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Author Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies  (Read 88839 times)
Dario3000
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December 02, 2017, 11:40:35 PM
 #801

Hey,

@Arkaen: Yes, you're right. Sorry for that.
Quadriga was switched for FIAT sales.
I have fixed it and the decimal issue as well.
Thanks for your note.

@Its About Sharing:
ICOs will usually not have an automatically set cost basis since they are not traded on any exchange at the time of the ICO.
You will need to set them manually on the Enter Coins page (Edit -> Edit Asset value).
There is a detailed FAQ description called "My coin price/value does not seem correct" or something like that Smiley

@Kronny:
Sorry, we received a message from Bittrex that they are working on this issue, but I guess it will take them some time.

@sgjenks01:
You should be able to find the error in the Tax Report by clicking on the "show warnings" button.
And you can also find it in the "detailed calculation report" which is quite good to find the exact transaction.
If you have any issues fining the missing transaction, please send us a short support ticket and we will find it for you Smiley

Mined coins will be listed:
1) in the Mining report with the value at the time of the transaction (you will need to pay tax on that) and
2) in the Capital Gains Report in case some parts of your mined coins were sold (you will need to pay tax on that as well, but only on the gain which is the [sell price - the price at transaction])


You are all right. Currently the 30 days mini-chart is only for USD.
It's already on our to do list and we will try to add it soon.

Since we currently receive more than 100 support tickets a day, I apologize for any delays.

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.
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sgjenks01
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December 03, 2017, 06:32:58 AM
 #802

@Dario @ Keven,
Okay, I got all the tax report errors to go away. Now I have a new question. The Capital Gains/Losses page shows that all the trades were short, when in fact they were all long. The profits seem correct. Why are they showing as Short trades?

Steve
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December 03, 2017, 07:33:37 PM
 #803

Hello,

New Pro user here.  This subject was kind of touched upon in earlier posts, but I didn't find an answer so please bear with me:

As we know, a common situation is moving crypto from one place to another... a non-taxable Withdrawal and non-taxable Deposit (not a taxable Trade and not a taxable Spend). 

Also common is that a fee for that service is also incurred upon Withdrawal (say from an exchange when moving a crypto balance to a wallet).  The send amount is gross in CT, the fee amount is noted properly in CT, and the subsequent Deposit amount is less (net) in CT.  All that is correct.

But unlike the effective inclusion of fees in CT taxable events of Trade and Spend, I have yet to see how that service fee "spending" is to be carried over to the tax reporting side of CT.  I see the incurred capital gains reporting (for Trades and Spends).  I see the income reporting (mining and general income).  On the expense side, I see areas for inclusion of certain other costs.

Seems like when I incur a fee to simply move crypto from exchange to wallet, I am purchasing a service at that moment and so performing a taxable Spend at that moment for just that fee amount.  Subject to the FIFO (or other) taxable sale treatment as any other Spend.  Small as it is.  The movement of the net crypto amount (after that service fee) is certainly a non-taxable event.  But I have not figured out if CT has an automated mechanism for me to include the movement fee "Spend" as a taxable event in the tax reports... or if I am just not understanding something about this. 

After gain/loss tax treatment (if I'm right that is), seems it is ALSO then a tax expense deduction?  Being a cost to move the crypto around?

Thanks in advance for your thoughts!
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December 04, 2017, 02:05:50 AM
 #804

Hi Guys,

Anyone have this problem?
My main currency in Cointracking is USD. However, I make both EUR and USD deposits (from a US and a German bank account) in my Kraken account and then I buy BTC (and others) with these deposited funds. For those BTC trades I make from my EUR deposits, the tax form generator spits out an error message and states that no cost basis is present and calculates a 100% gain in USD with a USD 0.00 cost basis. I can not pinpoint where the problem lies as the EUR deposit and trades appear to be correctly imported.

Is there a remedy to this problem?

Thanks.
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December 04, 2017, 11:06:24 AM
 #805

Seems like when I incur a fee to simply move crypto from exchange to wallet, I am purchasing a service at that moment and so performing a taxable Spend at that moment for just that fee amount.

It doesn't look like a gain, more like a loss.

Does anybody know more?
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December 04, 2017, 11:19:34 AM
 #806

My main currency in Cointracking is USD. However, I make both EUR and USD deposits (from a US and a German bank account) in my Kraken account and then I buy BTC (and others) with these deposited funds. For those BTC trades I make from my EUR deposits, the tax form generator spits out an error message and states that no cost basis is present and calculates a 100% gain in USD with a USD 0.00 cost basis. I can not pinpoint where the problem lies as the EUR deposit and trades appear to be correctly imported.

If I'm not mistaken, if your home currency is set to USD then CoinTracking treats euros and all other currencies similar to other investments. Therefore it wants to know when and for how many dollars you bought those euros.

In short, it isn't enough to just transfer euros to an exchange, you have to buy them first and let CoinTracking know that.

If you bought the euros on the same day or if the exchange swapped dollars for euros, you could perhaps, instead of entering them as a "General Deposit (Transfer)"/"Allgemeine Einzahlung (Transfer)", simply declare the euros as "Income"/"Einnahme" to CoinTracking. I believe that CoinTracking then assumes that you bought the euros at that moment for the going euro exchange rate and even inserts that exchange rate automatically.

CoinTracking not only tracks cryptocoin gains and losses, it also tracks currency gains and losses and includes them in your tax calculations.

Note that you have to set your home currency to the one you are taxed in. For example, if you are a German resident then you have to set your home currency to EUR, and all I have written above has to be reversed between EUR and USD.

I don't work for CoinTracking and may be wrong. Don't rely on my hint alone.
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December 04, 2017, 03:01:25 PM
 #807

Seems like when I incur a fee to simply move crypto from exchange to wallet, I am purchasing a service at that moment and so performing a taxable Spend at that moment for just that fee amount.

It doesn't look like a gain, more like a loss.

Does anybody know more?


I should have explained better... by "a taxable Spend" I mean "a tax-impactable spending event CT refers to as a Spend type".   

A service fee is purchased (incurred) with crypto simply to move the larger crypto balance.  Seems to me like the fee part is a tax-impactable event...  a Spend in this case, so FIFO (or other method) capital gain/loss calculation takes place and that result goes to one's capital gain/loss tax reporting.

But then also... what was the Spend (or any Spend) used for?  That is, was it a tax deductable purpose or not?  If I buy a cup of coffee... no (unless it's a business entertainment expense!).  But in this situation, if I am buying a service (=incurring a fee) to move my crypto from the exchange to my preferred secure wallet... I'd say yes, the fee is also a deductible expense.  That fee expense reduces one's current taxable income and would appear as a deduction on tax reporting.

If this seems to end up being correct, I understand it isn't likely a huge priority.  CT is a great help to me... Thank You!  In an ideal world, I suppose one way to take care of this is to have the Withdrawal type address this common fee situation.  It would treat the fee portion only in the same manner as a "Spend".  It would also carry the fee value over to a tax expense report (maybe "Tax Deductible Fee Report"?). 

Or perhaps create another Withdrawal type that works like this so people are not suddenly impacted by this when they don't want to be until they choose to be.
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December 04, 2017, 04:28:12 PM
 #808

Thank you for a superb service. I really love the overview CoinTracking is giving me.

A minor issue I have is:

- I have QTUM in my portfolio. When I use the Binance trade history file import, this is read as QTU, which is not taken into all calculations, and thus is not contributing to the value of my portfolio. When I manually change from QTU --> QTUM it works as intended.
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December 04, 2017, 05:43:00 PM
 #809

Hi
I have looked for service like your for a long time
really happy to find you
I think there is a problem in bitfinex API import
it imports only a few of the trades I think only the deposit and after 5-6 tries
I have tried to change API keys I have tried to do it manually etc every time it import 1-2 orders out of 5-10
and the big problem is after when you import CSV it gives you a warning that asks you to delete all the trades in order for the API import to work and it still don't work Sad 
username is sirobvo@gmail.com
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December 05, 2017, 02:32:08 PM
 #810

Hello Dario and the great Cointracking team!

Can I ask if the update to add the Average Cost (AVCO) method of calculating capital gains to the Cointacking site is still on schedule to be available this month and maybe whether you can give an idea of roughly when?

Thanks for a brilliant service in the Cointracking site.

  

Fun & Friendly p2pool Mining at TreasureQuarry.  Litecoin http://litecoin.treasurequarry.com:9327 Dash p2pool  http://dash.treasurequarry.com:7903
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December 06, 2017, 11:13:47 AM
 #811

Hi
I have looked for service like your for a long time
really happy to find you
I think there is a problem in bitfinex API import
it imports only a few of the trades I think only the deposit and after 5-6 tries
I have tried to change API keys I have tried to do it manually etc every time it import 1-2 orders out of 5-10
and the big problem is after when you import CSV it gives you a warning that asks you to delete all the trades in order for the API import to work and it still don't work Sad 
username is sirobvo@gmail.com

I'm having this same problem. New trades are not being imported, even after a forced reload on the Jobs area.

Is this a problem with Cointracking or BitFinex API?

Best,
cptvk
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December 07, 2017, 04:35:48 PM
 #812

Just wanted to say thanks for CoinTracking.  I've gotten my modest portfolio entered, and it's amazing.  Well done guys.
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December 08, 2017, 12:25:04 AM
 #813

@TreasureSeeker:
An average gain method calculation is already in progress and will be released soon.

Came here to ask for this. In Sweden we use Average Cost.. fingers crossed it'll be ready by the end of this year! Great service and site in every other way. Just bought an Unlimited membership.

Yes it will definitely be ready in November this year Smiley

Best,
Dario

Still nothing? November came and went already. "Definitely" is a very strong statement.. don't over promise, over deliver. Bad marketing practice to say that something is 100 % out by a certain time and then not follow through.
hgmichna
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December 08, 2017, 10:28:22 AM
 #814

English:

A little question about the "CSP-Mode" button:

Is it only about performance or can the wrong choice cause errors?


Deutsch:

Kleine Frage zum Button "CSP-Modus":

Geht es dabei nur um die Performance oder können auch Fehler auftreten, wenn man den falschen Modus verwendet?
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December 08, 2017, 03:02:07 PM
 #815

Hi,
Apologies if this has been asked, but what is the best practice for handling Poloniex margin trades?

When i import margin trades it counts the initiation of my long as a btc sell (of which i don't have).

is it recommended to have multiple accounts where you separate out margin and spot trades?

Secondly, when i sell on Polo and transfer to coinbase to sell for fiat, it can't seem to find a basis for my sell.

Thanks for any help in advance...
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December 09, 2017, 04:31:50 AM
 #816

Cointracking questions:

1. How do you combine multiple transactions?  I'm using the automatic API from Poloniex and trying to group all my Poloniex lending transactions together since there's thousands of tiny trades.

2. How do you import transactions from a Ledger Blue?  I went to "receive" on my ledger and copied the bitcoin address there then plugged that in to my wallet import and created a new job.  However, it's not syncing any data.

3. How do I prevent overlap if I have multiple wallets and have moved the same coin between each wallet in the past?  For instance, I have a BTC balance on ledger and a BTC balance on poloniex.  And want to prevent them both appearing like I have earned twice the coin, when in fact it's the same coin.  Or does cointracking.info do this automatically for me?

4. How do I enter BCH transactions and trades?  I can't seem to find the option.
leetrongway
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December 09, 2017, 01:29:49 PM
 #817

Can you please extend the csv and xls import template by a column, so that a row can be skipped?

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December 09, 2017, 06:47:41 PM
 #818

Anyone know how to remove currencies? (non-coin):

I imported all transactions from all exchanges I used and all currencies show correctly. But EUR is listed with a 70% loss for some reason (I used EUR to buy all coins). This ruins the "sum/profit", so I want it gone. When I see the manual entries, I can't find any entry for EUR to delete. Anyone know what to do?
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December 10, 2017, 06:36:21 PM
 #819

Hi,
New to CoinTracking and seeing how it works.
I purchase and transfer BTC from one exchange (withdrawal) to another (deposit) and the "Cost Basis" ends up ZERO on the target exchange.

Example
- Inject $1000 USD with a deposit from my Chase Bank into Abra
- Trade $1000 USD into BTC in Abra (no fee)
- Withdraw all this BTC from Abra (fee)
- ... and deposit BTC into Bittrex
- Use 20% of this BTC in Bittrex to trade for another coin (e.g. SALT)

When I look at the Tax Report, it shows Capital Gains with zero cost basis - I assume for the Bittrex transaction when I sell the transferred BTC to purchase SALT.

1) What do I need to do in CoinTracking to correct the Cost Basis tax report?

2) How does CoinTracking handle multiple BTC purchases - where the basis is different for different amounts? I assume this would use FIFO, but is there anything I need to do to make that work?

Thanks!
Bob Bogardus
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December 11, 2017, 07:57:14 AM
 #820

Hi to the Cointracking team,

This looks like it could be an awesome tool although I'm having issues that unfortunately make it useless at the moment.

I use two exchanges, both of which are supported for importing of trades (yay!)   bx.in.th and bittrex.

I have imported my transactions from both exchanges, with apparently no issues.

However, the resulting balances are completely wrong.

It is showing that I have 0.97 BTC, when I actually have 0.03

It is showing that I have -3013 Burst, when I actually have zero

It is showing that I have -1.73 ETH when I actually have zero

It is showing that I have 0 REP, when I actually have 1.14  (this is maybe because the REP is in Jaxx Wallet)


Can someone please explain why the data is so completely out of whack and what I can do to fix it.

Thanks!
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