I know these kinds of problems sometimes. Smiley

You are welcome.

Wish you successful trading and investing.

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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August 09, 2017, 03:22:23 AM
 #578

Okay Keven, Thanks!

@sgjenks01

You are welcome. Smiley

Have a great week.

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
ALargeOrangeCat
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August 09, 2017, 09:56:12 PM
 #579

Hi,

I'm looking at Realized & Unrealized Gains report and I'm confused about how mining factors into my unrealized gain/loss.

How is cost determined when applied to a mined coin? Easy example... I mined 2 HUSH. It's showing a purchase cost & saying it's a loss if I sell this. How can this be a loss when I didn't purchase the coin? It should show up as a positive gain at any point that I sell it. Where did this purchase cost come from?

My mining is categorized as [In] Mining with no mining fee. I've selected "Add Deposits & Withdrawals to remaining amount" in gains report.

What am I missing here?

http://imgur.com/eb6b8jc

Also, is there a good way to keep track of mining equipment & electrical costs to determine mining ROI?

Thanks,
CryptoHippo37
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August 10, 2017, 06:47:31 PM
 #580

I there any chance you'll be adding Binance to the exchange list? I know its a no-name exchange but I've been trading GAS from them and would greatly prefer to import the transactions versus manual entries. Anyone else interested in Binance?
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