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

[undersun1]

I think you are right - I changed each GDAX deposit to "[In] Income" and the warnings are now GONE.  Now I just need to figure out how to reconcile this mess with the 1099K I received from GDAX.  I know I have to to fill  out Form 8949 (Sales and Other Dispositions of Capital Assets) with the information provided by cointracking.info, and that will go on my Schedule D.  But where do I reconcile the 1099K?  Will that go on a Schedule C?

Assuming it's income, yes.

Those 30 payments were people paying me for a service that I offer - so would those payment be considered income?  The rest the $3 million (listed on the 1099k) is just my personal trading.  No one knew GDAX was going to be sending out 1099K's until the very end of 2017 (and by then, I had racked up thousands of trades).

[geekcryptogal]

I think you are right - I changed each GDAX deposit to "[In] Income" and the warnings are now GONE.  Now I just need to figure out how to reconcile this mess with the 1099K I received from GDAX.  I know I have to to fill  out Form 8949 (Sales and Other Dispositions of Capital Assets) with the information provided by cointracking.info, and that will go on my Schedule D.  But where do I reconcile the 1099K?  Will that go on a Schedule C?

Assuming it's income, yes.

Those 30 payments were people paying me for a service that I offer - so would those payment be considered income?  The rest the $3 million (listed on the 1099k) is just my personal trading.  No one knew GDAX was going to be sending out 1099K's until the very end of 2017 (and by then, I had racked up thousands of trades).

Is the $3 million just the volume of the trades or your gains?  Like I traded for past month with like $200 and already racked up like over $10k in volume.  with just $200.. I am worried about this.  Tempted to just give up.  Don't know what I am getting myself into goofing around with $200.  Every bet someone plays at poker table isn't a taxable event.  I feel like I am just playing cards.. small money.. long hours.. lotta volume.. no profits relaly.

[undersun1]

I think you are right - I changed each GDAX deposit to "[In] Income" and the warnings are now GONE.  Now I just need to figure out how to reconcile this mess with the 1099K I received from GDAX.  I know I have to to fill  out Form 8949 (Sales and Other Dispositions of Capital Assets) with the information provided by cointracking.info, and that will go on my Schedule D.  But where do I reconcile the 1099K?  Will that go on a Schedule C?

Assuming it's income, yes.

Those 30 payments were people paying me for a service that I offer - so would those payment be considered income?  The rest the $3 million (listed on the 1099k) is just my personal trading.  No one knew GDAX was going to be sending out 1099K's until the very end of 2017 (and by then, I had racked up thousands of trades).

Is the $3 million just the volume of the trades or your gains?  Like I traded for past month with like $200 and already racked up like over $10k in volume.  with just $200.. I am worried about this.  Tempted to just give up.  Don't know what I am getting myself into goofing around with $200.  Every bet someone plays at poker table isn't a taxable event.  I feel like I am just playing cards.. small money.. long hours.. lotta volume.. no profits relaly.

Yup, just trading in and out with about $30k.  I guess the Form 8949 and Schedule D takes care of the 1099K I got from GDAX??!!  Still trying to figure that out.  What I have learned:

1. A multitude of trades can lead to accounting headaches (for example, TurboTax Home and Business can handle a maximum of 3000 transactions AND you have to pay for the top price for cointracking to keep track of of all those transactions).
2. Long term capital gains are preferable to short term capital gains (they are taxed differently).  Although in crypto, it is sometimes hard to hold something for more than 365 days.  Lol

[geekcryptogal]

I'd pay top price for cointracking.info, IF I think it actually worked right.  Thing is it has ALL the balances correctly.  But it says I owe $115 in cap gains after daytrading for 2 days and only actually getting around $40.

Now they want money for me to try it out further because I am over 200 trades, and I am not about to spend a dime on something i am not convinced is working properly.  And they still hvaen't answered my support ticket about this.

I am going to have to manually calculate over 200 trades myself to and figure out how they figure I owe much more money than I got.

[infojunkiePHD]

Those 30 payments were people paying me for a service that I offer - so would those payment be considered income?  The rest the $3 million (listed on the 1099k) is just my personal trading.  No one knew GDAX was going to be sending out 1099K's until the very end of 2017 (and by then, I had racked up thousands of trades).

Obviously if people are paying you for a service or product, it's income.   

I'd pay top price for cointracking.info, IF I think it actually worked right.  Thing is it has ALL the balances correctly.  But it says I owe $115 in cap gains after daytrading for 2 days and only actually getting around $40.

Now they want money for me to try it out further because I am over 200 trades, and I am not about to spend a dime on something i am not convinced is working properly.  And they still hvaen't answered my support ticket about this.

I am going to have to manually calculate over 200 trades myself to and figure out how they figure I owe much more money than I got.

This isn't hard to figure out, run the tax report and see what it's showing for the cost basis on your trades.  I'm guessing, but it's probably that you don't have a 'source' for your initial deposits, so it's calculating them as if you got your initial cryptocurrency at $0.

[panacotta]

Hello,

Can anyone tell me why this software do not calculate fees to costs ?
As I understand every exchange do not show always income (sold, buy) without fees.

Why it's not calculated in tax report?

[WickedPigeon]

I'd pay top price for cointracking.info, IF I think it actually worked right.  Thing is it has ALL the balances correctly.  But it says I owe $115 in cap gains after daytrading for 2 days and only actually getting around $40.

Now they want money for me to try it out further because I am over 200 trades, and I am not about to spend a dime on something i am not convinced is working properly.  And they still hvaen't answered my support ticket about this.

I am going to have to manually calculate over 200 trades myself to and figure out how they figure I owe much more money than I got.

One suggestion:
Once you upload your trades, either by API or by CSV/Excel file, you need to reconcile your accounts. This can be tricky because you don't have a "bank like statement" to balance against. But you need to look at your balances and trades to make sure they are uploaded correctly and try to tie them out.

I upload my accounts, both with the API and manual CSV, and check them weekly to make sure the transactions are right and complete. (I'm an accounting manager - same thing my staff does with our company accounts too, although that's not with this software and not with cryto, just the same concept). Reconcile, Reconcile and Reconcile - then your reports work out perfectly. I have just over a 1,000 transactions in the last quarter, and an good amount of capital invested (at least for me >50, <100), 5 exchanges (Coinbase, Bitfinance, etc.), 10 wallets which don't have APIs, with a bunch of mining activity. Yes - I've put the hours in to balancing everything, and it took hours. So is this the greatest accounting software I've ever used, no. But it does a darn good job of tracking everything. Come tax time, everything was there.

Like most complex accounting activities - don't be too quick to blame the software. It works, if you check your work.
Good luck   

[rvf]

I've put the hours in to balancing everything, and it took hours. So is this the greatest accounting software I've ever used, no. But it does a darn good job of tracking everything.

I've been at it a couple days and am also finding it does a good job of tracking everything, and the auto lookup of what USD price was correct at what time is very valuable.  I'm finding manual effort on cleaning up the transactions is required and there are some mysteries which makes me feel like a bookkeeper hunting for pennies.

* I had a BTC transfer from a mining pool to Coinbase of my full balance earned at the pool.  I set the software to auto monitor the BTC  Coinbase deposit address on the blockchain.  Two things happened I didn't understand (1) 48 sitoshi were listed as remaining at the exchange when the exchange reported a 0 BTC balance and Coinbase reported receiving the full sum (2) a BTC withdrawal transaction for my Coinbase address that I didn't initiate showed up on the blockchain and was auto-imported.  This was obvious because it was the first transaction for that address. This happened even though Coinbase reports a deposit for the correct amount and no withdrawal.  I"m wondering if that's related to Coinbase transferring between my virtual wallet address and wherever they actually store the funds?  The funds on the blockchain were also listed as (spent) even though they're sitting in my Coinbase account and I didn't spend them.

* It took a while to get all the numbers in the "balance by exchange" to correctly match up to the actual totals I have spread around Coinbase, Nicehash, etc...  I have one remaining discrepancy, a case at an exchange with no funds where Cointracker reports a $59.95 USD balance corresponding to a 0 BTC balance.  I'm having trouble tracking down why that's happening and getting the USD balance to correctly show $0.  I did get everything in crypto correct.

* I wanted to track my spend on mining hardware and created a fake USD-only exchange and put deposit entries there for each receipt for equipment purchased.  That lets the system total my HW spend and compare it to my earnings for tracking payback.

* There's also a subtlety with fees.  It seems you want the fee to be recorded when you are transferring between your own wallets because it's your expense.  You don't want it recorded when an exchange sends you your mined funds as part of a batch to a bunch of customers.  Then it's the exchange's expense.  Cointracker automatically capturing the fees on BTC transfers but not capturing the fees on ETH transfers from ethermine.org.  It doesn't seem to have a way to separately track mining pool fees vs wallet-to-wallet transfer fees for a transaction.

* I haven't figured out how to record an entry and have it categorized as a commodity.  Has anyone found out how to do that?

[geekcryptogal]

I'd pay top price for cointracking.info, IF I think it actually worked right.  Thing is it has ALL the balances correctly.  But it says I owe $115 in cap gains after daytrading for 2 days and only actually getting around $40.

Now they want money for me to try it out further because I am over 200 trades, and I am not about to spend a dime on something i am not convinced is working properly.  And they still hvaen't answered my support ticket about this.

I am going to have to manually calculate over 200 trades myself to and figure out how they figure I owe much more money than I got.

One suggestion:
Once you upload your trades, either by API or by CSV/Excel file, you need to reconcile your accounts. This can be tricky because you don't have a "bank like statement" to balance against. But you need to look at your balances and trades to make sure they are uploaded correctly and try to tie them out.

I upload my accounts, both with the API and manual CSV, and check them weekly to make sure the transactions are right and complete. (I'm an accounting manager - same thing my staff does with our company accounts too, although that's not with this software and not with cryto, just the same concept). Reconcile, Reconcile and Reconcile - then your reports work out perfectly. I have just over a 1,000 transactions in the last quarter, and an good amount of capital invested (at least for me >50, <100), 5 exchanges (Coinbase, Bitfinance, etc.), 10 wallets which don't have APIs, with a bunch of mining activity. Yes - I've put the hours in to balancing everything, and it took hours. So is this the greatest accounting software I've ever used, no. But it does a darn good job of tracking everything. Come tax time, everything was there.

Like most complex accounting activities - don't be too quick to blame the software. It works, if you check your work.
Good luck    

Are you saying sometimes, for example, when it reads the Binance CSV there is some sort of discrepency  ? It's automated by both of their computers , binance's & cointracking.info's.   All the balances are spot on just the cap gains are way off.

Do you find the cap gains calculated by cointracking.info correlates well with your actual gains?  Again it's three tiems off yet balances are all correct. I just don't understand.

I can't reconcile anything or try to see if I can make this work because they limit you to a measly 200 trades, and I'm doing like 50 day trades per day.   So I have to fork over $130 or so for something that isn't working right for me now, in hope that I can actually  get it to work..  putting my full trust in them that they are coding things correctly.

Or I can just write my own software. I know relational database design and could generate a price database and for tracking everything.  And then do the tricky coding for FIFO and keeping track of fractions of shares.

[WickedPigeon]

 

Are you saying sometimes, for example, when it reads the Binance CSV there is some sort of discrepency  ? It's automated by both of their computers , binance's & cointracking.info's.   All the balances are spot on just the cap gains are way off.

Do you find the cap gains calculated by cointracking.info correlates well with your actual gains?  Again it's three tiems off yet balances are all correct. I just don't understand.

I can't reconcile anything or try to see if I can make this work because they limit you to a measly 200 trades, and I'm doing like 50 day trades per day.   So I have to fork over $130 or so for something that isn't working right for me now, in hope that I can actually  get it to work..  putting my full trust in them that they are coding things correctly.

Or I can just write my own software. I know relational database design and could generate a price database and for tracking everything.  And then do the tricky coding for FIFO and keeping track of fractions of shares.

Sometimes there are discrepancies - Just today, my account balance at Cryptopia is .00000013 BTC lower than Cyrptopia own trade history shows. And I can't figure out why. On top of that CT shows the balance to be .00000013 BTC in the opposite direction - super annoying. But that equals 1 tenth of one cent, and I can make an adjusting entry in CT and move on (my guess is Cryptopia is taking a rounding errors in its favor). But when I run the capital gains report - checking trade by trade - all is correct. Spot on.

I Look at CT-Reports-Balance by Exchange and compare it to my balance at the Exchange. Difference or not, I download the trades from the exchange to Excel, and compare that to CT-Enter Coins-Overview & Manual Import-Advanced Search-[filter on Exchange]-export to Excel. Then it's a simple comparison. Sometimes the way that one exchange reports fees and the way that CT records fees can create an need to make a manual adjustment, but not always. But I always check that. I always reconcile my CT to the Exchanges and Wallets. No matter what you use to track your trades, you'll need to check your work and balance out your accounts. There isn't a program out there that will do it for you. It's accounting at the end of the day.

I paid for the Pro version for the first year. That may have been overkill for what I do, not sure yet. When I get to my renewal, I might only need the Deluxe version. I'll review that in six months when I get there. But I like the functions and coin pricing that CT offers. Works for me. And it's better than the Excel sheets that I used to keep. If your programing skills are strong and you can build it yourself - do it - you will learn a lot along the way.  Otherwise I haven't seen anything else that does what CT does.

[davidmullin]

I use Coinomi which (annoyingly) uses different addresses for the same Bitcoin wallet - so far as I can tell, there are actually like 6 or 8 addresses associated with the same wallet.

I tried to set up the BTC Wallet Sync, and provided one of the addresses, but CoinTracking only imported the transactions for that address, which isn't everything in the entire wallet.  I hoped that I could enter the public key of the wallet, but although there are no errors or anything in CoinTracking, there are also no imported transactions (suggesting that this just silently fails).

Is there an way to accomplish what I want - to sync all of the transactions from my Coinomi BTC wallet?  Or, do I have to figure out all of the addresses that have been used, and sync all of them?  Kind of annoying to have to upgrade all the way to Unlimited just to get this one logical wallet imported...

Hopefully, I'm missing something.

[AltScope]

I use Coinomi which (annoyingly) uses different addresses for the same Bitcoin wallet - so far as I can tell, there are actually like 6 or 8 addresses associated with the same wallet.

I tried to set up the BTC Wallet Sync, and provided one of the addresses, but CoinTracking only imported the transactions for that address, which isn't everything in the entire wallet.  I hoped that I could enter the public key of the wallet, but although there are no errors or anything in CoinTracking, there are also no imported transactions (suggesting that this just silently fails).

Is there an way to accomplish what I want - to sync all of the transactions from my Coinomi BTC wallet?  Or, do I have to figure out all of the addresses that have been used, and sync all of them?  Kind of annoying to have to upgrade all the way to Unlimited just to get this one logical wallet imported...

Hopefully, I'm missing something.

you need to put all the address' in to cointracking, personally i just put my receiving address in have that as in only and add the withdrawals/spends manually which isnt ideal but its pretty straight forward and its not like you spend or transfer btc every day is it?

otherwise switch to a different wallet that allows you to enter your change address and put the change address as the sending address

[imhs]

Is there a way to bulk import a NEO address into cointracking? I'm trying to enter my trades one by one, but all NEO block explorers are pretty confusing. My NEO address is showing transactions that never even occurred from my address.

[soothaa]

Is there a way to bulk import a NEO address into cointracking?

Nope - yet another reason I regret buying this.

[Balkos]

Hoping someone can help me with transfers between accounts and how to categorize to establish a cost basis.  Here is the Scenario.
I have 2 Accounts setup in Cointrackin.info.  1 for Mining/trading  and 1 for HODL.  Im going use made-up numbers for the scenario.

1.  I mine .5 ETH to Account A worth $500
2.  Of that I transfer .25 ETH into Account B worth $250
3.  I should now have .25 ETH in account A and .25 ETH in account B both with a cost basis of $250

I am not sure how to achieve this in the software as i was testing tonight.  I did the following.

1. Created a Withdrawal in Account A for .25 ETH (now my balance is good in account A, and i am pretty sure the tax is correct)
2. Did an API import in Account B for my HODL wallet.
3. This created a deposit in Account B for .25 ETH


My issue is now when i look at my realized/unrealized gains area it shows the gain as $250.  Also when I ran a tax report it also showed a gain of $250
So this is making it so my cost basis is $0

Can anyone help me and tell me what I need to modify on my transaction to establish cost basis?  Do I need to add another manual transaction of some kind?  I have the accounts linked in Cointrackiing.info  Is there anyway to make them aware of the transfer?

thanks!!

[lecomputer]

Hey everyone

I've been searching for a good way to track my portfolio, and Cointracking seems to be the most highly regarded.

I am confused about a few things :

- If I got a pro account and used API, then as long as I did this for all the exchanges  I use it should give me a constantly updated and accurate portfolio. I heard people mentioning deposits and withdrawals, but from the website it seems to say that all the big exchanges have deposits and withdrawals with API.

- If you use the more manual CSV files, do you have to keep re uploading them to keep your portfolio up to date?

- The pro version says max 3500 transactions in the API imports bit, I'm guessing that means individual trades not each API import?

I don't want to pay for the pro version and then run in to problems!

Thanks in advance

[AltScope]

...
I am confused about a few things :

- If I got a pro account and used API, then as long as I did this for all the exchanges  I use it should give me a constantly updated and accurate portfolio. I heard people mentioning deposits and withdrawals, but from the website it seems to say that all the big exchanges have deposits and withdrawals with API.

- If you use the more manual CSV files, do you have to keep re uploading them to keep your portfolio up to date?

- The pro version says max 3500 transactions in the API imports bit, I'm guessing that means individual trades not each API import?

...

it seems to update the api's every 24 hours ish but you can manually update when you wish there's a 1 hour cooldown

yes you'd have to prepare a new csv for each trade or group of trades would be more sensible but you dont need to include what you've already uploaded

it means trades(transactions) not imports

[lecomputer]

Thanks. I just want to find the most hassle free way to keep on top of things

What do you think of Cointracker.io? Seems it does API and its free

[dawnofnight]

I have a mismatch in Cointracking.info between my Realized and Unrealized Gains page and my Dashboard page. For example, the Dashboard page says I own more Ethereum than I have but the Gains page looks correct. I assume there is something wrong in my list of trades.

[phillie]

discovered this great tool, so far works mostly fine.

unfortunately binance-import does not work at all. do get a timestamp-error for every transaction. has anyone a clue, what goes wrong?
thanks