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

[vingaard]

Great work and very good web and android app... but, one question... how can I know which exchange are you using to calculate rates?

[Dario3000]

@Onda_su_onda:
I've put the Telegram group on the to do list and will start it soon.
The API of Livecoin is broken sometimes. They are working on it.
But Liqui should be fine.


@LoopyBullet:
Thanks a lot. I really appreciate it.

1) The tax calculation is exactly as you said.
We do not have a like-kind calculation at this moment (because I don't think it is supported in any country right now), but we will add it until the end of this year.

2) Sure You can of course add trades manually.
Just sign up and have a look at the tool and the descriptions. I think, this will answer a lot of questions.

3) Right. The Exodus import can only import deposits and withdrawals. I will put that on the to do list and will try to add tx asap.

4) We have a duplicate detection for all API and CSV imports.
But this is only working for API and CSV imports. There is no duplicate detection for manually entries.


@Skrodk:
You can just add a withdrawal with the amount which is left of your coin.
This will set the amount to 0.
And the "Hide 0 balances" filter will remove them from your reports.

Yes, an alert feature for Android and iOS is already in progress and will be released in 2 weeks.


@Jack_ofalltrades:
You can set a "Trade Group" for your transactions. This way you will be able to see the distribution on the "Balance by Exchange" page, once you have set the "Group by Trade-Group" option.
You can also create multiple accounts and link them together to track the portfolio for each client.


@vingaard:
We are using weighted average prices for FIAT and coins (like on BitcoinAverage or CoinMarketCap).

Best
Dario

[azza_hound]

Hi there. Great app. Have just paid for Pro and am trying out the API interface. Quick question about adding wallets:

I don't see NEO on the list of coins for wallet imports. It seems odd for such a high profile coin. Am I missing something? If not, does that mean I have to manually enter coins and just use a wallet name instead of an exchange name?

Thanks (searched and couldn't find an answer to this).

[shunyata]

1) I interpret from our IRS tax code that crypto-to-crypto exchanges when TRADING (not simply investing) triggers a taxable event, similar to how stock trading is treated in the US. Ergo, crypto-to-crypto exchanges do not qualify as a 1031 like-kind exchange (which wouldn't be taxed). Is CoinTracking able to account for these individual taxable events when I make trades from crypto-to-crypto? Day/swing traders will inevitably trigger hundreds of taxable events through the year, and I just want to know if this is something that CoinTracking actually tracks where I'd be able to bring the CoinTracking tax report to my tax preparer to lessen a lot of confusion come tax season.

I've been looking into like-kind exchanges because it would save me taxes on the BTC I moved into ALTs this year. So far it looks like like-kind exchanges will not be allowed. AFAIK Bitcoin is currently treated as an asset, like gold, for tax purposes so trading Bitcoin for ETH would be like trading Gold for Silver and that does not fall under a 1031 exchange:

Edit: Won't let me link the page. Google "IRS Revenue Ruling 82-166"

[okkies]

its a good tool. But WAAAAAAAAAAAAAAAAAAAAYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY overpriced, they reallly need to adjust the price to current BTC valua's and cut the price by atleast 50%

[Dario3000]

Hi there. Great app. Have just paid for Pro and am trying out the API interface. Quick question about adding wallets:

I don't see NEO on the list of coins for wallet imports. It seems odd for such a high profile coin. Am I missing something? If not, does that mean I have to manually enter coins and just use a wallet name instead of an exchange name?

Thanks (searched and couldn't find an answer to this).

We are using the multi-blockchain provider cryptoid.info for the Altcoin Wallet Import.
Thus we can only list coins that are listed there.
But I will ask them if they can add NEO to their service. They are usually very fast with adding new coins.

In the meantime, you could also try to export your NEO tx from your wallet and import them using the Excel, CSV or the Custom Import.

Best,
Dario

[smartinuf]

Is there an easy way to find a balance in an exchange at a certain date/time?

Some of my balances are are reading a bit off from where they actually are due to some sloppy manual entries I made in the past and I'm trying to correct them. Being able to do this would do a lot to help track them down. It would be great if individual transactions were linked to exchange balances to show changes at time of trade, perhaps this is possible already somehow but cant seem to find it.

Thanks

[Dario3000]

@smartinuf:
You can use the filter to set a start and an end date on the Balance by Exchange page.
This will show the balance on a certain date.

I would recommend to import all trades first and adjust missing transactions or transfers manually after that if needed.
This is usually much faster.

Best,
Dario

[Propagandalf]

If I upload CSV files to sync from Exodus, will it keep syncing later on, or will I have to upload CSV files regularly?

[Dario3000]

If I upload CSV files to sync from Exodus, will it keep syncing later on, or will I have to upload CSV files regularly?

Hey Propagandalf,

A CSV file is just a text document with the transactions at the time of the download.
It can not sync automatically and you will have to import new files once there are new transactions in your wallet.

But you can try the BTC Wallet Import, which can automatically import all your transactions from a Coin address.

Best,
Dario

[Skrodk]

Hey and thanks for the help last time.

I was wondering if it's possible to have 2 portofolios on one account, one for long term holds and one for trading for example?

Thank you!

[Dario3000]

Hey and thanks for the help last time.

I was wondering if it's possible to have 2 portofolios on one account, one for long term holds and one for trading for example?

Thank you!

Yes, it is
You can create a second account and join both of them. (Account -> Settings -> Join multiple accounts)
This way you will be able to switch your accounts with just one click.

Best
Dario

[andy_pelevin]

Hello!
I participated in the AIRDROP Ethereum Trust Fund ( https://bitcointalk.org/index.php?topic=2267024.0 ) and I was showered with 20,000.00 ETRUST
CoinTracking says that these coins are worth $58000.00 !!!
I made an application on my birthday, but I do not believe in such generosity. I could not find the true value of these coins.
If you tell me, there is no mistake in this, I will buy you a full subscription for 100 years.
This is not urgent, only if you have time.
Thank you! CoinTracking is good service.

[happy9z]

 I just create an account with cointracking.info. I already input csv from bittrex. For paying tax, I go to Reporting—>Realized and Unrealized Gains. This shows me 2 sections :

1) Unrealized Gain/Loss
2) Realized Gain/Loss

So for the tax purpose, I need to pay the tax for the amount on Realized Gain/Loss in this section. Am I correct?

[Propagandalf]

If I upload CSV files to sync from Exodus, will it keep syncing later on, or will I have to upload CSV files regularly?

Hey Propagandalf,

A CSV file is just a text document with the transactions at the time of the download.
It can not sync automatically and you will have to import new files once there are new transactions in your wallet.

But you can try the BTC Wallet Import, which can automatically import all your transactions from a Coin address.

Best,
Dario

Thanks for the reply.

Is there a limit to how many portfolios we can create and join to the same (unlimited) account?

Do you have, or will you add support for assets hosted on the Bitshares platform?

[Crypto Boys]

Dear CoinTracking,

Our balances are totally off and we imported the right files. We have a paid account, could you help us or have an email where we contact us?
In our wallet you dont even see out bitcoin and other currencies are double.

Kind Regards

[Dario3000]

Hello,

Hello!
I participated in the AIRDROP Ethereum Trust Fund ( https://bitcointalk.org/index.php?topic=2267024.0 ) and I was showered with 20,000.00 ETRUST
CoinTracking says that these coins are worth $58000.00 !!!
I made an application on my birthday, but I do not believe in such generosity. I could not find the true value of these coins.
If you tell me, there is no mistake in this, I will buy you a full subscription for 100 years.
This is not urgent, only if you have time.
Thank you! CoinTracking is good service.

Right now, ETRUST is only listed on Yobit with $2.59 per asset.
The value seems correct, but I'm not sure if you can already sell your ETRUST on Yobit.
I'm pretty sure the price will change once it will be listed on other exchanges.
Maybe I'm wrong, but I guess it will be less at the end

I just create an account with cointracking.info. I already input csv from bittrex. For paying tax, I go to Reporting—>Realized and Unrealized Gains. This shows me 2 sections :

1) Unrealized Gain/Loss
2) Realized Gain/Loss

So for the tax purpose, I need to pay the tax for the amount on Realized Gain/Loss in this section. Am I correct?

You can start the Tax-Report to see all details.
But yes, you are right. You will have to pay taxes on the realized gain.
Unrealized gain is not taxable and will become realized gain once you sell your assets.

Thanks for the reply.

Is there a limit to how many portfolios we can create and join to the same (unlimited) account?

Do you have, or will you add support for assets hosted on the Bitshares platform?

You can link up to 10 accounts.
If you need more, let us know please.

Right now we support 20 Bitshare assets on CoinTracking (like OBITS, bitCNY, Bitland, OracleChain and so on).
More assets will be added soon.

Dear CoinTracking,

Our balances are totally off and we imported the right files. We have a paid account, could you help us or have an email where we contact us?
In our wallet you dont even see out bitcoin and other currencies are double.

Kind Regards

Sure, I guess some transactions are missing.
Please send us a support ticket and we will help you asap. (Support -> Contact & FAQ)

Best,
Dario

[happy9z]

Dear Cointracking,

I imported from Bittrex and it shows all my trades. Does cointracking support Bitcoin Cash?  I traded BTC/BCH on Bittrex, but I dont see any amount under Realized Gain/Loss ? Are Trading Fees included in Realized Gain/Loss ?

If trading fees are not included, so the taxable amount = Realized Gain/Loss - trading fees. Am I correct?

Thanks,
 

[Dario3000]

Dear Cointracking,

I imported from Bittrex and it shows all my trades. Does cointracking support Bitcoin Cash?  I traded BTC/BCH on Bittrex, but I dont see any amount under Realized Gain/Loss ? Are Trading Fees included in Realized Gain/Loss ?

If trading fees are not included, so the taxable amount = Realized Gain/Loss - trading fees. Am I correct?

Thanks,

CoinTracking supports Bitcoin Cash, but most exchanges do not list the amount you have received on the day of the split. You will need to add this single transaction manually.
All values on CT are including the fee, that's why it's also included in the realized gain.

[Daled12]

Hi Dario,

I am having an issue recording a purchase of an ICO token on the tax report, but it does not involve the price of the ICO token, it is a problem with the ETH I used to purchase the token.

1.  On July 3, I purchased some ETH on bittrex.  It is recorded properly, and the cost recorded in the tax report is correct, about $300 per ETH.

2. And then, also on July 3, I recorded a withdrawal from my wallet and a deposit to the tezos ICO.  I named the destination exchange the tezos ICO.

3.  Also on July 3, then I recorded a trade, buying the tezos with ETH.  The exchange is called the tezos ICO.

The problem is, on the tax report, I am using LIFO, I see a sale price of my ETH as more than double than my purchase price.  It is calculating that my sale price for ETH is about $600, which is obviously incorrect.  ETH did not go from 300 to 600 on July 3rd.

I am not sure if I am recording this transaction correctly, or is there an error in your pricing database?

Thanks for your response.

EDIT: This was using transaction prices, when I use best prices, I get a normal result.   So now my question is, how can there be such a difference between 2 pricing methods?