Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies (Read 122614 times)

Yes, this is exactly what depot separation is about.
No, it will not affect previous reports. But you should go through all ValiChecks as shown here: "How to validate my account?" (https://cointracking.freshdesk.com/a/solutions/articles/29000035339?lang=en)
Here you can find the cost per unit on the gains page - and a depot separation filter is available besides others as well: https://cointracking.info/gains.php

US released new guidance for tax purposes with deadline of Jan 1,2025 
Thanks for your reply!

does cointracking have wallet based tracking as discussed here:
https://support.koinly.io/en/articles/10289123-migrating-to-wallet-based-cost-tracking-under-new-irs-guidance-usa-only

is that the same as depot separation feature?

if we have not used this feature and turn it on, will it affect previous accounting/tax reports?

one last question, what is the easiest way to get all my cost-basis for my current holdings?

Our main source Coinmarketcap had issues - now both coins are there:
https://cointracking.info/coin_charts.php?cur=USUAL
https://cointracking.info/coin_charts.php?cur=USD0

There is a difference. USD0 is a stablecoin on USUAL, check out the links below:

USD0: https://www.coingecko.com/en/coins/usual-usd
USUAL: https://www.coingecko.com/en/coins/usual

It is already there searchable via contract ID: https://cointracking.info/coin_charts.php?cur=USD0

Hey,

can you please add the following token ticker to the CoinTracking software:

https://www.coingecko.com/en/coins/usual/

Just claimed my airdrop this morning, wanna add it to my portfolio now. Thanks.

Updates and Improvements

API
- New Importer: WooX, Bitvavo by Hyphe
- Bitget (new transaction types supported & improved)
- Coinbase (Rewards & Staking improved)
- Bybit (custom exchange name possible)
- BitMEX (funding fee supported, custom exchange name possible)
- Kraken Futures (fees improved)
- Bitso (API error message solved)
- Kraken (API error message solved)
- coinbase (staking and deposits, API error message solved)
- crypto.com Exchange (fees and currency ticker improved)
- Bitfinex (transaction types improved)

CSV
- New Importer: Blink, WooX
- BingX (Funding fee and new transaction types supported)
- Bitvavo (new transaction types supported)
- Coinbase (fees, Advanced Trades & deposits improved)
- KuCoin (fees improved, new file formats supported)
- Ledger (new transaction type supported)
- BingX (fees and transaction types improved, new file formats imported)
- OKX (new transaction types supported and improved)
- CoinEx (new transaction types supported and improved)
- Kraken Futures (fees improved)
- Coinsnap (new format supported)
- Binance US (convert improved)
- crypto.com Exchange (fees and currency ticker improved)
- Wirex (new format supported)
- Exodus (new transaction types supported)
- Bitvavo by Hyphe (additional transaction types supported)
- Bison (transactions improved)
- Bitfinex (new transaction types supported)
- Swyftx (new format supported)

Blockchain
- New Importer: Thorchain (RUNE), SUI, The Open Network (TON), Gnosis (XDAI)
- Improvements: XLM - more addresses supported, ETH - Curve Tracking improved, Polygon - ERC-1155 NFTs supported, Solana - fees and transactions improved, Arbitrum - new LP protocol supported, AVAX - LP protocol improved, Ethereum - NFT & LP transactions improved, Cosmos - additional transactions imported (see FAQ "My blockchain transactions are not imported correctly. Why?")

Other
- Several Ticker updates for correct assignments, price histories and logos
- Improvements of tax reports (AT: AVCO with depot separation after 01.02.2021, GE: new capital gains settings added, Portugal: new Tax Report released)

We appreciate all the feedback we've received and have already sent individual notifications to those who provided it. Thank you for your valuable input!

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

Understood.

Thanks very much!

It is fair to say that.

Zero tries to get you as close to 0 as possible. If you are in loss, it will try to get a gain with next transaction

OPTI will sort  available buys into for categories:

Long loss
Short loss
Long gain
Short gain

It will take first available one from category in the following order, depending on taxes on longs:

Long term is taxable:
Short Loss
Long Loss
Long Profit
Short Profit

Long term is tax free:
Long Profit
Short Loss
Long Loss
Short Profit

Hi Andreas,

Specific Identification is now allowed in Australia and one of the emerging local software providers has implemented a Tax Method that compares, for each sale, the outcome of every possible method (FIFO, LIFO, HIFO etc) and picks the most favourable one (lowest tax first out), knowing that Investors benefit from a 50% discount on long-term capital gains.


I had assumed OPTI was doing just that, until I but looked back at past years Tax reports. To my surprise, the one year I was most active, ZERO would actually have been a more favourable Tax method:

- OPTI would have maximised the number of sales in Long Term Capital Gains, but because the tokens had been held for a longer time the differences between Purchase & Sell prices were higher, resulting in a higher Capital Gains and Tax amount.

For example: $1,000 Short Term + $9,000 Long Term for a total of $10,000

- ZERO would have minimised the difference between Purchase price and Sell price, resulting in Short Term Capital Gains being higher than with OPTI, but

For example: $1,500 Short Term + $6,000 Long Term for a total of $7,500
                   

Would it be fair to say that OPTI and ZERO both try to achieve a specific goal at a portfolio level (Maximise Long Term Gains vs Minimise P&L impact) but there is not yet a Specific Identification method that combines various Tax methods to achieve the lowest tax possible on a sale by sale basis? If so, do you guys have any plans to offer this level of sophistication in future Specific Identification releases?

Thanks very much!

BTW, Awesome Black Friday offer! 

🚨 It’s Black Week at CoinTracking! 🚨 Our BIGGEST deal ever is here! Get 10% off on all subscriptions - for life - plus 15% off Basic or Advanced Full-Service! Don’t miss out on this unbeatable offer! 🙌💸

Click here to redeem the offer and sign up:
https://cointracking.info/?ref=BF2024

How to get your discounts:
10% Discount on all plans: Just click on the link and the discount will apply automatically at checkout.

15% Discount on the Full-Service: After clicking on our special Black Friday link, you can request the Full-Service including the initial free call. The discount will be applied after choosing the right package with our experts.

Note: There are currently an increasing number of fraudulent e-mails circulating that act illegally in the name of CoinTracking and promise payout guarantees. Please note that these are all attempts at fraud. In order to protect and educate consumers, we have published a warning in cooperation with the German BaFin: https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Verbrauchermitteilung/unerlaubte/2024/meldung_2024_10_30_CoinTracking.html

Updates and Improvements

API
- New Importer: Kinesis, Coinbase exchange (Business)
- bitcoin.de (fees improved)
- Bitget (transaction types adjusted)
- Coinbase (Dust sell supported, ETH swap improved)
- Kraken (new transaction types supported, Earn improved)
- Bitpanda (BEST rewards improved)
- Binance (Live view error solved)

CSV
- New Importer: Kinesis, Coinbase exchange (Business)
- Binance (new transaction types supported)
- NEXO (new transaction types supported)
- Bitpanda (BEST rewards improved)
- CoinEx Futures (new file format supported)
- Gate.io (new file format supported)
- 21bitcoin (new file format supported)
- Swan Bitcoin (new file format supported)
- BingX (BaseExport file - all tabs supported, Futures Funding fee supported)
- crypto.com App (Conversion supported)
- Pionex (new file formats supported)
- KuCoin (new file formats supported)
- CoinEx (fees supported)
- Bitget (new file format supported)
- Ledger (new transaction type supported)

Blockchain
- New Importer: Kusama
- Improvements: Base - NFTs supported, ETH - new trades supported, HBAR - staking improved, XLM - more transactions supported, Cardano - old address format supported, Polkadot - fees improved (see FAQ "My blockchain transactions are not imported correctly. Why?")

Other
- Several Ticker updates for correct assignments, price histories and logos
- Improvements of tax reports (settings harmonized in settings page, Full extend report added, GE: KAP+SO forms 2023 updated, forex gains removed from section 1.1, AT: ATM improved)
- Improvements for spam center tool (e.g. outgoing transactions could be marked as spam)
- 'MULTI' method added to realized gains page
- New login/signup design

We appreciate all the feedback we've received and have already sent individual notifications to those who provided it. Thank you for your valuable input!

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

Great. You are welcome.

Ohhhh.... Makes sense! Thanks very much Andreas!

Had not quite been able to work out how to use MULTI prior to your response. After playing around with it a bit, have now realised one needs to change the start date in "Custom Tax Period" to the very first financial year they started recording transactions (fro example 01.01.2020 to 31.12.2024) to then be able to select separate tax methods for FY20, FY21,...FY24 individually)! Brilliant!!!
Otherwise, if a user only selects OPTI or ZERO for a given year (e.g: FY24), that method is applied from your very first trade (FY20) to today.... (FY24). Got ya!

Glad I asked as would have submitted an incorrect tax report...

Thanks a lot Andreas! Much appreciated

Thank you for your great feedback. We appreciate this.

You can select MULTI as tax method and then you can select the different methods within you tax years.

Hi Andreas,

Big thanks to you and team for all the hard work - really appreciate how handy the software is and the fact that it keeps getting better every years, reporting & functionalities wise.

Question about specific identification:

If one starts using one of the specific identification methods in FY24 after using FIFO for a few years, how does the software work out that the coins it is using for a specific identification calculation in FY24 has not already been disposed off via Fifo in one of the previous Financial Years?

Similarly, the following year (FY25), how will the software work out that Fifo was used until FY23, then Opti in FY24 and again Opti in FY25 (to, once again, avoid using in its calculations, a coin that has already been disposed off):
- once more curious as to how the system knows in FY25 that this time Opti was used the previous year, if at all?

Apologies if I'm missing the point and these are all silly questions though...

Could simply be that when selecting one of the specific identification methods, the system applies it from inception and any optimised result that could have been achieved in prior years is either:

- a missed opportunity for the user as they did not use a method that would have led to a better tax outcome
- or maybe the user can opt to re-issue prior year statements using the specific identification from inception and then apply for tax refunds.

Hope the above makes sense

Thanks very much!

Updates and Improvements

API
- Crypto.com (staking, deposit/withdrawal supported, API error messages solved)
- Bitget (PnL improvements, API error messages solved)
- MEXC (API error message solved)
- Binance (Real Time APR Rewards supported, staking fee supported)
- Kraken Futures (new transaction types supported)
- Coinbase (instructions and importer improved)
- Bitpanda (Rewards improved)
- Kraken (allocation & ETH2 transactions improved)

CSV
- Crypto.com (staking, deposit/withdrawal supported)
- KuCoin (new date format supported)
- KuCoin Futures (new file format supported)
- Binance (RENDER Swap supported)
- Bison (new file format supported)
- Swan Bitcoin (new file format supported)
- OKX (transfers improved, new file formats supported)
- Coinbase (rewards, staking & PRO transfers improved)
- Kraken Futures (new transaction types supported)
- Blockchain.com (new file format supported)
- Gate.io (new file formats supported, trades improved)
- Bitpanda (Rewards improved)
- Bybit (new file format supported)
- Kraken (allocation & ETH2 transactions improved)

Blockchain
- New Importers: Flare, Oasis Network
- Improvements: Pulsechain - bonus & ERC20 token improved, Solana - staking improved, BSC - staking improved, Linea - transaction type improved, zkSync - USDCE transactions improved, Ethereum - Uniswap DEX improved, GO - duplicates solved, (see FAQ "My blockchain transactions are not imported correctly. Why?")
- New spam center tool

Other
- Several Ticker updates for correct assignments, price histories and logos
- Improvements of tax reports (DE: 20k loss slider capital gains added, UK: update 1.2 wording)

We appreciate all the feedback we've received and have already sent individual notifications to those who provided it. Thank you for your valuable input!

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

Updates and Improvements

API
- New importer: my.OKX (new for EAA)
- Bitget API (no time restrictions any more, many improvements e.g. fee, new transaction types etc.)
- Kraken Futures (API error message solved)
- gate.io (new transaction types supported)
- Bitfinex (Settlement fee slider added)
- Bitpanda (Staking improved)

CSV
- New importer: Swan Bitcoin, Coinsnap, Bitvavo by Hyphe
- Wirex (new format supported)
- Poloniex (trades improved)
- gate.io (new transaction types supported, new format supported)
- Coinbase (trades improved)
- crypto.com App (staking improved)
- CoinList (Advanced Trades supported)
- Bitpanda (Staking improved)
- Bybit (fees improved)
- Bitfinex (Movement - additional date format supported)
- Bitrue (credit card buys improved)
- BingX (new format supported)
- Kraken (ETH Shanghai - staking improvements)

Blockchain
- New Importer: Kava, Injective
- Improvements: Solana - trades improved, Pulsechain - 'no import' issue fixed (see FAQ "My blockchain transactions are not imported correctly. Why?")
- Live balance - improvements for all chains

Other
- Several Ticker updates for correct assignments, price histories and logos
- Improvements of tax reports (AT + GER: MULTI method now available, account currency shown below country, GER: derivative loss slider added, AT: AVCO 2022+ disabled, IT: AVCO 2023+ disabled, Quadro report improved)
- Short/Long report improved, Overall Menu adjustments (e.g. Enter Coins -> Transactions)

We appreciate all the feedback we've received and have already sent individual notifications to those who provided it. Thank you for your valuable input!

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

Updates and Improvements

API
- MEXC (API error message solved, fees improved)
- Huobi renamed to HTX
- Bitvavo (API error message solved)
- OneTrading (Live Balance added)
- KuCoin (EUR transfers between sub accounts improved)
- Coinbase (staking improved)
- Binance (API error message solved)
- Bitget (airdrop & convert supported, Live View & Funding & internal transfers improved, API error message solved)

CSV
- new importer: CoinList
- Huobi renamed to HTX
- CoinEx (Futures PnL supported, fees improved)
- Exodus (Swaps supported)
- crypto.com (new format supported)
- KuCoin (new formats supported, trades improved)
- Ledger Live (new transaction types supported/skipped)
- TradeOgre (fees improved)
- OneTrading (new format supported)
- Coinfinity (time difference adjusted)
- Bitfinex (Movement Withdrawal improved)
- Bitget (new transaction types and new file formats supported)
- Kraken Futures (new transaction types supported and fees improved)
- HitBTC (withdrawal fee improved)
- Wirex (new format supported)

Blockchain
- new Importer: Kaspa, Iota, Iota EVM, Shimmer, Shimmer EVM
- improvements: zkSync - Trades improved, Solana - transaction optimizations & RAY improved, DeFiChain - fees improved, Optimism - fees improved, Polkadot - staking improved, XLM - voting coins supported, Cardano - withdrawals improved (see FAQ "My blockchain transactions are not imported correctly. Why?")

Other
- Several Ticker updates for correct assignments, price histories and logos
- improvements of tax reports (CA: staking and airdrop part of income report by default, US: "incorporate 3rd currency..." enabled by default, DE+AT: comment for lost/stolen/hacked transactions added, IT: portfolio value and stable coins enabled by default, DE: Forex Gains moved to section 1.2, all - account currency shown below country)
- Balance by Exchange new hide filters, group edit supports 'umlauts' and special characters in comment field

We appreciate all the feedback we've received and have already sent individual notifications to those who provided it. Thank you for your valuable input!

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