Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 26. (Read 122619 times)

@elwon20 and all
This is a mistake from our end. We will remove those duplicates automatically by tomorrow latest. So there is nothing to do here from your end.
Sorry for the inconvenience this causes.

Woke up this morning and my Bitfinex balance was way off.

Deleted all Bitfinex transactions and re-imported them. Same thing.

Noticed the 'API v2' message for margin trades (which I have used in the past) and checked that box, deleted all transactions and re-imported them again... still way off.

Did something change recently?

I only notice this on exports, but not on backups.
I.e. when I enter a custom cost basis (be it for listed or unlisted coins) and make a backup, then restoring from that backup also restores the cost basis.

I have a few transactions with custom values myself, so I made sure the backups restore those values.
But just to be safe I rechecked just now to confirm:
- Added a trade to buy 23 YYY (unlisted coin) for 42 USD
- Entered a custom YYY buy value of 8.15 USD
- Saved a backup
- Deleted all trades
- Restored from backup
-> Custom value of 8.15 USD was also restored.

1) The time is midnight from the day before. So if you add 1/1/2021 you get midnight 31/12/2020.
2) You can just compare transactions here e.g. using missing transaction report. https://cointracking.info/missing_transactions.php You can try using our new ETH importer instead which is beta state (https://cointracking.info/import/eth_address_new/)
3) backup - we have this on our improvement list. For now if you restore those the custom prices have to be added manually like the API connections.
Possibly this would help: Exchange closed or missing data due to wallet inaccessibility (https://cointracking.freshdesk.com/a/solutions/articles/29000034626?lang=en)

Thanks for the advice. I have a few other, unrelated questions

1) On the 'Balance by exchange' page you can filter by date but not time. What time is this date based on? Can you add documentation for this and let me know? I critically need this info to help me figure out the solution to my next issue as I am effectively going block by block between transactions to try to figure out where the discrepancy is. If I could filter by time AS WELL AS date this would be trivial to solve, but since I can't and it's unclear when the filter is based on time wise I have no idea how to properly compare CoinTracking and the Ethereum blockchain here

2) I have a new wallet/exchange entry for this year and have been trading a ton in it. I am now noticing a discrepancy in one coin (ETH) for a total that I cannot find in any of my logs so this must be coming from some miscalculations across trades. Is there any way for me to easily debug this? It's really hard for me to narrow down, ideally i'd like to try importing from Etherscan but the blockchain import is automatic/api based and I DON'T want to import, I simply want to compare against what I have. Additionally Cointracking has no way to import from CSV on Etherscan.

What do you suggest I do to narrow this down? If I could customize the time for the filter on the balance by exchange page this would be easy with the block balance explorer on etherscan.

Additionally I don't want to mess with backups or exports because I've noticed (and this is a big issue, please include this as a fix) the manual cost basis for unlisted tokens is not saved between backups or exports and as such my trades are completely messed up if i restore (since I then need to go back and readd every single cost basis for every tx with an unlisted token)

In the absolute worst case perhaps I could add a LOST transaction to balance this out manually (which should theoretically be fine since CoinTracking is inflating my total, meaning there should be no issues with taxes for doing this) but I'd rather have things balance out naturally as they should

@Plenty
We are working on it. Thank you for your patience. For now add those transactions manually.

@asdsvsdf
Sounds feasible how to add it. We recommend to consult a CPA here.

If you sell some NFT (as we assume NFTs are crypto currencies) and get another currency for it it is a normal trade. The asset value for the NFT is the asset value of the crypto currency you get.

We suggest to use trade/groups and comments for NFT name details and use abbreviations for the tickers.

You just need to add a current price and add the transaction manually if they are not imported via ETH/BSC API. See https://cointracking.freshdesk.com/a/solutions/articles/29000007203-entering-ico-coins-and-non-listed-assets/en

how can I best track ERC721/NFT transactions and ownership? This is becoming more and more important now that Uniswap has liquidity pool positions as NFTs rather than ERC-20 tokens since they are now becoming more utility based and have actual value (not that crypto art doesn't but this is much more in the air in terms of valuation, whereas now these LP positions have defined value and also generate cashflow via fees)

As an example, when migrating Uniswap V2 LP tokens (which themselves are created by adding equal value proportions of two currencies) to V3 LP NFTs, you exchange the V2 tokens for the V3 NFT AND receive some of your original capital back. How exactly would I enter this in Cointracking, as it's an ETH exchange fee, swapping tokens for an NFT, and receiving my capital back? perhaps it's two trades and an other fee, where the two trades are [the proportion of my V2 tokens kept for the V3 NFT -> the V3 NFT] and [the proportion of my V2 tokens equal to my returned capital -> my returned capital] and the third entry is 'other fee' for the eth fee?

additionally, i have generated some profit reselling crypto art and am unsure the best way to track this given the wide range of unique tokens and addresses for each NFT (is this a trade? is this a spend + an income? it's super unclear and the limit of 8 characters for token names makes this really hard)

lastly, is there a way for me to import a custom coin with a contract address? would be much simpler for organization given NFTs and other new coins I am trading with that are not yet added on cointracking.info

I SPOKE WITH GEMINI: THEY SAID THE FOLLOWING:
"We now support Admin Credits and Admin Debits in our transfers endpoint but CoinTracking may not have added support for it."
THIS IS WHY MY GEMINI API KEY DOESN'T WORK WITH COINTRACKING!
please add support for it.

@danjacksonuk
No, as Binance does unfortunately not offer PnL data for cross margin trades (like all other margin trades)
@scatterbug
thank you for helping here sharing your knowledge and experience.

@theratears
I use "Balance by Exchange" and make sure everything matches there.
If not then I at least know to look at the transactions of the specific exchanges where it doesn't match.

And for running totals you can use "Daily Balance".
You can set it to "Daily" and then see how many coins per cryptocurrency you had each day (the third number per entry).
This way you can see when your total amount of a specific cryptocurrency started not matching.

What are the best methods for finding issues with the wrong totals being displayed on the dashboard. For example i have more ETH being displayed than i actually have in all my wallets, i've checked duplicate transactions as well as listing all coins by exchange and trying to work out if there is a transaction that hasnt been imported. What other methods does everyone use to try and find totals that dont match. Is there a way to see a running total of each coin to work out when it may have started not matching what i physically own?

Does Cointracking track Cross margin trades on Binance?

Glad to hear it's working for you now.


I don't do any margin trading, but I know at least that the app supports the transaction types "Margin Profit", "Margin Loss" and "Margin Fee".
They aren't shown by default, but can be enabled within the "transaction type" dropdown itself:
https://cointracking.freshdesk.com/en/support/solutions/articles/29000034379-expanded-transaction-types-may-2020-

Hi Scatterbug. Sorry for the late reply. Been super busy with work this week. You've actually been so helpful that I probably don't need any extensive private message help now. Thankyou so much. I think the main issue I had was that i didn't actually enter the deposit as a currency but straight into USDT which is what made all the statistics wrong.


I think this is how I will prefer it. I am not too concerned with capital gains and tax calculations. I just want to see everything as in real life the same as you.


Yeah I already figured this out


Now I can focus on doing the API import. Just wondering do you use Margin trading? Not sure if the API tracks margin trades?

@dr1ver
Binance has shared in its 04/23/2021 announcement, that API accesses will be throttled due to high system load. Therefore, API imports for Binance accounts with many transactions and coin pairs can currently take several hours. Binance is working on this problem.
Please use "check now" for your Binance API job and check also the IP whitelisting. And of course check your permissions. If it does not change for some days please create new API key and with this one a new API job.

Hi,

On the CT Binance API Import page, I've seen the following message posted:
"Binance has shared in its 04/23/2021 announcement, that API accesses will be throttled due to high system load. "
I'm also seeing this under my API key:
"Error: Invalid API-key, IP, or permissions for action
Last imported tx: 27.04.2021 18:07 | Last check: 30.04.2021 22:44"

It was running fine previously. Is there another known issue, other than the throttling?
Do I need to create another API Key?

Not necessarily. As Andreas_CoinTracking mentioned earlier they recommend the "Overall based" method.
Personally I like the "Exchanged based" method because I want to have everything recorded as it actually happened in real life.
You must decide how you prefer it, but you can easily switch between the two methods by adding or removing any fiat transactions.
Just record it one way, make a backup (Accounts > Trades Backup) and then add/remove the fiat transactions and compare the two outcomes.



If you just buy and hold cryptocurrency, then it's usually neither taxable nor reportable.
Only if you later sell/exchange or pay for something with cryptocurrency you usually have to report any gains/losses and consequently may have to pay taxes on it or are able to write off losses.

Usually with any sale/exchange of cryptocurrency the price you sell at will be compared with your original cost basis and the difference is considered a capital gain/loss for tax purposed.
Since stablecoins are cryptocurrency as well, they are usually treated the same.
Most of them do actually fluctuate a little bit, e.g. a Tether is not at all times exactly worth 1 USD, but sometimes a little bit more and sometimes a little bit less.
So depending on how much Tether you sell, your capital gain/loss could be higher or lower than zero.

For example, if you bought 200,000 USDT at a price of 0.9996 USD/USDT and later sold it for 1.0081 USD/USDT, then you will have realized a gain of 1,700 USD.
So it's not nothing.^^
But even with synthetic stablecoins that are guaranteed not to fluctuate it still might be required to report their sale/exchange.

---

The rule is usually relatively simple:
If you dispose of ANY cryptocurrency, then any appreciation or depreciation in value (of those disposed coins) is usually taxable, depending on the particular laws of your country.
Disposal is any time you sell, exchange or purchase something with cryptocurrency, i.e. when you get rid of it and get something in return.
If you get more from its disposal than what you initially paid for it, then you made a gain (or vice versa: a loss).

Coming back to my capital gains example you last quoted:
If you initially bought 8,000 USDT with fiat (be that USD or GBP), then the amount of fiat you paid for it is the cost basis for those Tether.
Later when you use those USDT to buy ETH, then you're essentially doing two things (in the eyes of most country's tax authorities):

• You dispose of USDT at the current market price
• You then buy ETH with those proceeds

Therefore when you use USDT to buy ETH it doesn't matter if it's a stablecoin or not, it only matters if you have a gain/loss from your disposal of those USDT.
If you have a gain, you usually pay taxes on it.
If you have a loss, then you can usually use that to reduce your tax burden.
If you have neither, then you usually still have to report that.

But again, it all depends on the particulars of your country's tax laws.
For example, in Germany you don't pay taxes on any disposal of cryptocurrency for coins that were held for longer than a year. You don't even have to report their sale.
In the US you have to report everything and do pay taxes even on coins you held long-term (i.e. > 1 year), albeit at a reduced rate.
I'm not familiar with the particulars of the HMRC, so your mileage may vary. (Or should I say: your kilometres may vary^^).

---

tl;dr

• You can always calculate a factual capital gains/loss that happens whenever the disposal-value (e.g. when selling/exchanging/paying) is different than the acquisition-value (e.g. at purchase).
• Whether or not you have to report and/or pay taxes on those gains (or are able to write off any losses) depends on your particular country's tax laws.
• Stablecoins are usually considered the same as any other cryptocurrency, and most stablecoins can and do fluctuate in value just the same, even if only very little.
• Even synthetic stablecoins which are 100% guaranteed to not fluctuate are still usually considered cryptocurrencies and thus would have to be treated the same.

And whenever I say "usually" it means that, you guessed it, it depends on the country's tax laws.^^

---

Thanks for the offer, but I have to politely refuse.
I'm not a tax expert and know nothing about the HMRC's specific laws/regulations.
And though you might be ok with that, I wouldn't feel comfortable taking money for that.
I also don't currently have a lot of free time at the moment anyways.
It's enough for squeezing in a post here or there, but not for a dedicated one-on-one via PMs, my apologies.

In your place I would continue to play around with transactions on a test-account to see how it changes the results.
One hint I would give that could make your analysis easier: Set the purchase- and sale-values for each trade manually!
That is, when you enter a transaction then below the input field for the price is a button "Edit Asset value".
If you click that then you can set the value(s) yourself instead of letting Cointracking determine the historical value.
This way, reports are created from simpler numbers which should make analysis easier.

Hope it helps, good luck!

Hi Scatterbug

I really appreciate your message. Sorry for the misunderstanding regarding FIAT/USDT but yes you have the scenario exactly right.

I actually am from England so initially I added GBP into my Binance account. I bought USDT with my GBP. Do i need to add a GBP to USDT trade to start off?

Looking at the cointracking help pages online and also the links Andreas sent in this thread it seems the recommended way to do it is to not have Deposits added to my Cointracking account. Is this right?


I've read this multiple times and still don't get it. Would I have to pay capital gains on my original investment. If so, seems a bit harsh and I'm guessing that's why cointracking doesn't recommend doing it this way.

Would you be open to me paying you to get to the bottom of this via private message?

@danjacksonuk:

Reading through your examples I'm a bit confused because sometimes you say "$" but then mention USDT out of nowhere.
When you say "$" do you actually mean fiat USD?
Or are you exclusively talking about Tether (USDT)?

The only way your examples make sense to me is like this:
1. Deposit $10,000 (as in: Fiat USD) to an exchange which came from e.g. your bank account. => IN: $10,000
2. Buy $10,000 worth of Tether, which should ideally give you 10,000 USDT. => IN: 10,000 USDT; OUT: $10,000
3. Some time later you buy 4 ETH for a total of 8,000 Tether. => IN: 4 ETH; OUT: 8,000 USDT
4. Some time later you sell 2 ETH for a total of 10,000 Tether. => IN: 10,000 USDT; OUT: 2 ETH

Balances afterwards:

• 0 USD
• 2 ETH
• 12,000 USDT

Capital gains:

• Sale of 8,000 USDT (to buy 4 ETH):
  Sell value of $8,000 minus cost basis of $8,000 = $0 gain/loss
• Sale of 2 ETH:
  Sell value of $10,000 minus cost basis of $4,000 = $6,000 gain

Is there something in this example that you don't agree with or think should be displayed differently in the tracker?

@danjacksonuk
Actually I do not get the issue or question you still have. Possibly anyone else can add a comment here.
I suggest just add all transactions as they happened in reality. You received a "start over" mail where everything is described to start.