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

[greentea]

can something like this be implemented in the future?

It is a way to 0 out coin balances when receiving referrals from binance or the like.

When sold, cost basis is assumed 0, which is fine, but it produces a negative amount for the overall balance...

https://hackernoon.com/handling-binance-referrals-for-tax-purposes-on-beartax-4fb29fdb96da

[CoinTracking Dominik]

can something like this be implemented in the future?

It is a way to 0 out coin balances when receiving referrals from binance or the like.

When sold, cost basis is assumed 0, which is fine, but it produces a negative amount for the overall balance...

https://hackernoon.com/handling-binance-referrals-for-tax-purposes-on-beartax-4fb29fdb96da

Hi greentea,
The problem is: how shall the software recognize that it is a referral commission if you sell coins that are not there?
Referral commissions are not provided through the CSV or the API. They must be entered manually. You can find the information at: https://www.binance.com/invite.html
If you enter these inputs as "Gift", the software will also not calculate a gain on a sale.
I hope it helps.

[AussieWayne]

If you enter these inputs as "Gift", the software will also not calculate a gain on a sale.

I want to make sure I fully understand what you are saying here please.

So if I receive a referral or an airdropped bonus new coin that is not yet listed on an exchange and has no verifiable value at the time of receipt and I enter it in as a Gift/Tip with a 0 cost basis then when I sell it the software ignores the sale and any gain made from the sale. Is that what you are saying above as that has not been my experience so far?

Can you please confirm that this is how all Gift/Tips are supposed to be treated please?
Thank you

[greentea]

can something like this be implemented in the future?

It is a way to 0 out coin balances when receiving referrals from binance or the like.

When sold, cost basis is assumed 0, which is fine, but it produces a negative amount for the overall balance...

https://hackernoon.com/handling-binance-referrals-for-tax-purposes-on-beartax-4fb29fdb96da

Hi greentea,
The problem is: how shall the software recognize that it is a referral commission if you sell coins that are not there?
Referral commissions are not provided through the CSV or the API. They must be entered manually. You can find the information at: https://www.binance.com/invite.html
If you enter these inputs as "Gift", the software will also not calculate a gain on a sale.
I hope it helps.

I understand that, regardless on whether it is a gain or gift, I was mainly looking for a way once these are sold to have the balances equal out and not have negative balances. 

So when the software recognizes a coin sold with no input, it allows you to tag it whatever way, and zero out the balance once sold to have a more accurate looking portfolio instead of negative balances.       

[CoinTracking Dominik]

I think there's been a misunderstanding.

If a suitable purchase is missing for a sale, then this must always be entered. No matter whether it is a real trade or earnings from Airdrops or Referral.
Entering an Airdrop as a "gift" was only a suggestion how to enter it.

So if I receive a referral or an airdropped bonus new coin that is not yet listed on an exchange and has no verifiable value at the time of receipt and I enter it in as a Gift/Tip with a 0 cost basis then when I sell it the software ignores the sale and any gain made from the sale. Is that what you are saying above as that has not been my experience so far?

It has never been mentioned that these are coins that are not listed on any exchange.

[AussieWayne]

If you enter these inputs as "Gift", the software will also not calculate a gain on a sale.

This is what I was questioning, purely and simply and whether the coin is listed on an exchange or not should not affect the handling of the entry if it is received as a Gift free of any cost outlay.

Your "answer" below has very little to do with the answer to the original question.
  

It has never been mentioned that these are coins that are not listed on any exchange.

. This is irrelevant to the question asked.

So I respectfully ask the question again so that I do not make any mistakes in the future.

 If I enter a coin in as a Gift/Tip with a 0 cost basis and then when I sell it the software ignores the sale and any gain made from the sale.
Is that how it works and is supposed to work because this has not been my experience so far??

Why would the software do this because if I receive a coin as a Gift at 0 cost value then I sell the coin later for a profit why do you assert that
 'the software will also not calculate a gain on a sale.' as it it would be obvious that a gain had been made and that tax is due on that gain, surely?

[Gdocal]

Kind of, I was more thinking about a coin that is no longer operating and has lost all value, gone out of business, etc.

If you want to set the value of a coin to 0, you can do so on the following page: https://cointracking.info/summary.php?prices=custom
Deactivate the "Best Price" option so that the price is not overwritten by our historical prices again.

Why aren't trades I made in the last few days on Binance  reflecting in my "Current Balance"? - I sold a bunch of coins for ETH but I'm still showing those coins as having a balance, and my ETH balance hasn't increased. 

I sold ALL my REQ and MCO for ETH but still showing REQ and MCO.  The TRADES were imported via API and show in the Cointracking.info ledger "Enter Coins" area, but not reflecting in totals?

If the coins were sold through a trade and this was imported, the total values on the dashboard (or other pages) always update as well.
Please write us a ticket via our HelpDesk (https://cointracking.freshdesk.com/), so that we can look at the problem in your account.

Try to update your Job. There is button "Update Job and Trade Pairs"

There is comment
"Important: Trade pairs are now generated as part of the API Job set-up. If you have additional pairs, please click on "Update Job and Trade Pairs".
Optional settings and filters:"

[alex_cheese]

Hi

In Short: why aren't realized gains and capital gains the same thing?

I've just bought my second year of subscription to CT. I'm using it to do my tax now and my question is about Realized Gains vs Total Capital Gains: why are they not equal?

I thought realized gains and capital gains would be the same thing (unless you're being paid dividends or something like that). I ask because my tax report from Cointracking is giving me a *much* larger figure than the realized gains calculator is giving me. I spent many days putting this all together and looking for errors. I can't figure it out.

Cheers
Alex

[CoinTracking Dominik]

Hi

In Short: why aren't realized gains and capital gains the same thing?

I've just bought my second year of subscription to CT. I'm using it to do my tax now and my question is about Realized Gains vs Total Capital Gains: why are they not equal?

I thought realized gains and capital gains would be the same thing (unless you're being paid dividends or something like that). I ask because my tax report from Cointracking is giving me a *much* larger figure than the realized gains calculator is giving me. I spent many days putting this all together and looking for errors. I can't figure it out.

Cheers
Alex

Hi alex_cheese,

It is important that the settings on the Gains page are the same as the settings on the Tax Report.
Also, it is not possible to filter the Gains page correctly for a period, as pools + cost base are not calculated outside the filtered period. However, this is important and is taken into account so correctly by the tax report.
If there are still discrepancies, please send us a ticket via our HelpDesk.

[CoinTracking Dominik]

Dear CoinTracking User. We would like to inform you about the following changes / improvements:

Updates and Improvements
- Update to the new Kucoin API version
- New Total-View page for all users with multiple accounts
- Binance allocation of BTT and CMT

Updates for the Tax-Report
- As of now, the depot separation (tax lots) can be activated for tax reports
- Update for the Form 8949 PDF Report
- New tax export for 'Drake Software'
- The detailed tax report no longer displays a warning if rounding errors occur after the 8th decimal place
- The TurboTax report now creates one new file per 200 transactions, because TurboTax cannot import more than 200-250 transactions per file at the moment

2 new reports
- 'Missing transactions' help to find missing deposits and withdrawals
- 'Duplicate transactions' search for duplicate entries in your account

[tanzalone1]

This is my first year mining and my CPA told me that my tax report is showing everything as trades and not showing my mining as being mining. How do I go about making sure that the tax report annotates the mining as mining under income report. Currently under income report it show $0 for mining.

[WickedPigeon]

This is my first year mining and my CPA told me that my tax report is showing everything as trades and not showing my mining as being mining. How do I go about making sure that the tax report annotates the mining as mining under income report. Currently under income report it show $0 for mining.

Did you enter the "Type" of transaction as Mining?

[Renaldi blackspadeteam]

It seems like this sounds cool, and is useful for those who have many altcoins, this place is suitable for those investors and those who like to collect lots of coins without making many wallets.

[jetbird]

Is there any benefit to keeping track of USD deposits/withdrawls into Coinbase using Cointracking?

Thanks,

Jeff

[WickedPigeon]

Is there any benefit to keeping track of USD deposits/withdrawls into Coinbase using Cointracking?

Thanks,

Jeff

It's a personal decision based on what you want to track. I do it in the "Group" field. I use Funding for when I am adding new investment funds and Leached for when I remove/withdraw funds. (I do a lot of mining so I'm tracking PoW & PoS too). Then when you click on the Balance by Exchange tab, change the drop down to Grouped by Trade-Group, you get a quick breakdown of each: Mining, Funding and Leached. You can get the same info via the Tax Report, but this is a quick dashboard and I use it every day.
Good Luck

[AussieWayne]

Hello
I have been trying to get Cointracking to function accurately since December with very mixed results unfortunately.
So I thought I would go back to basics and start again in trying to understand the workings of this mysterious software.
To this end I set up a new empty account and have been trying some dummy entries to try and understand how this software works but I am even more confused now.
Does anyone have any valid explanation as to why there are 4 different values that appear when I simply enter a sample buy transaction as shown below?

Interestingly and very confusingly Cointracking provides 4 differing values for a 1 BTC purchase on the nominated date and time which just serves to muddy the waters and potentially produce reports that are wrong. Check it out yourself but in my example below this is what I found for the

1 BTC dummy purchase on 24 /02 /2019, I Entered $5898 as the Cost and $898 as the Fee and Home as the Exchange

$5898    The actual fiat cost value entered into the Enter Coins page (copied from LiveCoinWatch), Populates to the Sales Value box

$5870    Cointracking automatically inserted this figure in the Purchase Value box disagreeing with the above Sales Value box? Why?
$5535    The Cointracking Coin Calculator for 1 BTC on the purchase date value showed this figure when I checked out of interest. Why?
$5875    Showed as the current value of 1 BTC in the Summary box on the Enter Coins page at the exact  time of the purchase entry? Why
              

Next I checked the Total Realised and Unrealised Gains Report and this report uses the incorrect $5870 that Cointracking inserted automatically as a Cost Value to do the calculation which can only ever be wrong!.
This is further complicated and messed up beyond comprehension when I check the Tax Report / Closing Position Report which shows a 5th differing Cost value now inserted for this one simple purchase transaction of $5786. ?

Is there any wonder that confusion reigns supreme within this software when you have now 5 differing values for 1 BTC at the same date and time. Every transaction entered for every coin will be likewise affected so it would be required to be be very careful and triple check everything as there are potentially so many mistakes.  

The only factual amount was the $5898 that I theoretically paid to buy the 1 BTC and believe it or not the Cointracking software totally ignores the one and only cost value that matters. How could this software ever be relied on to produce correct reports when it uses so many differing values for the same coin?
There has got to be a better more realiable way to manage crypto surely.
I have applied extensive manual editing to correct these mistakes this but it is so labour intensive to make it not really worth the time especially when Cointracking could and should correct their introduced problems so that all of this manual editing is not required.

Maybe I am missing something here so I am open to any advice as to why there should be anymore than the one and only correct cost value used for all calculations.

Hopefully someone very knowledgeable from Cointracking will chime in here and explain this for all of us.

 

[AussieWayne]

Ok so it has now been 7 days and there is still no advice from anyone at Cointracking as to how or why this happens?
I am pretty sure that others apart from myself would be interested to know why CT inserts so many incorrect values for 1 simple purchase?
Disappointing to say the least.

[AussieWayne]

I originally downloaded from my account my Enter Coins data via the Export to .csv button to my laptop.
Now a week later I am trying to re load this same .csv report back into my Cointracking account and I am getting this garbage Timestamp Error messages as shown below.

Error: We couldn't find a timestamp. This trade will not be imported

Import Report:

Validation: Datasets in import file: 135, Transactions: 135
Notes: Duplicate transactions found: 0
Errors: Empty timestamps: 86, Empty values: 0


It is the exact same .csv dataset that was exported by Cointracking and now Cointracking will not import all the records back in?
It is saying there are 86 timestamps missing when they are not missing? They are ALL formated in the EXACT same date format as the 49 records that Cointracking seemingly will accept to import. This is just crazy and so time consuming trying to troubleshoot garbage problems like this that should not exist! I have tried reformatting and clearing the formatting then reformatting the Date column but nothing works!
I have tried cutting the Date column and pasting into a new sheet then changing the Date format and pasting the new Date column back in over the old but no!!!!
 
Does anyone have any advice on how I can solve this this whilst I wait for a timely response from someone from Cointracking to chime in here.
I have not lodged a Ticket with CT as extensive previous experience shows me that it is a complete waste of time and effort.

 

[SpringChicken]

Hi. I am new to Cointracking and have a few Qs.
1. Are there video tutorials on how to use the software properly?
2. You do not specify in ur documentation, but does ur software require import of wallet addresses/holdings in order to match up buys/sells and short vs long term?
3. If yes to 2, then can u tell me in detail how I import coins addresses held on Ledger Nano S, Jaxx, and altcoin wallets like Aion, Factom, Ontology, Vechain?
4. When entering coins purchased on Abra manually, do I also need to input the transfer out to Binance to purchase altcoins? Is that under the transfer category?
5. I have noticed at first glance that many of my balances r incorrect. For ex, you say I have much more Eth than I actually do. This tells me you have not accurately noted when I sold eth to purchase altcoins. How do I reconcile this?
6. There are several coins that show a balance but I no longer own. How do I reconcile this ?
7. Several years back I purchased Antshares before it became NEO. You software shows I still own it as AnS. What do I do?
8. In general, it seems the only way I can look for errors is on the unrealized gains/realized gains/ loss page. Is there a better way as today, I only know the balances of each coin I own and the average cost from a separate software tracker.
9. How do I generate tax reports for 2017 and 2018 separately? Thank you for your time!!!

[AussieWayne]

Further to my import problem as above I just imported the records to see what would happen. It imported 50 records but not the one with the Timestamp error. I also clicked on see the Raw Data and this reveals that all the dates and timestamps are present and correct in the raw data but Cointracking is not importing them all?
Does anyone have any clues as how to solve this bug?
 And or it would be very nice if someone knowledgeable from Cointracking support finally made an appearance with some advice on their software.
As an aside I tried to import these same records a second time and the software reimported the same 50 records and at the same time showed a message that there were 'No Duplicated Records"? I then had 100 records which were the 50 records DUPLICATED to show 100 records? So it seems that one cannot rely on the Cointracking software to even identify duplicate records when importing, amazing but not surprising I guess.