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

[Andreas_CoinTracking]

@moonmaths
Okay.
1. Please check this FAQ for help reports to detect those purchase pool warnings: "How to validate my account?" (https://cointracking.freshdesk.com/a/solutions/articles/29000035339?lang=en)
2. Then you need to add those sETH as income or bonus instead of Withdrawal.

[rogain905]

@Andreas_CoinTracking
Could you be more specific how i do this? I can't find these settings anywhere.
Thanks

@rogain905

You could do this already. In the extended tax report settings you can select 2 sliders if warnings for other purchase pools are shown or even calculate gain in foreign currency.

[Andreas_CoinTracking]

@rogain905
Go to tax report page (https://cointracking.info/tax/), then select "show advanced settings".
1. FIAT Warnings: Show warnings for empty FIAT purchase pools
2. Foreign FIAT PnL: Calculate profits and losses for all foreign FIAT currencies

[Andreas_CoinTracking]

Updates and Improvements

API
- Celsius (Live balance update)
- Binance (several improvements, e.g. improved duplicate check, support of referral kickback transactions)
- Poloniex (several improvements, e.g. for fee, trade and income transactions)
- Coinbase (VISA card payments are now imported)
- GEMINI (several improvements, e.g. optimized import of earn transactions)
- FTX (lending and staking is now imported)
- Coinspot (fees are now correctly imported)
- Kraken (separation of spot and earn wallet)

CSV
- New import: Phemex
- Binance (improved duplicate check)
- Crypto.com (new format now supported)
- Coinbase (new format is now supported)
- CakeDefi (5 year bonus is now supported)
- Kraken (separation of spot and earn wallet)
- Bitcoin Suisse (new format is now supported)
- Zerion (new format is now supported)

Blockchain
- ETH (Live balance update)
- Improved blacklist filter for BSC, ETH, MATIC and FTM imports
- EOS (new blockchain explorer: bloks.io)
- BSC (several improvements, e.g. improved import of staking improved)
- ADA (staking rewards are now imported as staking)
- SOLANA (staking rewards are now imported as staking)

Other
- Several ticker updates for correct assignments and price history
- Tax report (Fill-in-Help KAP+SO for German tax reporting, bulk delete option for tax reports, separate sum for margin gains and losses)
- Solana as custom price currency available
- New partner benefits: NordVPN, Hyblock and Phemex

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

[moonmaths]

@Andreas_CoinTracking 

Trading 5 eth + 5 schmocoin for liquidity  in the eth/schmocoin pool: Should I have 3 tx: spend 5 eth; spend 5 schmocoin; and what is the third?  How do I show a purchase of the LP tokens (with appropriate cost basis, and making sure that the incoming coin is not treated as income)?

[Andreas_CoinTracking]

@moonmaths
We have described the 2 options here:
How to add Liquidity Pool transactions as trade? (https://cointracking.freshdesk.com/a/solutions/articles/29000037542?lang=en)
How are Liquidity Pool transactions imported? (https://cointracking.freshdesk.com/en/support/solutions/articles/29000038185-how-are-liquidity-pool-transactions-imported-)
If you want to have them as trade but no impact on gain/loss or restart of the holding period add "swap" as trade group.

[Zirillian]

Hello.  I'm looking for help understanding how to properly code a loan (to myself using collateral) such that the cost basis is coming up correctly in the US-based tax report.  I thought I was doing it correctly, but after running the tax report...it's basically giving me 0 starting cost basis on proceeds I used the loan for, which obviously is significantly increasing my taxable income more than it should.

I can't find an FAQ article on this (apologies if there is one), so hopefully someone can help.

What I did was first create a new "exchange" for the place where the loan originates (we'll call this Anchor). Say the loan was $1000.

Transfer $1000 from Anchor to Wallet.  This would create a balance of:
-$1000 in Anchor (negative $1000) and a positive $1000 balance in Wallet.  As the negative cancels out the positive, this creates a net of $0.  To me, this works because I want the liability (the loan amount) to be counter to my assets.  Assets - Liabilities = Owner's Equity.

Then, when interest accrues on the loan, I debit Anchor with Interest, increasing the negative (amount I owe back).

Finally, when I want to pay the loan + accumulated interest back, I do the reverse transfer back to Anchor from my wallet, to cancel out the loan.

This does what I want it to in Cointracking but my tax reports are completely screwed up because of it.

How do I code this properly so I don't screw up my tax basis on the "income" I get from the loan (which isn't actually income)?

Thank you in advance.

Edit: Just found this post...apparently I was/am missing the non-taxable income and expense lines. Hopefully if I add these things will be sorted correctly.
https://cointracking.freshdesk.com/en/support/solutions/articles/29000033408-loans-and-their-repayments

Edit 2: per the article...since I'm entering in numbers as positive (from the loan), this is going to count the loan amount as an asset and not a liability (meaning my net worth will be incorrect).  Is there any way for me to "flip the signs" so that the loan amount is counter to the assets so my net worth is correct?

[Andreas_CoinTracking]

@Zirillian
Yes, this is the FAQ and there is described how to add such transactions.
Please do not add negative numbers at all. If you want to "flip" just use the "opposite" transaction type. Spend (tax free) = outgoing or income (tax free) = incoming.

[bitkraft]

I provided liquidity on raydium. I see the withdraw/deposits in cointracking for the coins I added to the pool, but I don't see the LP tokens. I also used the LP tokens to farm. I am using blockchain import for my wallet addresses so thought the LP tokens would be imported. Do you know why I don't see then?

[Andreas_CoinTracking]

what chain are you talking about? which importer are you using? we do not support raydium chain yet.

[bitkraft]

what chain are you talking about? which importer are you using? we do not support raydium chain yet.

This is with Solana. Raydium is the DEX -- raydium.io. Thanks!

[Andreas_CoinTracking]

Please raise a ticket and add your wallet ID there and example transaction hashes. We will add this then to our improvement list. For now a manual adjustment of those transactions is needed if those are wrongly imported.

[p4ch1nk0]

I am using AAVE Polygon for lending. I exchanged 80 MATIC for 80 amWMATIC and made a corresponding manual transaction in cointracking. Now every few seconds my amWMATIC balance increases a tiny bit because that is how the amWMATIC token works. How would I record the receipt of the lending interest as manual entries? Surely I don't have to have a transaction every few seconds. I also exchanged a few hundred DAI for amDAI (cointracking has it listed as aDAI but the M is because I am on Polygon). It's the same deal. Every few seconds my balance of this new token increases to give me the interest. How do I capture this as manual transactions? I want to get this right to get the correct cost basis when I swap my amWMATIC or amDAI to something else someday.

[Andreas_CoinTracking]

@p4ch1nk0
You could add this as income transaction (e.g. income, staking, bonus ...). And you decide if you sum them up once per day/week/month/year. and if those wrapped coins are not listed then use the original ticker like MATIC and if needed add a trade group or comment  e.g. "wrapped" or "crosschain amWMATIC"

[matblam]

Hi.
When I set my ETH address as a "Blockchain Import - Ethereum +Dex" does it import all associated Networks/Chains and coins/tokens that are shown in Metamask under that address (like tokens in the Avalanche Mainnet etc?)
OR - Do i need to set up a "Blockchain Import" for each of the Networks/Chains that use that same address?

ie Set up a Blockchain Import for ETH, POLY, Avalanche (all with the same address).

Thanks



How do I handle the following please?
Gamification and DeFi with NFT's

NFT1 (mutant cat) is staked (I can handle that part - Staking)
It Earns $FISH token while staked (I can handle that part - Staking rewards)
I claim $FISH token (I can handle that part - Staking rewards)

THEN...
I "feed" the $FISH token to NFT2 (Mutant Gorilla) which is staked, to speed up its generation of its reward (NFT3-Serum).  ie I am effectively spending $FISH token to speed up the rewards from a staked NFT. How do I deal with this as I am spending $FISH with no real return other than speeding up staking rewards?

Then...

The NFT3 (Serum) is then fed to the first NFT (Mutant Cat) to change it (To a normal Cat) that can then breed with another to generate yet another NFT.

This is all getting pretty crazy!!

Thanks




[moderator's note: consecutive posts merged]

[Andreas_CoinTracking]

@matblam
You just use trades or spend transactions if you "feed" something and when you receive something you use income transactions (e.g. income itself or staking) or trade as well if you "swap" something.
Check the NFT FAQ for details how to add the ticker: https://cointracking.freshdesk.com/a/solutions/articles/29000038312?lang=en

[rogain905]

Hi @Andreas_CoinTracking

I just had about 500 Solana transactions re-imported into my cointracking account for no reason. i have not made any changes to my account, they just showed up a couple of days ago. They are clearly duplicates, although they don't show up in the duplicate transactions section for some reason. Any idea why this might have happened? I want to make sure this gets corrected properly because it is going to take a long time to remove them all and I don't want to have to do it again

Thanks

[Andreas_CoinTracking]

@rogain905
Possibly the Transaction ID was changed by SOLANA. This is the "marker" for the duplicate check.
You could delete the lately imported transaction by "add date" and set a start date to the SOLANA API job to avoid re-import if your transactions have been fine already beforehand.

[matblam]

When I set my ETH address as a "Blockchain Import - Ethereum +Dex" does it import all associated Networks/Chains and coins/tokens that are shown in Metamask under that address (like tokens in the Avalanche Mainnet etc?)
OR - Do i need to set up a "Blockchain Import" for each of the Networks/Chains that use that same address?

ie Set up a Blockchain Import for ETH, POLY, Avalanche (all with the same address).
Thanks
Hi again. Second question:

When adding NFT, is coin value at purchase inclusive or exclusive of transaction fee (gas)?

Thanks

[Andreas_CoinTracking]

@matblam
Of course only ETH transactions are imported with ETH importer. For others (MATIC etc.) please use the other importers if available. AVAX is in development.
NFT fee: It depends if sell or buy and in which currency. Please check "entering fee" FAQ here: https://cointracking.freshdesk.com/en/support/solutions/articles/29000007202-entering-fees