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

[Dario3000]

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

[Bermuda666]

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.

You are welcome.

Wish you successful trading and investing.

Best regards,
Keven

[Bermuda666]

Okay Keven, Thanks!

@sgjenks01

You are welcome.

Have a great week.

Best regards,
Keven

[ALargeOrangeCat]

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]

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?

[Dario3000]

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?

Hey, do you know if they provide a CSV or Excel export on their website?
If yes, I can create an import for Binance within 48 hours.
I will just need a sample export file from their website.


@ALargeOrangeCat:
Even if you receive assets for free, they still have a value at the time of the transaction.
This is the value we are using.

But it's a good point and I'm already working on a solution to calculate mined assets with a 0 cost basis.
It will be released very soon (maybe even today).

Best,
Dario

[Dario3000]

But it's a good point and I'm already working on a solution to calculate mined assets with a 0 cost basis.
It will be released very soon (maybe even today).

Released
You can now use the "Filter menu" to set a cost basis of 0 to all minings (and other transaction types).

[Ale88]

About the fee field, is not possibile to put a % instead of a fiat value? Because I tried but looks like it doesn't accepts the % symbol, only number, so that means I should calculate myself every single fee, no?

[Sosnovkino]

Pretty impressive service, may be useful for business purposes.
Can you contact me? By private message

[Dario3000]

About the fee field, is not possibile to put a % instead of a fiat value? Because I tried but looks like it doesn't accepts the % symbol, only number, so that means I should calculate myself every single fee, no?

Hey, no currently only values are accepted (but it does not have to be fiat).
I will put that on my to do list.

Best
Dario

[Bi0ha2ard187]

But it's a good point and I'm already working on a solution to calculate mined assets with a 0 cost basis.
It will be released very soon (maybe even today).

Released
You can now use the "Filter menu" to set a cost basis of 0 to all minings (and other transaction types).

Can you please explain this a little more? Either its not working correctly or I am doing it all wrong. When i go back to edit mining entries and I change the asset balance to 0 it goes back and pulls the historical value.

I'm a little new to the platform and have all my entries uploading via API. What or where is the "filter menu" for this update?

Thank you!

[Ale88]

About the fee field, is not possibile to put a % instead of a fiat value? Because I tried but looks like it doesn't accepts the % symbol, only number, so that means I should calculate myself every single fee, no?

Hey, no currently only values are accepted (but it does not have to be fiat).
I will put that on my to do list.

Best
Dario

Thanks a lot Dario, I appreciate that! 

Another thing: do you think in the future will be possibile to create multiple portfolios on the same profile? Because, for example, I convinced my sister to invest a few euros in cryptocurrencies instead buying another expensive bag, but of course she has no clue how to set up her profile on CoinTracking etc, and I don't want to mix her currencies with mine because would bring confusion of course 

[Bermuda666]

Can you please explain this a little more? Either its not working correctly or I am doing it all wrong. When i go back to edit mining entries and I change the asset balance to 0 it goes back and pulls the historical value.

I'm a little new to the platform and have all my entries uploading via API. What or where is the "filter menu" for this update?

Thank you!

Hey @Bi0ha2ard187,

please go to the "Un/Realized Gains" page and have a look at the settings in the second row.

The last dropdown setting is the "Filter". If you open it, you are able to in/exclude data for the calculation, by checking and unchecking entries.
Also you are able to set transaction types to "half checked", if you do so, the cost basis for this type is set to zero.
You just need to do this for the type "Mining". This should solve your problem. Please give it a try.

Best regards,
Keven

[Bermuda666]

Thanks a lot Dario, I appreciate that!  

Another thing: do you think in the future will be possibile to create multiple portfolios on the same profile? Because, for example, I convinced my sister to invest a few euros in cryptocurrencies instead buying another expensive bag, but of course she has no clue how to set up her profile on CoinTracking etc, and I don't want to mix her currencies with mine because would bring confusion of course  

Hi @Ale88,

It is already possible to manage multiple portfolios by linking accounts together.
You can link them together with a Key and switch between them with just one click from your Dashboard.
All of them will be upgraded to your current membership status.

More information can be found in the Settings under 'Join multiple accounts'.

I guess this is exactly what you are searching for.

I hope it helps.

Best regards,
Keven

[Ale88]

Thanks Keven, I'm gonna check it out! 

[pescadorloco69]

I have been trying to account for my trades on a spreadsheet and it has been a right headache.

I just discovered coin tracker and created an account and imported some sample data and I have had a play and it seems that cointracker is going to make my life a  lot easier to establish my profits and loss for taxation.

I am based in the UK and the tax year is 6th April  to 5th April following year.

When I tried the specific date range for the report it defaulted to the January to Dec year?

Are there any plans for this to be fixed or did I do something wrong?

Really keen to pay for pro version and import my full trade data from polo and trex but would need this fixed for it to be usable for my purpose.

 

[Dario3000]

Hey pescadorloco69,

There's a [custom date range] link below the year drop down field.
You can set a custom start and end date there.
- Ensure you have checked the "Check to use the custom period" checkbox
- And use this date format "dd.mm.yyyy"

Using this setting, only sales within your custom time period will be calculated.

It will still use purchases before the start date to calculate your gains, but that's what you usually want to do.
If not, please disable this checkbox "Consider all previous trades in report".

Best
Dario

[afterfiat]

There's a [custom date range] link below the year drop down field.
You can set a custom start and end date there.
- Ensure you have checked the "Check to use the custom period" checkbox
- And use this date format "dd.mm.yyyy"

Using this setting, only sales within your custom time period will be calculated.

I'm not as far along as pescadorloco69 apparently, but it's on my list when I get closer...

When specifying the date ranges are they in UTC?  If so, is there a way to specify a timezone when specifying the ranges?  For example, a trade "after midnight" of the tax year (in local time) in question but "before midnight" in crypto (UTC) should not be included in that tax year.  At least that's what I would expect.

[pescadorloco69]

Hey pescadorloco69,

There's a [custom date range] link below the year drop down field.
You can set a custom start and end date there.
- Ensure you have checked the "Check to use the custom period" checkbox
- And use this date format "dd.mm.yyyy"

Using this setting, only sales within your custom time period will be calculated.

It will still use purchases before the start date to calculate your gains, but that's what you usually want to do.
If not, please disable this checkbox "Consider all previous trades in report".

Best
Dario

Got it thank you.

How would I deal with a coin swap say 100,00 Silk got Swapped to 100,000 Seq?

Would I enter a sale of silk and a buy of seq at the same price/day of swap?

Although i did not actually sell at which point and would make a gain but I did not get a gain at that time?

Many thanks

[Ale88]

Hi guys,

will you add Bytom (BTM)? Thanks!