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

[MuAnon]

Thanks.  For "set amount to zero in transaction", which transaction type are you referring to?

Either set amount to zero in transaction or add a "lost" transaction about this amount if you want to see them as "loss".

[Andreas_CoinTracking]

you are welcome.
Just keep the transaction how they have been imported. Normally as Deposit - you could change that to "airdrop".

[Andreas_CoinTracking]

Updates and Improvements

API
- New import: Kraken Futures
- KuCoin import update (fix for duplicates, fixed API job error messages)
- Gemini import update (AdminDebit is now imported as Other Expense and AdminCredit as Other Income, fixed API job error messages)

CSV
- New import: Kraken Futures
- Binance Complete import (Beta) update (add FIAT deposits/withdrawals as an option, sub-account transfer added, card payments now imported)
- Cake DeFi import now supports the new file format

Blockchain
- New import: MATIC/Polygon
- Ethereum import update (added Plasma bridge transfers, fixed missing and duplicate transactions, "check now" added to legacy ETH import)

Other
- Several coin ticker updates
- Tax report: AVCO tax method now shows the pool date
- Tax report: Depot separation for OPTI calculation method added

Here is the link to our news page (source): https://cointracking.info/new_features.php

[entertainment]

Good job with Matic 

[Spyderturbo007]

Will CoinTracking be implementing a way to match a specific purchase with a specific sale?  I'm trying to take advantage of tax loss harvesting since wash sale rules don't apply to crypto.  If I choose LIFO and the coin I'm selling was the last purchased, my net loss is $0. 

The IRS allows for the use of the Specific Identification Method.  If you have the information for each and every transaction (which we do since we are using the CoinTracking software), you can report the specific coin you're disposing of when reporting your taxes.  This allows me to sell a losing position, immediately buy it back and realize the loss.

My issue is that CoinTracking only allows for a blanket FIFO, LIFO, etc choice for reporting.  Choosing one reporting method might let me realize the loss for the wash sale, but increase my taxes on other transactions in the process.

For example, here are my 3 transactions;

Buy 0.374 BCH on 12/30/17 for $900 (BCH Price $2,406)
Sell 0.374 BCH on 5/23/21 for $199 (BCH Price $533)

Buy 0.374 BCH on 5/23/21 (BCH Price $533)

The object is to harvest the $1,873 loss on the transaction.  However, there is no way to do that since I can't assign the 12/30/17 purchase to the 5/23/21 sale without changing the reporting method for the entire year.  Changing it for the entire year increases the tax burden on other transactions I've made through the year.

I need a way to assign the each transaction to a purchase so I can maximize my loss harvesting.

[Andreas_CoinTracking]

We have this on our improvement list. Thank you for your patience.
You might want to try the ZERO tax calculation method.
There is no report for tax loss harvesting per se, but you can use the instant gain calculator (https://cointracking.info/gains.php) to predict realized gains for coin.

[beggers359]

VeChain Support

Thanks for this app. It makes my life a lot easier. Does CoinTracking already provide or are you planning for it to provide support for VET and VTHO?

[matblam]

@Plenty
We are working on it. Thank you for your patience. For now add those transactions manually.

@asdsvsdf
Sounds feasible how to add it. We recommend to consult a CPA here.

If you sell some NFT (as we assume NFTs are crypto currencies) and get another currency for it it is a normal trade. The asset value for the NFT is the asset value of the crypto currency you get.

We suggest to use trade/groups and comments for NFT name details and use abbreviations for the tickers.

You just need to add a current price and add the transaction manually if they are not imported via ETH/BSC API. See https://cointracking.freshdesk.com/a/solutions/articles/29000007203-entering-ico-coins-and-non-listed-assets/en

So when we purchase a NFT we create a new token/coin under its own ticker and give it a value of purchase price. When we SELL the same NFT do we need to update the value of that token/coin? Or do we just sell that 1 token for xxxETH and it is fine? I notice that when I do this it does not appear in my realised gains/losses but rather disappears altogether.

[Andreas_CoinTracking]

@matblam
If you are using "best price" calculation method the gains are calculated properly as the "counterpart asset value" e.g. of your ETH is taken.
If you want to see the gain of the manually added NFT you need to update the asset value while copying the sell value (buy transaction) and the buy value (sell transaction) into the blank asset value field (non listed asset) of the NFT.
See those 2 FAQs here:
Edit asset value manually (https://cointracking.freshdesk.com/a/solutions/articles/29000033219?lang=en)
The cost basis seems wrong in the Gains/Tax Report (https://cointracking.freshdesk.com/a/solutions/articles/29000018287?lang=en)

[matblam]

@matblam
If you are using "best price" calculation method the gains are calculated properly as the "counterpart asset value" e.g. of your ETH is taken.
If you want to see the gain of the manually added NFT you need to update the asset value while copying the sell value (buy transaction) and the buy value (sell transaction) into the blank asset value field (non listed asset) of the NFT.
See those 2 FAQs here:
Edit asset value manually (https://cointracking.freshdesk.com/a/solutions/articles/29000033219?lang=en)
The cost basis seems wrong in the Gains/Tax Report (https://cointracking.freshdesk.com/a/solutions/articles/29000018287?lang=en)

Thanks. Only way I can get it to work out correctly is to update the sell value to match the buy value in the trade where I sell the NFT. Otherwise it seems to want to use the NFT token price I set in the custom token price on purchase. Or am I stuffing it up doing this? It seems to show correctly in Realized and Unrealized Gains chart now

[Andreas_CoinTracking]

Yes, this is needed. The "current price" has only impact on current value of your coins. Asset price adjustment and custom price are needed as long the NFTs are not listed on our price sources.

[Andreas_CoinTracking]

Updates and Improvements

API
- Binance (adjustment of transaction types + FIAT deposits and withdrawals are now imported)
- Huobi (fix for fees)
- Kraken Futures (fix for transfers between accounts + deposits and withdrawals are now imported)
- Swyftx (fix for sell transactions)
- KuCoin (fix for lending/staking transactions)

CSV
- Kraken Futures (fix for transfers between accounts + deposits and withdrawals are now imported)
- Binance (adjustment of transaction types + improved duplicate check)
- Bybit (new format now supported)
- Celsius (cancelled transactions will be skipped, bonus & promo code rewards are now imported, USDT-ERC imported as USDT, Loan Principal Payment imported as non taxable income/expense)
- NEXO (customer account time zone now recognized + Liquidation and Interest Discount are now imported)
- Crypto.com (transfers from app wallet to exchange are now imported)
- CoinEx (fix regarding fees)
- Uphold (failed transactions are not imported any more)
- AscendEX (new format is now supported)

Blockchain
- MATIC Polygon (several improvements, e.g. adjustment of transaction types + missing transactions are now imported)
- BNB (fix for transaction types and other improvements)
- BSC (lottery and claiming transactions are now supported)

Other
- several ticker updates for correct assignments and price history
- tax report: update for depot separation for withdrawals
- tax report: new sum and subtotals sorting in the capital gains report

Source: https://cointracking.info/new_features.php

[dr1ver]

Please can I request the ability to combine Interest Income transactions over a user-selected period? (e.g. 5, 10 days, 1 calendar month)

I've made relatively few transactions, but have a large number of Interest Income transactions which come in daily. They are quickly burning up my account transaction allocation with no benefit. The detail is not required for my tax purposes. It creates a lot of clutter when I'm reviewing transactions.

It would be good to configure this in the user interface rather than having to do this as a manual process by exporting, doing everything in Excel and re-importing.

I imagine other users would appreciate being able to do this.

[Andreas_CoinTracking]

@dr1ver
We import transactions 1:1 as they appear. Currently you could summarize them manually only and set a start date to the API importer after deleting the other single transactions and keep only one per day/week/month or year.

[dr1ver]

Yes, that's right - hence the request.

[ProLoade]

Hi everyone My name is Savash

I have been using two portfolio tracking app for nearly one year named Delta and Coinstats ..
İn my country we don't have tax issues like you now Thanks God  that's why I don't care about it now

This is the first-day I download your app and open the website ofcourse and begins syncing my binance data ... The two other apps can not use the same binance API keys properly like you .. but you really solve it Congratulations ...... it is incredibly reliable and works fine

Of course, ı had to investigate for fixing something but its done in 2 hours The other apps are can not work properly all of this year SO well done I love it

Of course, I had some habits from the others. Your web site is unbelievable İt has lots of data s and very professional tools we can use

But ı want just a very easy thing, For example, they handled the profit and loose of my portfolio in a very simple way, if I wanted it, with a single click I can see the profits or loses  all the portfolio and the coins from the value of last purchases price or average price or 1 year price Like that, Well ı am new you know but can't find a simple way to see it İn the dashboard And also my Total Value of all Commodities and Total Value of all Currencies sections are empty I don't know why

Again in the dashboard, there is a Current Balance section you know İts good but have to improve   .. İt has coin name, its price and max trend of 30 days ... So it needs in my opinion after the price column I can see my Percentage of profit or looses than after that This percentage equal how much money and after that I can be choosing that these values come from my average of buy prices or last prices or whatever And Of course At the top of all them there should be the total of the portfolio and under it all the portfolio gains and percentage of course ...

I have to say that ı hope ı can express myself clearly I haven't been speaking or writing English nearly 2 decades

By the way  sorry about if it is somewhere else in the app  But ı don't see And yours is how my total gain is very very insufficient

Thanks already you read all of it

[Andreas_CoinTracking]

@ProLoade
I suggest that you send a ticket or E-Mail to support@cointracking.info so that we can check your account. Please add your account name there. You need to add all transactions as they happend in reality. Otherwise every report will be not accurate.
In the meantime please check all reports under "Reporting Section" if some of them suits your needs.

[ProLoade]

ı check report section
Total unrealized and realized Gain / Loss each Currency section When I multiple unrealized gains and realized gain This data shows my total profit
why don't u add a colon and give us that data
You can add it in the dashboard Current balance section İt will be excellent

By the way, my BTC amount is true dashboard balance section But not true in the Realized and Unrealized Gains remaining account
Also, my average amount is not true
how can ı fix these
 

[Andreas_CoinTracking]

@ProLoade
Thank you for this feedback. We constantly improve the software. Just use the separate reporting section for now.

In this case transactions are wrong or missing. Please check this FAQ and mitigate them: "How to validate my account?" (https://cointracking.freshdesk.com/a/solutions/articles/29000035339?lang=en)

[ProLoade]

I back up what ı had done Then delete all data and have a fresh install now
The current balance amounts are true Now checking Realized and Unrealized Gains report
I don't see my BTC amount because

" The amount of a coin does not match the value on the dashboard:
The remaining amount of a coin can deviate in the calculation of the gain from the values on the dashboard because deposits and withdrawals are not included. "

So what am ı gonna do Changing the withdraws to buy ?? İsnt it affect usdt amount then ??