Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 104. (Read 122691 times)

Hey Steve

Thanks again for your suggestion. I just put it on the todo list and we will talk about it.

Wish you good investings.

Best regards,
Keven

@ Dario,

You are welcome.

I have another feature request, which I had been meaning to put in, but you beat me to it, sort of. You changed the interface so that if the balances need to be recalculated, you put up a dialog asking the user to push the button. My idea was to have CT do something more automatic. Here's why:  As long as the user is changing the table by manual entry or import, CT should do no recalculating. But as soon as the user asks for a display of the data in any form, except the Data Input Table, CT should check to see whether anything has changed since the last recalculation (which you have always been doing) and if it's needed, just go ahead and recalculate and display the same progress bar that you do now.

Here's why I say that. If I have been adjusting transactions, or putting them in. When I want to see what happened to the results, i will most commonly ask to see the Balance by Exchange report because it gives the sort of sub-totals I want to be sure line up with what is at the exchanges and/or wallets. But here's the thing: I already know a) that I made changes, and b) that to check them, recalculations have to be done. So why ask me? By adjusting and entering transactions and then asking for a report, I know that such action will require a recalculation, so just do it!

Thanks,

Steve

You're welcome.
Yeah, it's much faster to find the issue in an account than just guessing what it could be.

Thank you too for answering user questions here at bitcointalk
I really appreciate it.
Dario

Dario,
Thank you so much! The BTC quantity had some digits transposed. it was supposed to be 0.207... NOT 0.027, which put me 0.18 BTC short! Big difference! This is an issue I sometimes have with numbers.
It's can be hard for me to spot transposed numbers but much easier to transpose them.

I sure didn't expect you to debug my data entry, but it goes with the territory. I know this because I used to write code that used Excel spreadsheets as input. The users would come to me saying the script was messing up, when, more often than not is was a simple data entry error that they just did not see.

Thanks again!

Steve

Hey Steve,

Actually we calculate the value directly in USD.
We do not calculate in BTC and convert the value into USD.

I think I have found the issue.
You have created a manually ShapeShift transaction of:
Buy: 4 DASH
Sell: 0.02731424 BTC

I don't think this is correct and the reason why the PnL is broken.
0.02731424 BTC had a value of 75.67 USD at transaction
and 4 DASH had a value of 570 USD at transaction.

You can see the wrong values on the gains page (https://cointracking.info/gains.php) by opening the 2nd box and typing "dash" into the search box.
You will also find more buy and sell prices for your DASH sales there, which look good to me by the way.
So it's just this one trade you need to fix.

Best,
Dario

@ Dario or Kevin,
Hi guys, I've just been "taking profit" on Dash. I say taking profit in quotes because CT tells me I have taken an $18 loss for every DASH sold! I was shocked to see that, so I did some digging. If I chart DASH/USD, the graph is pointing straight up, but if I plot DASH/BTC, the trend is sideways to down. I did some rough calculations and found that my weighted average purchase price is roughly $104/DASH. I also calculated my weighted average sale price and it is about $147/DASH, which represents a $43/DASH gain per DASH sold.  I think the reason for this discrepancy is because DASH has been flat to down vs BTC. I'm just guessing that you are calculating gains and losses vs BTC and then converting those gains/losses to USD rather than calculating the gains/losses vs the USD all the way through. When BTC was trading sideways against the USD, this didn't really make a big difference, but now... Long story short, since you are reporting gains and losses vs the USD, I think gains and losses should be calculated against the USD throughout the process.

I hope you see what I mean. Let me know your thoughts!

Thanks,

Steve

Hi, I'm a user here, but can answer your question. I see Dario answered your question, but he is a busy guy and gave you a quick answer. I'm retired, so am not as pressed for time as Dario, so I can give you a little more detailed answer, because there is a lot more to CoinTracking than manual entry, but that's always a way to go.

Hopefully, you have downloaded the free trial so you can see what I'm referring to. On the Menu Bar, there is a link called "Enter Coins", from there you can pick your poison. If you only have a few trades to put in, pick "Overview & Manual Entry". Let's assume you have a lot of transactions to put in. There is not currently a way to automatically load the trades from gatehub so it will have to be a semi-manual effort. To do the import to CoinTracking, you have to be able to download some sort of transaction file from gatehub. If you can do that, it's just a question of manipulating that file to get the data into the right places in CoinTracking. CoinTracking will try to figure out what the columns represent by the header name, but you can fix that before the import. CoinTracking even gives you a preview of what the import will look like before you tell it to proceed. if you have ever imported an address book from one application to another, the process is much the same. A good thing about Cointracking is that you can make a backup of your database before you do anything, so if you create a mess on your first attempt, you can just restore from the backup and start again.

So the best way to be sure this answer works for you is to download the free version, download a transaction file from gatehub (a csv will do fine). Then just see how easy/hard the whole process will be for you.

I hope this helps!

Steve

There is currently no gatehub import, but you can of course enter your XRP manually like all other currencies.

Best, Dario

Is there a way to import gatehub transactions? Or at least manually enter my XRP?

Hey Steve,

as you know we really appreciate your suggestion and feature requests.

I´ll put this on our todo list as well as your other ideas.
Thanks for contributing. Happy Tracking.

Greetings,
Keven

Hey @Liquid71,

thanks for your question. We understand such concerns and take special care about it.

I want to give you some points on our security activities.

- All data is stored secure and only on our own server, plus it will stay there.
- All databases are protected and completely shielded.
- User data is stored fully encrypted.
- The whole website is running on a SSL certification base.
- All data we delete, is deleted directly and forever. No data is left behind.
- You can register completely anonymous, nothing of your personal data is required.
- All user statistics are calculated without personal details.

To name just a few security features.

Hope this is going to help you.

Also @sgjenks01 thanks a lot for submitting an answer.

Best regards,
Keven

Hey @Tap Project,

thank you for the compliment.

We try our best to make our platform as useful as even possible. We are working on it every single day.

And yes, it´s probably a lot easier than the old excel files for most of the people.

Wish you happy tracking.

Best regards,
Keven

Hi @moftkhor,

thank you for asking about this.

Currently we are not able to add XRP as a wallet import, because we are working with a Multi-Blokchain-API and we mostly track data from there.
Unless you can name a Blockchain-API source we could implement, where this Coin is already added. In this case we would try to start an integration.

However, we hope the Multi-Blokchain-API is going to add this Coin soon.

For now you could use our bulk importers or the manual import.

Kind regards,
Keven

Hi @lofydf,

thanks for your question.

You are right, you have margin trades in your account before you even bought the Cryptocurrency.
Because of these circumstances you have warnings coming up. Currently there is no solution for CT to show running margin trades.

We are currently working on a method, so this becomes easier to handle and more efficient. This could probably take a few weeks to implement.
Over the next time we try to integrate more tools especially to make everything easier for traders.

Please be patient while we are working on a solution. Thank you very much.

Best regards,
Keven

Feature Request:
When setting up the automatic imports for BTC and ETH as well as the other Alt Coins, it would be very helpful if you provided a free format "Description" field. I got an email that said I got a deposit in BTC to xyz wallet. The problem is, I had no idea which BTC wallet the import was set up on or where the transaction came from. i had to do some digging to figure out it came from a miner. With a notes/description field, that could have been avoided.

Thanks,

Steve

@liquid71
You would probably rather hear this from a user than the guy trying to get you to buy it, so here goes. You can see what sort of information is being sent to them by looking at an export file, for example. They are plain text csv files with trades from the exchange you are using. They get info like: Date & Time, Symbol and Amount Sold plus symbol that you bought and amount, and any fee the exchange took out of the trade. I'm sure they can look at all this in aggregate or detail to see what you are doing, but why would they care? None of the information about wallets ever leaves your wallet or exchange. I suppose a risk might be that a government could subpoena their records to help them capture tax dodgers, but that's pretty unlikely, because all the data is "hearsay". A government probably wouldn't rely on this data and would be much more likely to go after an exchange. This is exactly what the USA did when they went after Coinbase to get their customers' records.

Steve

This looks like a really cool project, I usually avoid this type of thing because of privacy concerns, well that and coin security. What kind of personal info is shared and with whom using this service? Thanks

Looks like a great platform, would of been better than the old excels

How can I import my XRP address from my hard wallet? There is no 'XRP' ticker in the list of altcoin wallets...

I just tested cointracker and i think it's a pretty awsome piece of work when it comes to cointracking and taxes. Thank you very much, i'm really thinking about going Pro when i figured out the last little tricks

Currently i'm sturggling on how to correctly enter future trades in a manner where they correctly get processed for the tax report.

Example 1 How would i enter a okc quaterlies long trade with 10x leverage

Day 1
open long position of 100BTC leveraged 10x (using 10BTC of my balance)

Day 2
close long with P/L of lets say 2BTC


Example 2 How would i enter a okc quaterlies short trade with 10x leverage

Day 1
open short position of 100BTC leveraged 10x (using 10BTC of my balance)

Day 2
close short with P/L of lets say 2BTC

With the short i'm selling BTC that i didnt buy prior to the trade, resulting in cointracker complaining that my balance is messed up at that trade.