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

[metaperl]

Will you be adding support for Uphold anytime soon - https://uphold.com/en/developer/api

[QuadraQ]

I'm really, really struggling with this service. It came highly recommended, and is supposed to make taxes easy, but I can't even get my data in right. I have four years of mining/trading (mostly mining) to import and I can't seem to do it. The single biggest problem is that I need to be able to import thousands of mining transactions using a the standard core wallet CSV export and there doesn't seem to be any way to do it.

The custom exchange import could work if there was some way to tell the service that this is mining income and it needs to lookup the average daily price automatically, but there's no way to do that. It's only built for buying and selling on exchanges. In fact the whole service seems to be built around trading, not mining, which is driving me crazy. I already paid for two years of unlimited, and I desperately need the coin tracking and tax services offered, but I can't get my data correct!! Can't import wallet info, exchange API imports are leaving me with wrong balances, etc. In short it's a nightmare. I seriously don't know what to do and they won't/can't answer support questions in a timely matter. April 17th is fast approaching and I'm going to be screwed.

[iV1cCrypt0]

Hi to the forum!

This might have already been asked/answered and dealt with before, but the search didn't give me any results.

My question is regarding the Trading Fee handling. One can add it into the transactions and get a detailed breakdown by exchanges, etc. However, what seems to have been neglected is taking it into calculations of the transaction amounts. What I mean is that the total amount of a transaction equals the trade activity amount, and not the trade activity amount plus the trading fee. For example, you buy 1 BTC for 8000USD (sell 8000 USD as trading counter part) and pay 80USD in trading fee, hence the exchange has charged you 8080USD for this trade. Once entered, the total amount for this trade will show 8000USD in the different charts and lists, instead of 8080USD. So, eventually all this will result in showing that you have spent less USD in the different charts than what you really have (if the fees were in the cryptocoin itself, the total amount for this coin will not correspond).
Now, if you in the example above instead put 8080USD in the 'Sell Amount', the total amounts will correspond in the different charts (Exchange Assets, etc.). However, the price you paid will NOT be accurate, as in all charts the unit price for this trade will show BTC/USD 8080, instead of the 8000 you actually paid.

So it seems one will have to choose between having either correct amounts / totals, or correct unit prices in the different charts, as both correct at same time doesn't seem to be possible.

Any clues or ideas in regards to this?

Thanks

[ilostmyface]

Just purchased the software and am really impressed. Wish I knew about this earlier, I would be streamed lined already.

I do have a quick question someone might be able to save me some time with.


I have imported all the deposit/withdrawal histories and trade data from one exchange. Having a hard time calculating the proper gains for the year in terms of long/short term tax rate. I have warnings saying x amount of trades have no purchase data so it is assuming the coin was purchased and sold the same day. If the coins deposited came from offline wallets years+ old, What is the best way to correct this manually ?

Any insight would help. Thanks

[rjona]

Why are BNB fees from trades on Binance not being calculated in the BNB balance?  The fees are correctly imported from Binance for purchases of coins but the BNB fees are not deducted from the total BNB balance?

[AltScope]

Just purchased the software and am really impressed. Wish I knew about this earlier, I would be streamed lined already.

I do have a quick question someone might be able to save me some time with.


I have imported all the deposit/withdrawal histories and trade data from one exchange. Having a hard time calculating the proper gains for the year in terms of long/short term tax rate. I have warnings saying x amount of trades have no purchase data so it is assuming the coin was purchased and sold the same day. If the coins deposited came from offline wallets years+ old, What is the best way to correct this manually ?

Any insight would help. Thanks

how did you obtain the coins ? cause that matters
if you still have the wallet.dat add the mining transactions to your profile, alternatively you can estimate ( at least my accountant said i could if i must) so i added an exchange called before 2016 and put the coins I knew I had in it as gifts at 0 value or deposited fiat for and trade the cash value for those I know I traded I then transferred them to where they need to be

[slcoinguy]

Is there anyone here from CoinTracking, or is this just everyone posting their questions/problems and not receiving any answers? 

I think you are correct.  I came here to post a question and to read other questions and answers.  I've looked back a few pages and it is just questions with no answers.  Starting to wonder if buying the Pro version was a mistake.

Fully agree on your assessment... The product looks promising but it needs work.  I'm disappointed that I paid for the pro version without closer inspection.  The lack of support for offline wallets is terrible.

[davidmullin]

Why are BNB fees from trades on Binance not being calculated in the BNB balance?  The fees are correctly imported from Binance for purchases of coins but the BNB fees are not deducted from the total BNB balance?

Actually, this seems to be a more general bug - it looks like "fees" on all types of transactions are not included in calculating total balance.  I noticed that the transactions imported from my ETH wallet had no transaction fees, and that my "current balance" was incurred - by just about the amount of the transaction fees.  I went through all of the transactions and added the fee, but the "current balance" did not change.

Oddly, transactions imported from a BTC wallet do have transaction fees, even for incoming transactions.  However, for a BTC wallet import, the "amount" of the transaction includes the fee, which is why the BTC wallet balance is correct.

So, several bugs:
1) Transaction fees are ignored for computing current balance
2) ETH wallet imports don't include transaction fees
3) BTC wallet imports include transaction fees for incoming transactions
4) BTC wallet imports include the transaction fee in the amount of the transaction

[undersun1]

I'm really, really struggling with this service. It came highly recommended, and is supposed to make taxes easy, but I can't even get my data in right. I have four years of mining/trading (mostly mining) to import and I can't seem to do it. The single biggest problem is that I need to be able to import thousands of mining transactions using a the standard core wallet CSV export and there doesn't seem to be any way to do it.

The custom exchange import could work if there was some way to tell the service that this is mining income and it needs to lookup the average daily price automatically, but there's no way to do that. It's only built for buying and selling on exchanges. In fact the whole service seems to be built around trading, not mining, which is driving me crazy. I already paid for two years of unlimited, and I desperately need the coin tracking and tax services offered, but I can't get my data correct!! Can't import wallet info, exchange API imports are leaving me with wrong balances, etc. In short it's a nightmare. I seriously don't know what to do and they won't/can't answer support questions in a timely matter. April 17th is fast approaching and I'm going to be screwed.

I mine as well - this is what I did as far as getting the mining info into cointracking.  First, I made an excel file with the following column headers:
Type (Trade, IN or OUT)   Buy Amount   Buy Cur.   Sell Amount   Sell Cur.   Fee Amount (optional)   Fee Cur. (optional)   Exchange (optional)   Trade Group (optional)   Comment (optional)   Date   

Then, I went to my mining wallet, and there is usually a way to export transactions from you wallet (for example, Vertcoin.qt has an "Export" button on the bottom right when you click on the "Transactions" tab.

When you get all your transactions in .csv format, go through each column (really only 2 columns, coin amounts and date) and Hightlight, Copy and Paste ONE column at a time (for example, start with your mined coin amounts from the .csv you downloaded, and put all those transactions in the "Buy Amount" column.)  Then, do the same for the "date" column.

Here is a sample of what mine looks like:
Type (Trade, IN or OUT)   Buy Amount   Buy Cur.   Sell Amount   Sell Cur.   Fee Amount (optional)   Fee Cur. (optional)   Exchange (optional)   Trade Group (optional)   Comment (optional)   Date   
Mining                            5.73293703     VTC                                                                                                     VTC Wallet                      Mining                                     12-02-2018 15:28:25   


As you can see, most fields are blank - the IMPORTANT fields are "Type," "Buy Amount," "Exchange," and "Date."

For the "Exchange" field, I just call it "VTC Wallet" and I did make a "Trade Group" called "Mining."

Now, go to cointracking.info and hover over the "Enter Coins" tab.  Hover over "Bulk Imports" in the drop down, and then click "Excel Import."  Choose your saved excel file, and it will begin the upload process (which is very quick).

Mining is one of the EASIER things to keep track of using cointracking.info.  Based on the "Date" you enter, CT will calculate the price on the DAY YOU MINED THE COIN, effectively keeping track of your cost/price basis (when you do sell, you will have capital gains) AND keeping track of your mining profits which you will report as self employment income (Schedule C) in the year you mined the coins.

You can click on the "Tax Report" tab at the top to create a tax report for the current year (2018) to create a tax report.  Once your create the report, click "load report," scroll down a little and you will see every coin your mined with your mining profits.  I hope this helps.  thanks

[undersun1]

"The custom exchange import could work if there was some way to tell the service that this is mining income and it needs to lookup the average daily price automatically, but there's no way to do that. It's only built for buying and selling on exchanges."

By typing "Mining" in the "Type" field, you are telling CT that this is mining income.  CT will AUTOMATICALLY look up the price and assign it based on the date you enter.

[davidmullin]

Why are BNB fees from trades on Binance not being calculated in the BNB balance?  The fees are correctly imported from Binance for purchases of coins but the BNB fees are not deducted from the total BNB balance?

Actually, this seems to be a more general bug - it looks like "fees" on all types of transactions are not included in calculating total balance.  I noticed that the transactions imported from my ETH wallet had no transaction fees, and that my "current balance" was incurred - by just about the amount of the transaction fees.  I went through all of the transactions and added the fee, but the "current balance" did not change.

Oddly, transactions imported from a BTC wallet do have transaction fees, even for incoming transactions.  However, for a BTC wallet import, the "amount" of the transaction includes the fee, which is why the BTC wallet balance is correct.

So, several bugs:
1) Transaction fees are ignored for computing current balance
2) ETH wallet imports don't include transaction fees
3) BTC wallet imports include transaction fees for incoming transactions
4) BTC wallet imports include the transaction fee in the amount of the transaction

Turns out, my expectation of what the "fees" does is just plain wrong.  It is only for informational purposes.

See this link:  https://cointracking.freshdesk.com/en/support/solutions/articles/29000007202-entering-fees

Personally, I think this is a rather weak implementation.

[rjona]

Why are BNB fees from trades on Binance not being calculated in the BNB balance?  The fees are correctly imported from Binance for purchases of coins but the BNB fees are not deducted from the total BNB balance?

Actually, this seems to be a more general bug - it looks like "fees" on all types of transactions are not included in calculating total balance.  I noticed that the transactions imported from my ETH wallet had no transaction fees, and that my "current balance" was incurred - by just about the amount of the transaction fees.  I went through all of the transactions and added the fee, but the "current balance" did not change.

Oddly, transactions imported from a BTC wallet do have transaction fees, even for incoming transactions.  However, for a BTC wallet import, the "amount" of the transaction includes the fee, which is why the BTC wallet balance is correct.

So, several bugs:
1) Transaction fees are ignored for computing current balance
2) ETH wallet imports don't include transaction fees
3) BTC wallet imports include transaction fees for incoming transactions
4) BTC wallet imports include the transaction fee in the amount of the transaction

Turns out, my expectation of what the "fees" does is just plain wrong.  It is only for informational purposes.

See this link:  https://cointracking.freshdesk.com/en/support/solutions/articles/29000007202-entering-fees

Personally, I think this is a rather weak implementation.

I agree. There is no justifiable reason why fees like BNB are not deducted from the total balance of that coin.

[chunkyjunkie]

No matter what I try I keep getting negative balances, numbers that make zero sense for profit/losses/total amounts traded etc.



If I started trading many years ago when GDAX/coinbase if I import every single trade from both coinbase and gdax from day 1 there should be no anomalies right?

I am guessing my problems are stemming from trying to import the data for just 2017 and I coan't figure out what all my balances were before Jan 1 to make all the imported 2017 data not be short.

I might try deleting everything one more time and generating gdax and coinbase reports to import for each coin pair from 2012.

I have the pro version, but am quickly getting frustrated and might ask for a refund.

[WickedPigeon]

Mining is one of the EASIER things to keep track of using cointracking.info.  Based on the "Date" you enter, CT will calculate the price on the DAY YOU MINED THE COIN, effectively keeping track of your cost/price basis (when you do sell, you will have capital gains) AND keeping track of your mining profits which you will report as self employment income (Schedule C) in the year you mined the coins.

I do some of the same, but I lean on Excel a bit more to check my entries against the import file.

You don't have to file this as a Sch C. (I borrowed this from Turbo Tax Forum)

When you mine the coins, you have income on the day the coin is "created" in your account at that day's exchange value.  You can report the income as a hobby or as self-employment.  If you report as a hobby, you include the value of the coins as "other income" on line 21 of form 1040.  Your ability to deduct any expenses is limited -- expenses are itemized deductions subject to the 2% rule.

If you report as self-employment income (you are doing "work" with the intent of earning a profit) then you report the income on schedule C.  You can fully deduct your expenses (if you can prove them) (see later).  The net profit is subject to income tax and self-employment tax.

So I file the income as Hobby Income as I net out better than filing a sch C.

[chunkyjunkie]

I have the unlimited version.  Imported all data and set up api.  Trade statistics look close on the chart.  When I cashed out completely at one point just after the end of the year, it was only off by about $300 on my trade statistics chart (thinks I left behind $300 worth of something... not my real major issue here though). 

All that looks great... However, when I run a tax report the gains show much much higher (>600k usd value!) than the actual value shows of all of my holdings on the trade statistics chart for the year of 2017 (>300k usd).  Am I missing something, or are these calculated so differently that my "gains" would calculate way higher than my entire portfolio value by the end of the year?  Yes, I did a lot of trades in 2017.. a LOT... more than 13,000 entries!  Still, this seems very odd that my "gains" would calculate so much higher than my portfolio value at the end of the year.  How can they be "gains" if I don't have them in my actual value...?  Help, please!  Anyone else have any idea what could be going on?

Did you ever get cointracking.info to work?

I have a similar case, 10's of thousands of trades.  I import from gdax but the numbers are all insanely off.  Got a 1099 that says 15 mil in gross transactions and need to get something that works.  No way to do this manually.

Any help or advice on what you did or are trying would be greatly appreciated.

[chunkyjunkie]

Hello, i'm using coin-tracking to simply understand how much profit am i at given my buys/sells/trades. One thing i am confused about is "Current Balance" on the dashboard. It is showing the total number of coins i've ever purchased and doesn't seem to reflect the total coins i am holding right now (i.e. somehow not reflecting sells). Is this expected?

I am having the same problem.

Same

[chunkyjunkie]

Does the unlimited version import all your gdax trade history?  Or is it only for new trades?  I create the API key with the phrase cointracking.  It creates a job but nothing gets imported ( I ave not been entering any new trades ).

I am trying to start very basic and erases everything.  Just importing my coinbase data and it was off by 942 USD ( the remaining bitcoin balance was correct )over the 4+ years.  Since I am only interested in this years taxes I just manually entered a withdraw of the USD amount before Jan1 and balances are correct.  Hoping I can figure out why GDAX data after that gets imported.

So far I have tried importing every .csv file manually from Gdax that had any transaction, following the instructions.  If I import every single tx from the beginning or if I just import just 2017 the numbers are always way off. 

One thing I am a little confused about is on the GDAX API auto importer ( that still has not imported a single tx even though the job is there ) there were 4 checkboxes on setup all pre clicked.  I left them all clicked but didn't understand what the "Skip deposits and withdrawals in USD"  was clicked.  Again, I left it clicked but wouldn't that throw numbers off?

I just wish I could import every single trade since the beginning from both coinbase and gdax and there would be no errors because all the data would be there.  It is the reason I paid for unlimited.

[WickedPigeon]

Does the unlimited version import all your gdax trade history?  Or is it only for new trades?  I create the API key with the phrase cointracking.  It creates a job but nothing gets imported ( I ave not been entering any new trades ).

I am trying to start very basic and erases everything.  Just importing my coinbase data and it was off by 942 USD ( the remaining bitcoin balance was correct )over the 4+ years.  Since I am only interested in this years taxes I just manually entered a withdraw of the USD amount before Jan1 and balances are correct.  Hoping I can figure out why GDAX data after that gets imported.

So far I have tried importing every .csv file manually from Gdax that had any transaction, following the instructions.  If I import every single tx from the beginning or if I just import just 2017 the numbers are always way off.  

One thing I am a little confused about is on the GDAX API auto importer ( that still has not imported a single tx even though the job is there ) there were 4 checkboxes on setup all pre clicked.  I left them all clicked but didn't understand what the "Skip deposits and withdrawals in USD"  was clicked.  Again, I left it clicked but wouldn't that throw numbers off?

I just wish I could import every single trade since the beginning from both coinbase and gdax and there would be no errors because all the data would be there.  It is the reason I paid for unlimited.

I use the Unlimited and trade at GDAX as well as 3 or 4 other exchanges. I set Cointracking up after about six months of trading - not nearly as much unrecorded history as you have, but still it was a lot. I would have quit if it wasn't for the fact that I paid for the unlimited version before moving my trades and mining into Cointracking. And I'm too cheap to throw away the money. It took me a good 40 hours of trade analysis between what was uploaded in CT and the crap that the exchange has for records. This is so hard without Exchange statements to balance against. But, if you export CT trades, by exchange, to Excel and go line by line with the export from GDAX - you can get it to balance. Once I did that, keeping on top of it is a weekly chore, but it's easy now.

CT is a type of accounting system. And it's not magical, you have review your uploads and entries. I review my balances all the time - each exchange and each Wallet. It took time and spreadsheets to set it up. But, once you get it balanced, it's easy to maintain, and really worth it.

You can do it, just get it all spread out in Excel and check it off, trade by trade.    

[chunkyjunkie]

Does the unlimited version import all your gdax trade history?  Or is it only for new trades?  I create the API key with the phrase cointracking.  It creates a job but nothing gets imported ( I ave not been entering any new trades ).

I am trying to start very basic and erases everything.  Just importing my coinbase data and it was off by 942 USD ( the remaining bitcoin balance was correct )over the 4+ years.  Since I am only interested in this years taxes I just manually entered a withdraw of the USD amount before Jan1 and balances are correct.  Hoping I can figure out why GDAX data after that gets imported.

So far I have tried importing every .csv file manually from Gdax that had any transaction, following the instructions.  If I import every single tx from the beginning or if I just import just 2017 the numbers are always way off.  

One thing I am a little confused about is on the GDAX API auto importer ( that still has not imported a single tx even though the job is there ) there were 4 checkboxes on setup all pre clicked.  I left them all clicked but didn't understand what the "Skip deposits and withdrawals in USD"  was clicked.  Again, I left it clicked but wouldn't that throw numbers off?

I just wish I could import every single trade since the beginning from both coinbase and gdax and there would be no errors because all the data would be there.  It is the reason I paid for unlimited.

I use the Unlimited and trade at GDAX as well as 3 or 4 other exchanges. I set Cointracking up after about six months of trading - not nearly as much unrecorded history as you have, but still it was a lot. I would have quit if it wasn't for the fact that I paid for the unlimited version before moving my trades and mining into Cointracking. And I'm too cheap to throw away the money. It took me a good 40 hours of trade analysis between what was uploaded in CT and the crap that the exchange has for records. This is so hard without Exchange statements to balance against. But, if you export CT trades, by exchange, to Excel and go line by line with the export from GDAX - you can get it to balance. Once I did that, keeping on top of it is a weekly chore, but it's easy now.

CT is a type of accounting system. And it's not magical, you have review your uploads and entries. I review my balances all the time - each exchange and each Wallet. It took time and spreadsheets to set it up. But, once you get it balanced, it's easy to maintain, and really worth it.

You can do it, just get it all spread out in Excel and check it off, trade by trade.    

I really appreciate your response.  Right now I am completely frustrated with so many trades. So you are saying go back to the very first day of gdax, then do a manual import of every pair on gdax for example btc/usd eth/usd starting at the very first trade. Then also import the coinbase data ( which I think comes over correct and full history with the api).  Then after all the data is imported that gives all the crazy errors and completely off balance values, go to google sheets and upload the gdax csv files to compare to the cointracking.info trades list?

If that is what must be done I will start it.  Thinking it will be probably more like 80 hours for me.  Also from your experience I assume that when you did it line by line somehow the imported data and what you were showing in your excel sheet you downloaded differed?  Strange since they would be the same files from gdax imported to 2 different places, google sheets and then manually imported into cointracking.info.


Swimming in this quagmire with overloaded CSR and no help anywhere else to be found facing a daunting task your response was greatly appreciated!  Wish there was a step by step of how to fix the problem by people like yourself who have done so.  Obviously the FAQ on the site shows you how to import the data that gives errors and then even tells you where your problem could be, however, it doesn't give you a detailed solution path like you briefly described.

[R3P0Ps]

Hi,
I never had problem importing with API and Coinbase until today.
Suddenly when I try to import via API , Cointracking is displaying "invalid key",but I didn't change anything and when I go to my Coinbase settings to check the key, it's the same one I use since the beginning.
Is there something dealing with the API version,in the Coinbase settings I see the API version 2018-01-11 and a upgrade button ?
I just imported trades from Gdax with no prob ,if someone experienced the same prob or knows what I can do to fix this I would be thankful;)