Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 21. (Read 122691 times)

Yes, this is needed. The "current price" has only impact on current value of your coins. Asset price adjustment and custom price are needed as long the NFTs are not listed on our price sources.

Thanks. Only way I can get it to work out correctly is to update the sell value to match the buy value in the trade where I sell the NFT. Otherwise it seems to want to use the NFT token price I set in the custom token price on purchase. Or am I stuffing it up doing this? It seems to show correctly in Realized and Unrealized Gains chart now

@matblam
If you are using "best price" calculation method the gains are calculated properly as the "counterpart asset value" e.g. of your ETH is taken.
If you want to see the gain of the manually added NFT you need to update the asset value while copying the sell value (buy transaction) and the buy value (sell transaction) into the blank asset value field (non listed asset) of the NFT.
See those 2 FAQs here:
Edit asset value manually (https://cointracking.freshdesk.com/a/solutions/articles/29000033219?lang=en)
The cost basis seems wrong in the Gains/Tax Report (https://cointracking.freshdesk.com/a/solutions/articles/29000018287?lang=en)

So when we purchase a NFT we create a new token/coin under its own ticker and give it a value of purchase price. When we SELL the same NFT do we need to update the value of that token/coin? Or do we just sell that 1 token for xxxETH and it is fine? I notice that when I do this it does not appear in my realised gains/losses but rather disappears altogether.

VeChain Support

Thanks for this app. It makes my life a lot easier. Does CoinTracking already provide or are you planning for it to provide support for VET and VTHO?

We have this on our improvement list. Thank you for your patience.
You might want to try the ZERO tax calculation method.
There is no report for tax loss harvesting per se, but you can use the instant gain calculator (https://cointracking.info/gains.php) to predict realized gains for coin.

Will CoinTracking be implementing a way to match a specific purchase with a specific sale?  I'm trying to take advantage of tax loss harvesting since wash sale rules don't apply to crypto.  If I choose LIFO and the coin I'm selling was the last purchased, my net loss is $0. 

The IRS allows for the use of the Specific Identification Method.  If you have the information for each and every transaction (which we do since we are using the CoinTracking software), you can report the specific coin you're disposing of when reporting your taxes.  This allows me to sell a losing position, immediately buy it back and realize the loss.

My issue is that CoinTracking only allows for a blanket FIFO, LIFO, etc choice for reporting.  Choosing one reporting method might let me realize the loss for the wash sale, but increase my taxes on other transactions in the process.

For example, here are my 3 transactions;

Buy 0.374 BCH on 12/30/17 for $900 (BCH Price $2,406)
Sell 0.374 BCH on 5/23/21 for $199 (BCH Price $533)

Buy 0.374 BCH on 5/23/21 (BCH Price $533)

The object is to harvest the $1,873 loss on the transaction.  However, there is no way to do that since I can't assign the 12/30/17 purchase to the 5/23/21 sale without changing the reporting method for the entire year.  Changing it for the entire year increases the tax burden on other transactions I've made through the year.

I need a way to assign the each transaction to a purchase so I can maximize my loss harvesting.

Good job with Matic 

Updates and Improvements

API
- New import: Kraken Futures
- KuCoin import update (fix for duplicates, fixed API job error messages)
- Gemini import update (AdminDebit is now imported as Other Expense and AdminCredit as Other Income, fixed API job error messages)

CSV
- New import: Kraken Futures
- Binance Complete import (Beta) update (add FIAT deposits/withdrawals as an option, sub-account transfer added, card payments now imported)
- Cake DeFi import now supports the new file format

Blockchain
- New import: MATIC/Polygon
- Ethereum import update (added Plasma bridge transfers, fixed missing and duplicate transactions, "check now" added to legacy ETH import)

Other
- Several coin ticker updates
- Tax report: AVCO tax method now shows the pool date
- Tax report: Depot separation for OPTI calculation method added

Here is the link to our news page (source): https://cointracking.info/new_features.php

you are welcome.
Just keep the transaction how they have been imported. Normally as Deposit - you could change that to "airdrop".

Thanks.  For "set amount to zero in transaction", which transaction type are you referring to?

@shotcollin
Good questions. You are welcome.

If you have already imported any transactions they would never change "automatically" in your CoinTracking account. So if you have issues or have been affected by those changes for some reason then please:
1. create a backup of your data
2. (bulk) delete the affected (exchange/wallet) transactions
3. re-import them again via API or CSV

This applies always to all blockchain, CSV and API changes.

Normally it is not needed to re-create the API job again. It is only needed if you have still issues or error message at your API job.

If your transactions are fine and your balances do match then there is no action required.

Many thanks for correcting bugs and updating features, the fixes are much appreciated.
One question on the updates: is there somewhere that details which of the updates/fixes requires re-import of data? Or does every data source that's been updated need to be removed and re-imported/re-created?

For example, since these are fixes for CSV imports, does that mean each existing CSV import for these sources should be deleted, then re-imported?


Do sources with API fixes need to be set up again as new connections? Should old API imports be deleted and re-imported with new settings?


And should blockchain imports be re-created also?

Either set amount to zero in transaction or add a "lost" transaction about this amount if you want to see them as "loss".

There are a lot of small individual changes for some addresses or liquidity pools. If you are not affected and your balance does match there is no need to change. If there is something wrong, just create a backup, group delete all BSC transactions and re-import them again.

What's the recommended way to "dispose of" defunct, unsellable tokens leftover in a wallet?  (E.g. Old BSC tokens with no pancakeswap liquidity). Something that books the related capital loss, and removes them from CT's ongoing coin balance reports.

Also, can you provide any detail as to what BSC import improvements have been made?  From latest release notes:
> "- Binance Smart Chain Blockchain Import Update (fix for new smart contracts, missing transactions)"

Thank you

@Plenty
Understand your point. And it is addressed. Thank you for your further patience.

I have had an ongoing support ticket for three months already!  First I was being reassured that the fix was being worked on.  Then I had huge apologies from support.  Again I was reassured the issue would be fixed.  Then two updates and it is still not fixed.  And unfortunately, I have neither the time, ability, nor interest for cointracking or my accountant to poke into my portfolio to manually add the translactions.  This is not a fix.  In fact if I had taken this advice months ago, I would have be required to pay someone for three months of transaction imports.  The whole idea of the platform is for automated blockchain accounting.  How hard is it to make sure that bug is fixed when the customer has indicated the technical problem with precision from the Exchange itself, repeatedly reminded you and the support staff via the ticket, and given you THREE MONTHS to simply add the Admin Debit field to the API?  There is no excuse except incompetence or malevolence.

PLEASE FIX THE BROKEN API AND PUSH IT INTO PRODUCTION.

Thank you!

~Paying Customer

@plenty
Please reply to the ticket your raised so that we can check the status there.
It is always possible to add transactions in the meantime manually if an API does not bring them in for whatever reason acknowledging it takes some effort here.

Nine API updates and not one was the Gemini fix. Sir, how can you say my issue has a high priority and that your team is working on it but it's been three months since Gemini clearly explained that Admin Debit was added to their API and CT still needs to fix this?  Your software has not given me a correct balance in three months, and my estimated tax reports to the IRS will be wrong due to CT's failure to update.  Please kindly fix this issue and push it to production as quickly as possible!
 

 

@clmns
We add this to our road map. We focus on Top20 chains first.

If they offer CSV export just sent us an example to check if it is usable/importable.