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Author Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies  (Read 93351 times)
afterfiat
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August 08, 2017, 08:59:52 PM
 #561

@afterfiat:
So you're saying, that after importing 2680 transactions, your balance is off by $0.00000414?
Well... could be worse, right? Cheesy

I guess it's due to rounding errors of the 8th decimal place.
@Dario3000
It definitely wasn't a catastrophe. Smiley

But I found it odd that any rounding was required at all.  It was a LTC chain import so I expect it to just be a data transfer (LTC -> LTC) with no math/rounding involved.  US$ (or any other currency) shouldn't be involved in the import, right?  As such, I figured it's a bug in the importer rather than a rounding issue.  Perhaps I'm misunderstanding how the importer works though.
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1548120589
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Dario3000
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August 08, 2017, 09:43:38 PM
 #562

You're absolutely right.
There should be no rounding as all LTC chain values have 8 decimals.
We're using chainz.cryptoid.info/ltc/ for LTC imports.
I would guess, that the 1 satoshi difference is coming from there (what's 1 satoshi in LTC by the way? 1 charles? Wink )

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.
Need help? CoinTracking FAQ
afterfiat
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August 09, 2017, 12:50:41 AM
 #563

what's 1 satoshi in LTC by the way? 1 charles? Wink
https://www.reddit.com/r/litecoin/comments/43epab/smallest_value/
Dario3000
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August 09, 2017, 01:08:28 AM
 #564

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

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.
Need help? CoinTracking FAQ
Bermuda666
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August 09, 2017, 03:19:30 AM
 #565

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. Smiley

You are welcome.

Wish you successful trading and investing.

Best regards,
Keven

CoinTracking.info - Your personal Profit / Loss Portfolio Monitor and Tax Tool for all Digital Coins
- Now over 20% Discount on our Lifetime plans (Limited Time)
- 5% Discount when paying in Bitcoin, plus an additional 10% Discount on all plans by using this link: bit.ly/rebate-ct
Bermuda666
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August 09, 2017, 03:22:23 AM
 #566

Okay Keven, Thanks!

@sgjenks01

You are welcome. Smiley

Have a great week.

Best regards,
Keven

CoinTracking.info - Your personal Profit / Loss Portfolio Monitor and Tax Tool for all Digital Coins
- Now over 20% Discount on our Lifetime plans (Limited Time)
- 5% Discount when paying in Bitcoin, plus an additional 10% Discount on all plans by using this link: bit.ly/rebate-ct
ALargeOrangeCat
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August 09, 2017, 09:56:12 PM
 #567

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
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August 10, 2017, 06:47:31 PM
 #568

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
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August 10, 2017, 06:58:55 PM
 #569

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

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.
Need help? CoinTracking FAQ
Dario3000
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August 10, 2017, 11:21:52 PM
 #570

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


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.
Need help? CoinTracking FAQ
Ale88
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August 11, 2017, 03:10:57 AM
 #571

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
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August 11, 2017, 07:36:23 AM
 #572

Pretty impressive service, may be useful for business purposes.
Can you contact me? By private message
Dario3000
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August 11, 2017, 08:53:59 AM
 #573

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

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.
Need help? CoinTracking FAQ
Bi0ha2ard187
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August 12, 2017, 04:16:05 PM
 #574

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 Smiley
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
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August 12, 2017, 06:05:14 PM
 #575

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!  Wink

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  Smiley
Bermuda666
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August 13, 2017, 03:17:08 AM
 #576


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


CoinTracking.info - Your personal Profit / Loss Portfolio Monitor and Tax Tool for all Digital Coins
- Now over 20% Discount on our Lifetime plans (Limited Time)
- 5% Discount when paying in Bitcoin, plus an additional 10% Discount on all plans by using this link: bit.ly/rebate-ct
Bermuda666
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August 13, 2017, 03:23:49 AM
 #577

Thanks a lot Dario, I appreciate that!  Wink

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  Smiley

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

CoinTracking.info - Your personal Profit / Loss Portfolio Monitor and Tax Tool for all Digital Coins
- Now over 20% Discount on our Lifetime plans (Limited Time)
- 5% Discount when paying in Bitcoin, plus an additional 10% Discount on all plans by using this link: bit.ly/rebate-ct
Ale88
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August 13, 2017, 03:40:17 AM
 #578

Thanks Keven, I'm gonna check it out!  Wink
pescadorloco69
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August 14, 2017, 03:30:43 PM
 #579

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
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August 14, 2017, 03:42:16 PM
 #580

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 Smiley
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.
Need help? CoinTracking FAQ
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