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

[bitcointracker]

If you're buying other currencies in bitcoin and sell it back to bitcoin do you report it? I would think you only report gains and losses if you sell it back to US dollars.

[sgjenks01]

To BitCoinTtrack newby. I can answer that one. You need to have a record of everything you do, even if it's moving it from one wallet to another. This is because there is a network fee every time you do anything, regardless of whether you are trading coins or not.

I hope that helps.

Stee

[Arkaen]

If you're buying other currencies in bitcoin and sell it back to bitcoin do you report it? I would think you only report gains and losses if you sell it back to US dollars.

May depend where you live. In Canada, and I believe in the US, you have to report the equivalent gains or losses in your fiat currency every time you sell for another cryptocurrency. It's ridiculous to me, as it means many will be forced to liquidate part of their portfolio just to pay taxes. If governments let high performance investors delay the taxes while their portfolio compounds, both the investor and the government would end up with much more money in the long run.

Instead, governments chizzle away at profits each year, dramatically reducing the effect of compound interest. I calculated that if taxes were delayed for 15 years (assuming Canadian tax laws and my expectations for Blockchain sector returns), and the government took a whopping 50% of everything after 15 years, both the investor and the government would end up with 5-15x more capital than if the government took capital gains tax every year.

[thecryptoconsultant]

Hi all,

Interesting point Arkaen, It would be interesting for you Dario to have a section about different current legal obligation tax wise according to the country.

Victor

[Pietpiraat]

Would it be possible to pick all months the first day and show it in a sheet or something,

The first of January, February, March and so on ?

[Dario3000]

Hi all,

Interesting point Arkaen, It would be interesting for you Dario to have a section about different current legal obligation tax wise according to the country.

Victor

There is one on the Tax page, but only for 3 countries.
I will add more details and countries soon.
Thanks.

Would it be possible to pick all months the first day and show it in a sheet or something,

The first of January, February, March and so on ?

That's a good idea.
I have added a "Daily", "Weekly" and "Monthly" filter to the Reporting -> Balance By Day page.

Dario

[Pietpiraat]

Hi all,

Interesting point Arkaen, It would be interesting for you Dario to have a section about different current legal obligation tax wise according to the country.

Victor

There is one on the Tax page, but only for 3 countries.
I will add more details and countries soon.
Thanks.

Would it be possible to pick all months the first day and show it in a sheet or something,

The first of January, February, March and so on ?

That's a good idea.
I have added a "Daily", "Weekly" and "Monthly" filter to the Reporting -> Balance By Day page.

Dario

Much appreciated !

[sgjenks01]

Dario,
I had several failed withdrawal attempts of a coin (BURST) from Bittrex. When I ran the Automatic API Import manually, it picked up all the attempts plus the actual successful attempt.

Is that something you can screen the API Import for?

Also, what is the basis for the time stamp? Is it GMT? Local time for the Exchange? My local time?

Thanks,

Steve

[Dario3000]

Thanks for letting me know.
Canceled withdrawals will now be skipped in the Bittrex API.

Correct, the time is default set to UTC, but you can change it in the settings area.
However I am working on a much better timezone setting.
I hope, I can release it in the next 1-2 weeks.

Dario

[sana123]

I need to upgrade my account and wondering how soon BTC price will change to reflect recent price increase in BTC?

[Bermuda666]

I need to upgrade my account and wondering how soon BTC price will change to reflect recent price increase in BTC?

Hi @sana123,

All our prices are based on a USD amount. They will adjust automatically if the current BTC price is moving.
So your purchase value is always right and always welcome. We are looking forward to have you as our satisfied member.

Kind regards,

Keven

[sgjenks01]

Dario,
I have been rebuilding my data because I created a mess I couldn't untangle. So, I've been redoing the data exchange by exchange. After importing the files from CoinBase, I was using the Daily Balance feature to see where I might have input errors. That worked great, but when I deleted all the CoinBase Transactions (after export), I was starting to work on the Bittrex info the same way. I did an export from Bittrex and imported it just fine, but when I tried to use the Daily Balance I got an error message:

Cointracking.info says: DataTables warning: table id=overview_table - Invalid JSON response. For more information about this error, please see http://datatables.net/tn/1

Other menu items seem to be working okay.

Steve

[Dario3000]

Hey Steve and thanks for letting me know.
That's because you have set it to "Monthly" but there is not enough data to show on a monthly base.
I have switched it back to "Daily" for you and will fix the warning asap.

Thanks a lot
Dario

[dp_]

I have following problems:

1.
Automatic API Wallet Import for BTC
Time is sometimes correct, but sometimes off by 2 or 3 hours. Minutes and seconds look ok.

2.
Automatic API Wallet Import for ETH
TheDAO transactions have been not imported.

3.
Automatic API Wallet Import for BTC, ETH
The fees are not imported.
How can I re-import old wallet transactions from a saved transaction job?

4.
Manually importing the exported Bitstamp transactions
The calculated balance is wrong. Bitstamp exports the value without the fee included. Cointracking wants the value with the fee included, or not?
Automatically imported BTC and ETH transactions have the value with the fee included.

[sgjenks01]

Dario,
I have a strange one. I don't know if it is a problem with the export from Bittrex, a reporting problem on the exchange, or a problem with CoinTracking or all of the above. I have two DASH transactions. On each trade, I purchased DASH and then almost immediately transferred it to my own wallet. In each transaction, the Bittrix account online shows that the net amount transferred out is .002 less than the net purchase, which I presume reflects a network fee, but no fee is reflected in the Transfer out transactions. The transfer in transactions on my wallet match the net send transactions from Bittrex. Since there is no fee reflected in the out transactions, I might think the Dash balance on Bittrex would be .004 DASH. But it's not, the Bittrex balance is zero Dash. Which would be correct if the .004 difference is network fees, despite the fact that transfer fees aren't accounted for anywhere. Now here is the really strange part: The Dash balance shown in CoinTracking is .002 Dash. One would think that it would either be .004 or zero, but NOT .002.

Also, if I edit the Bittrex out transactions to reflect the presumed .002 network fee, it has no impact on the coin balance in CoinTracking, which I guess makes sense.

Any idea what is going on?

Thanks,

Steve

[sgjenks01]

Dario,
I have a related question: It seems like the amount withdrawn from an account (net of Fees) should match the amount deposited in another wallet. If that is correct, it follows that fees associated with a transfer should reduce the balance in the sending account just like the amount transferred out does.  This does not appear to be the case in CoinTracking. To test this, I manually changed the fee for a transfer out from .002 to 40 Dash to see what would happen. The balance for that currency did not change in CoinTracking. What am I missing here?

Thanks,

Steve

[dp_]

https://cointracking.info/short_long.php

Do "Deposits & Withdrawals" reset the calculation or only "Trades"?

[dp_]

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

[dp_]

How do I handle following situation?

An OUT transaction of Bitcoins includes the fee in the value.

Code:

OUT; value: 1,00010000 BTC; fee: 0,00010000 BTC

-> sent 1,00000000 BTC

An OUT transaction of Waves does not include the fee in the value.

Code:

OUT; value: 100.00000000 WAVES; fee: 0,00100000 WAVES

-> sent 100.00000000 WAVES; what happens with the fee of 0,00100000 WAVES?

What, if the fee is not in the currency of the value?

Code:

OUT; value: 1.00000000 BTC; fee: 0,00300000 WAVES

-> sent 1.00000000 BTC; what happens with the fee of 0,00300000 WAVES?

I think, there should also be also a checkbox if the fee is included in the value or not.

In Waves, I have also coins (or tokens?) like Waves Classic, Midgetcoin, Pizza, Quake and so one, that I cannot represent with any available coin from the list. There is also a hard character limit for the currency name and whitespace is not allowed...

[dp_]

Usability: I always need to change the "Show entries" value and the table sorting after a refresh. Why it cannot remember my last selection?