CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 10.

Peter111280

newbie

Activity: 85

Merit: 0

Quote from: Andreas_CoinTracking on March 12, 2022, 04:33:17 AM

@dolphintree
We have a FAQ with options here: "Lending / borrowing crypto or sending to / receiving from a friend - which transaction types should I use?" (https://cointracking.freshdesk.com/a/solutions/articles/29000029374?lang=en)

hi i am new here end i need really help.
my cointracking account is a mess
1 the app dont see my staked chromia on bsc.
2 the imported transactions are full with errors
3 cant import hotbit xls file it shows zero transactions
i am trying to generate tax report end is too many mistakes

matblam

newbie

Activity: 20

Merit: 0

Quote from: jjj0x on March 19, 2022, 04:26:48 PM

maybe others have asked for this before

but can you guys please start a Discord

would be nice and many times community members can answer each others questions fairly easily.

this feels so 2013!

I second this

jjj0x

newbie

Activity: 4

Merit: 0

i know you guys are busy since its tax season

but any chance Terra/luna defi can get prioritized

especially for those of us that used Anchor for the 20% deposit interest

and borrowed off of anchor collateral in 2021

I am not expecting this before April 15 for USA customers when our taxes are due

but maybe by late spring or early summer

jjj0x

newbie

Activity: 4

Merit: 0

maybe others have asked for this before

but can you guys please start a Discord

would be nice and many times community members can answer each others questions fairly easily.

this feels so 2013!

Andreas_CoinTracking

member

Activity: 864

Merit: 52

Yes, asset value is needed for gain/loss calculation for a specific NFT.
We are working on a solution that the custom price is used on closing position report to specify current value.

matblam

newbie

Activity: 20

Merit: 0

Thanks .
So for tax purposes there's really no need to create a Custom Price for each NFT then?
I have been setting one to match my buy price.

Cheers

Andreas_CoinTracking

member

Activity: 864

Merit: 52

@matblam
A: No, they are not.
B: No, asset value is the value when you buy/sell it. Custom price is the current value (with no price history for unlisted assets).
C: Asset values are more important for capital gain/loss calculation.
See this article: "How to add NFT or IDO transactions" (https://cointracking.freshdesk.com/a/solutions/articles/29000038312?lang=en)

matblam

newbie

Activity: 20

Merit: 0

Hi

Adding a new Token/Coin/NFT question:

These questions relate to adding a NEW NFT as a "NEW Coin"

A- Are "Edit Asset Value" and "Custom Price For Currency" not the same thing? I notice one is not auto populated when I fill the other.

B- Should the "Custom Price For Currency" be set to exactly the same as I set "Edit Asset Value"? (I set this as the purchase price when adding a NFT)

C - Is it a problem if I do not set both of these? Which is the most important?

Thanks

Andreas_CoinTracking

member

Activity: 864

Merit: 52

@dolphintree
We have a FAQ with options here: "Lending / borrowing crypto or sending to / receiving from a friend - which transaction types should I use?" (https://cointracking.freshdesk.com/a/solutions/articles/29000029374?lang=en)

dolphintree

newbie

Activity: 1

Merit: 0

hi. if i transferred my assets to my spouses exchange what is the best way to handle this in coin tracking?

another company said to label them as gift.

is that what you would do?

Andreas_CoinTracking

member

Activity: 864

Merit: 52

@Flea_man
please send us a ticket/E-Mail with example screenshots from your KuCoin account.
For now please adjust those transactions manually as described here: "Loans and their repayments" (https://cointracking.freshdesk.com/a/solutions/articles/29000033408?lang=en)

Flea_man

newbie

Activity: 1

Merit: 0

Hi,

It looks like the KuCoin API now imports loans. But this messes up capital gains calcualations. loans out are withdrawels (which dont count as a disposal), but when they are paid back, the whole amount (the loan plus interest) is read in as "other income". Only the intrest should be income, the returned loan should be a deposit. This other income as it is then creates astronmical unrealised gains!

Can this be rectified to record loans properly or else switched off? I have tired turnign on only trades, but this still records the loan repayment incorectly as income.

Andreas_CoinTracking

member

Activity: 864

Merit: 52

Yes, you can still use the old importer unless you have valid job there.
Please check the new FAQ here as well regarding how LP are imported: https://cointracking.freshdesk.com/en/support/solutions/articles/29000040323-import-of-liquidity-pool-mining-transactions

entertainment

sr. member

Activity: 422

Merit: 250

The new way to manage liquidity pools make 0 sense to me.

Why a deposit into a liquidity pool is considered as an expense and then as a taxable event? When I deposit something into a pool is a Deposit, I'm not expending my coins, I'm depositing them in a pool.

Is it possible to choose the old method as default?

Andreas_CoinTracking

member

Activity: 864

Merit: 52

Updates and Improvements

API
- OKEX (Staking transactions and other improvements)
- FTX (support for internal stable coin swaps + USD stable coin pools)
- Celsius (fixed rounding issues for interest payments)
- Bybit (support for Spot trades and transfers)
- Kraken (Earn ETH update)
- KuCoin (new API version)

CSV
- Binance (support for full-year files)
- OKEX (Staking transactions and other improvements)
- Kraken (Earn ETH update)
- Celsisus (update for transfers)

Blockchain
- improvements for BSC, ETH and AVAX
- SOLANA import E-Mail notification added
- new ETH Import version and support of deflationary tokens

Other
- Several Ticker updates for correct assignments and price history
- CSV exports now also contain the Tx-ID
- new partner benefits

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

Andreas_CoinTracking

member

Activity: 864

Merit: 52

Yes of course. Withdrawal first, then deposit.

We do not recommend to track FIAT deposits or withdrawals. Either you do that everywhere or nowhere in your account. (https://cointracking.freshdesk.com/a/solutions/articles/29000018265?lang=en)

vampyz

newbie

Activity: 9

Merit: 0

So, even if say a deposit was at 12:00:00 and the withdraw was at 12:02:00, I would still need to correct it? I ask because I know the amount at the time of withdraw and deposit would be pretty much exact.

My other question is, if I sold a coin to USD and then had that USD profit transferred to my bank account, do I need to show an entry of that? I already have an entry for the withdraw, deposit and trade of the coin to USD.

Thank you

Andreas_CoinTracking

member

Activity: 864

Merit: 52

You are welcome @vampyz
They have to be in the correct order especially for depot/lot separation. (https://cointracking.freshdesk.com/a/solutions/articles/29000038566?lang=en)
Withdrawal first, then deposit always or at least at the same time. So it could happen that you need to adjust those manually.

vampyz

newbie

Activity: 9

Merit: 0

@andreas_cointracking

I see thank you.

If a deposit and withdraw time stamps are off, does that affect the program's calculations? For example, 1 BTC withdrawn 3/5/2022 12:00:00 and then another entry with 1 BTC deposit 3/5/2022 12:15:00

Thanks

Andreas_CoinTracking

member

Activity: 864

Merit: 52

@vampyz
We recommend using the default asset value of CoinTracking and keep them untouched. You can check your transactions and click "take over data" of your trades if needed.
See our FAQ "Fiat, coin and commodities price sources, individual exchange price, change Fiat account Currency" (https://cointracking.freshdesk.com/a/solutions/articles/29000007214?lang=en)

Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 10. (Read 122902 times)