Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 16. (Read 122691 times)

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

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

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?

@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.

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?

@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.

@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)?

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

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

@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.

@Andreas_CoinTracking
Oh thanks, I made a mess of some of those tx, but am repairing it.  

1. For my first "Swap" tx of Weth for Eth, I am getting 2 separate (duplicated) warnings for the exact same, single tx:
"Sell of xxx WETH
There is no suitable purchase to this swap trade (all purchasing pools consumed). Assuming purchase on the same day for 0 USD."
The previous purchases are 2 tx from several days prior, and clearly add up to enough weth and eth to make the tx.  It is the first warning when sorted by date, and I'm not sure how to get rid of this one.  Anything I'm overlooking?  I've tried manually set a Weth price for the prior purchases, but that doesn't seem to be the problem.  


2. I'm also running into problems when withdrawing more than one coin from a pool.  e.g. I deposited eth into curve pool and later remove (in same tx) eth + seth.  This seth, when later sold, has no cost basis even when I manually input it.  

@moonmaths
I see 2 options here.
1. the balance by exchange report (https://cointracking.info/balance_by_exchange.php) and add an end date at the filter on top
2. this report where you see purchase pool changes with every transaction (https://cointracking.info/double_entry_detailed.php)

No, you can only add 1 sell and 1 buy amount/currency within a trade.

Filling the fee field is optional. See those FAQs here:
Entering Fees (https://cointracking.freshdesk.com/en/support/solutions/articles/29000007202-entering-fees)
Other fee (https://cointracking.freshdesk.com/a/solutions/articles/29000021505-bnb-balance-wrong-due-to-fees-not-being-deducted-/en)

No, Undo or Redo is not available. Just make sure you are doing backups before bigger edits/deletions.

@Andreas_CoinTracking
ty.  

When reviewing issues, I'm having trouble visualizing eg how much eth I have at a certain moment in time (and perhaps on what exchange).  This would be helpful when trying to find out what inputs I've messed up when I get a "short" error on taxes.  Is there any native asset 'viewer' that makes reviewing discrepancies easier than checking things out line by line?  

Also, any way to input trades with more than 1 input 1 output?  

---

When dealing with fees, is there a difference if they are inputted as stand-alone items vs. withdrawals vs deposits vs staking fees etc.?  Specifically in how they are used to do tax calculations for the USA, Germany.  

And are there "Undo" and "Redo" functions?  

@moonmaths
For me it is not clear why you need the deposit and withdrawal transaction. You only need those transaction types if you transfer coins from A to B.
Of course you could use the trade+swap transaction if you want to change Coin A to Coin B.

There is a 32 characters limitation of the exchange name field if you have not more characters you could use wallet address as exchange name of course.

@Andreas_CoinTracking

Great to know.  The extra deposit/withdraw seems redundant then.  Is it done to properly keep the record of the current value of my tokens?  (As the xxx-Gauge token is valued at 0 in the same transaction)? 
If so, I'm not sure why we couldn't just use the "trade" and "swap" trick as used above, or something similar.   Just thinking out loud.   


Also, I've imported as you might have guessed, the eth address using your import, and have put the eth address as the exchange name.  Do you recommend that or something else?

@moonmaths
you are welcome.
Deposit and withdrawals do not change the cost basis, they only "carry" it. Looks like a transfer from A to B. A trade is only on A and not on B so it would not help.

Thanks for the swap tip.  A great help.  


Staking e.g. ECRV on curve (the actual "Staking" tx):
1. normal tx fee   √
2. Non-taxable income on newly acquired ECRV-GAU  √
3. Withdrawal ECRV
4. Deposit ECRV

3, 4-- Is this updating my cost-basis?  If I want to keep original cost basis, can I simply combine 3,4, and group them as a swap?  

@rogain905
thank you for your feedback.

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.
Or you switch always in the settings between 2 currencies or you add a 2nd account and restore your data there from time to time and have this account in a different currency.

We are doing our best to add more and more blockchain importers.

Not sure if this is the right place to post feature requests but as a non-USD user I need to report my trades in another currency, however for the purposes of my dashboard, and more importantantly finding incorrectly used token codes (i.e. SOL vs SOL2) it would be great to be able to choose USD as the currency value that shows while keeping my tax calculations in the currency of my choosing. Pretty much everything is quoted in USD so that should always be an option for viewing despite the need for tax calculations in a different currency

Also probably goes without saying that given the explosion of bridges having the ability to import from all chains is becoming a must. I understand you are working on the top 20 chains but having a dedicated team working on all chains at all time is a must IMO. Whoever can roll these out the fastest will win the cointracking game.

Loving the software so far

thanks!