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Author Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies  (Read 93510 times)
markdavisxxx
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December 15, 2017, 11:59:08 PM
 #821

Hello, I was wondering what Trade Type (i.e. 1st column) should be used for the CSV Bulk Import when trying to transfer a currency from one place to another?  On the release notes on 7/10/2017, it mentions that there are codes "(IN) Withdrawals (Transfer)" and "(OUT) Deposits (Transfer)", but I couldn't find any variations of these that didn't throw errors ("Error: We couldn't find a buy or a sell value. This trade will not be imported.").

Thanks,
Mark
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Galletera
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December 16, 2017, 06:59:13 AM
 #822

Been about 72 hours since their last post here...was getting worried but looks like they've come back on Twitter at least.
mcfly66
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December 17, 2017, 12:58:16 AM
 #823

Hi guys did anyone from Cointracking manage to confirm this? This is super important for non US residents to try and get the right Balance and Account Value.

Thanks


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.
Surfing_Pirate
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December 17, 2017, 04:32:32 PM
 #824

First time user here. I imported the history of my GDAX and Gemini trades but it's not reflecting an accurate value of my BTC from GDAX. I have nearly 0.5 BTC balance in GDAX but my balance in CT is $4k in BTC, which is missing something.

Do I need to import the GDAX wallet?
danilakripta
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December 17, 2017, 09:20:30 PM
 #825

PLease add ADA
rasman
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December 17, 2017, 09:26:44 PM
 #826

Please let us know when you guys will include adjusted cost basis reporting used in Canada into your tax formula.  Really need it for reporting 2017 trades!!!  Thanks!
alex_cheese
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December 18, 2017, 04:42:47 AM
 #827


Hi.

You're app is great and I went for the Pro version recently. Unfortunately I'm still having to manually add my deposits and withdrawals from LocalBitcoins (as I'm sure you know). However, I noticed that LocalBitcoins allows you to export your transaction history (not just trade history) as a csv. It can be found by on LocalBitcoins.com -> wallet -> transactions -> specific month/year

e.g. https://localbitcoins.com/accounts/wallet_transactions_monthly/2017/10/

Given that you can export this transaction history, is an automated import to CoinTracker possible? It would make my experience much more positive.

Cheers
mcfly66
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December 18, 2017, 09:58:15 PM
 #828

Is it possible to see the profit/loss on a single isolated trade? i.e. not averaged out across a whole coin?

Thanks
shaf81
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December 19, 2017, 05:17:56 AM
 #829


It was only recently I started to use CT and I love it.

I've been trading on Bittrex for a while now (before I got CT) and my trades have been a mess. I would like to start fresh and keep track of everything on CT.

I can't figure out a way to delete all my trade history from bittrex. I doubt if they allow it at all. So the only other alternative would be to open a fresh Bittrex account.

But it would be rather easier if CT allows to import only trades after a specific date and ignore everything before that, so its as good as dealing with a fresh bittrex account. I plan to import via bittrex api. Anyone knows if this would be possible?

I cannot think of any other solution that would fulfil my use case.
mylo123
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December 19, 2017, 05:56:34 AM
 #830

is anyone having issues with the bitfenix API , it dosnt seem to import all the trades , the only way I can get the correct info is to delete all the data and do a manual import
leetrongway
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December 19, 2017, 08:08:45 AM
 #831

Is there any way to change colours on the coin diagram 'Value each Currency in EUR.'
There are too many kinds of blue on 1 circle diagram right now and that makes it a little messy when there are numerous coins on 1 diagram.
Can we customize the colors?
jonathan3306
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December 19, 2017, 08:09:14 AM
 #832

This looks like a really cool project, I usually avoid this type of thing because of privacy concerns, well that and coin security. What kind of personal info is shared and with whom using this service? Thanks
Sleddriver1
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December 20, 2017, 02:47:31 AM
Last edit: December 20, 2017, 03:48:59 PM by Sleddriver1
 #833

Can a US resident tell me whether the IRS allows the use of "Best Prices" or "Counterpart Prices" when calculating gain/loss, or must "Transaction Prices" be used?

I believe you should be able to use Counterpart Prices, as it seems Transaction Prices ignore fees, etc.

Thanks!
realrover
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December 20, 2017, 06:30:05 AM
 #834

Please clarify how account information (trades and gains) is protected from viewing by any parties other than an account holder. Do you use encryption for data storage? Is it client- or server-based? How strong is it? Under what circumstances could it be retrieved by not a holder? I'm asking because this is very sensitive info which being obtained by a third party observer could cost a lot for the holder. You have an awesome product, I'd pay for it, but I need to get security clarifications first. Thanks.
oceansawai
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December 20, 2017, 07:16:22 AM
 #835

Please could you add support for WAB (Wabi). I tried to import transactions from Binance but CoinTrackingInfo didn't take it.

Thanks!!
Fabriz
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December 20, 2017, 10:05:31 AM
 #836

Do you suggest tu use withdraw and deposit or put inside only the trade? Using only the trade it’s more simple
Sprucemoose78
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December 20, 2017, 09:14:36 PM
Last edit: December 20, 2017, 09:29:54 PM by Sprucemoose78
 #837

I'm trying to make sense of my trading gains and mining revenue using CoinTracking. But I can't figure out the 'mining cost basis'. As I understand, the cost basis of mining can be set to either:

1) The value of the coins at the time it was mined or...
2) Zero.

As I understand my country's tax rules (Norway), the base cost of mined cryptocurrency should be equal to the cost of producing that currency (like commodities: labor, raw materials, power etc.). For a mining rig, this would be the electricity cost consumed and (maybe) a part of the cost of the hardware itself.

Now, I can't find a way of specifying a custom base cost of mined coins.

If I understand the tax rules correctly, I could just divide the the cost of electricity consumed by my rig in 2017 with the number of coins mined in 2017. This would then be the 'mining cost basis' per unit of currency. Is there a way of telling CT to use a custom value besides just zero?
Fame360
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December 21, 2017, 08:13:37 AM
 #838

Hi Dario,

I'm trying to sync up my Ledger Nano S Ripple Wallet but your Alt Coin wallet list doesn't have XRP on it.

Could you add that?
Evanston45
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December 21, 2017, 07:28:27 PM
 #839

Totally confused....Just paid $300 for 2 year plan, uploaded all API's and can't get a accurate picture of my account. Am I supposed to put in my Wallet info too? For example, I have 5000 ripple and 4000 ARDR on a wallet which I transferred to after purchasing on Bittrex. The value in Cointracking says zero for both but has a incorrect high bitcoin number listed. When I transfered the ripple and ARDR to my hard wallet, does bittrex/cointracking think I cashed it for BTC? Does it no longer count if I've put the coin on my hard wallet? How can I correct it to show my balance?
soothaa
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December 21, 2017, 08:07:22 PM
 #840

Any Christmas sale going on?

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