Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 33. (Read 122389 times)

@vampyz

Yes.
1. add API jobs for each - Coinbase and Coinbase PRO. And "Balance by exchange" is the report to check the "imported" balances vs. the Live (real) balances.
2. add API jobs for each account you have at Kraken. You can add a labels to each job to separate both within your reports.

Hello I had 2 quick questions. My first question is, for coinbase and coinbase pro, is there anything special I need to do when using the API to import everything? I read on reddit that they can do duplicate orders, but I also recently found that if you go to "Balance By Exchange" that you can see errors easier. Should I just do the API for both normally and then go to "Balance by exchange" to see if there's any coins that have positive or negative values?

My next question is, I currently use 2 Kraken accounts (since you cannot long and short at the same time, so 2 accounts are needed) so I assume I'd have to input the API for both correct?

Thanks! and sorry for the dumb questions,
Vampy

@asdsvsdf
Yes we are already working on the black theme. It will be available within next 2 weeks latest. Thank you for your patience.

Just noticed the themes changed and the dark theme is now blue! Is there any way we could get the old black theme (I think this is Classic but Dark/Black) as an option again? Much prefer black over blue, thanks!

Thank you for your feedback. We add all this to our improvement list.

No point in separating Gemini imports by date, since all orders will have the same problem.  It's really stupid for them to do it this way.  I will have no choice but to turn off Gemini API imports.

Cointracking should add a feature that will allow the user to consolidate trades by selecting imported transactions and pressing combine, which would automatically calculate total cost and average price.  You can use that as layer 2 data while still keeping the original data on your servers to avoid creating duplicates in future imports.  Another way to make the customer's life easier would be to enable two views for the user: 1:1 import view and consolidated, i.e. "sane" view.  Please pass this on to your product team.

We import them as the API of the exchange provides your data 1:1. So if an order is separated in fills then we import them separately as each of them has a unique tradeID.

You can combine those manually into one transaction if you wish while putting the sum of those into one transaction and then delete the others. To avoid re-imports please set a start date to your API job as described here: Create and delete API Import Job (https://cointracking.freshdesk.com/a/solutions/articles/29000031154?lang=en)

Please create backup of your data beforehand and regularly as described here: Create backup, restore or export your account data (https://cointracking.freshdesk.com/a/solutions/articles/29000031008)

Hello.  My Gemini limit order (via API) is shown on CoinTracking as broken up in a huge number of transactions.  Each fill is considered a separate transaction, which is kind of a bizarre way to do it.  How do I combine these fills into a single transaction, per original order?

You are welcome and thank you for the great feedback.

I did check your case and added this into a test account, but everything is fine as it should.

If you set a custom price then the asset value will be calculated based on this. And this is shown on the gains page of course.
You can edit the asset value manually as outlined before you would see this reflected on the gains page as well.

We suggest to edit the asset value using the counterpart purchase/sell value and use the custom price in addition which reflects the current price of the non-listed asset.

Thank you! I appreciate the prompt responses to my questions (despite there being a lot) and will be in touch again if any further questions come up. Thanks again, you rock!

EDIT: I think I found a bug with custom tokens that don't have prices listed automatically. I added a trade for 7000 tokens of a non-listed currency for a specific amount of LINK but the cost basis is totally wrong for some reason, even when considering the current price of LINK (the cost basis is way overestimating my cost per unit which in reality is almost a third of the calculated cost basis, to the point the system seems to imply that LINK is worth almost triple it's current value).

Completely deleting all trades related to this token and reimporting them via the export tool seemed to fix this... I believe the bug is related to the custom price, and the bug happens regardless if 'best price' is checked or not. If I set a 'custom price' for the token then it completely destroys my cost basis forever going forward, even if I delete and replace the 'custom price' in the future. This seems like a bug since this price should only affect the 'current' price, not previous cost bases which should always be determined from trade value of the sold coin

To repro:

1) On a fresh cointracking.info account, add a trade for buying 7000 SRT by selling 40 LINK (SRT is a fake token, but the point is the bug is with non-listed tokens that have the ability to add a custom price, so feel free to pick any other acronym that doesn't resolve to a real token)
2) Go to dashboard and recalculate trades
3) Go to unrealized gains and losses, observe the cost basis for SRT and note it (will likely be around 10-15 cents (USD) given current LINK prices)
4) Go to 'Enter coins' and under 'others' click the blue $0.00 next to 'SRT' to define a 'custom price'
5) pick a price higher than your cost basis (so if your cost basis is .14 cents (USD), change the best price to 1 USD). It does not matter if best price is checked or not
6) recalculate trades
7) go to unrealized gains and losses, notice the cost basis has also changed to be much larger than it should be

I believe the cost basis shouldn't change if you change the 'best price' and this custom 'best price' setting should only affect how it's currently tracked, while the gains and losses should only take trade values into account (i.e. the trade for 7000 SRT via 40 LINK should have the cost basis defined by the value of LINK at the time of the trade). thoughts?

otherwise i'm not sure what the point of this feature is, since it seems to override the cost basis which should be directly calculated from trades but the wording around it implies this is for tracking the current price of a token when it doesn't have a price automatically fetched by cointracking.info

The workaround is to add the transactions manually using the LP-token as outlined before.
As long as this token is not listed on any price source you need to add a custom price (see "non listed asset" FAQ).

If you add the fee correctly as described in the FAQ they are subtracted from the balance of course.

to clarify, I'm not talking about the Uniswap token, I'm talking about the Liquidity Pool (LP) tokens provided by Uniswap when you provide liquidity (UNIV2). as an example, these two LP tokens are both marked UNIV2 but the note on etherscan says they represent different pairings and they have totally different supplies, holders, and values. as such not sure how cointracking.info will be able to track each individual LP pair:

https://etherscan.io/token/0x9973bb0fe5f8df5de730776df09e946c74254fb3
https://etherscan.io/token/0xb4e16d0168e52d35cacd2c6185b44281ec28c9dc

thanks for the clarification about 'other fees', I didn't see there was a dropdown for other advanced types which includes this

Makes sense fees are included in trade cost basis and that's why they don't show for tax reports. However, I still think it's odd fees don't get subtracted from total values on the dashboard. This seems like a huge bug that would cause deviations over time from the dashboard values and reality

I'll open a ticket, I think this is a critical issue (specifically support for liquidity pools) that needs to be added and may be something that pushes me to a competitor that does support this since otherwise I'm not sure I can be confident in my return going forward if cointracking.info doesn't directly support it and requires workarounds to make it work

@asdsvsdf

Yes UNISWAP has the ticker "UNI2".

We are working on a solution to import those transactions automatically. It depends on the API for the ETH chain.
For now you need to adjust those transactions manually as outlined before.

"Other Fee" is available as own transaction type.

The trade fees can be found here https://cointracking.info/fees.php - filter for "trade" and the year you need it.
And please check this FAQ for adding fees: https://cointracking.freshdesk.com/en/support/solutions/articles/29000007202-entering-fees

We would appreciate if you send us an E-Mail at [email protected] or open a ticket with these information to check your account individually if needed.

Also, I think I just found a bug on the tax report system: when I generate a tax report for any year, the fees section will only include fees from withdrawal and deposits and doesn't include any trading fees. If I go to the trading fees page on cointracking.info I see this is tracked there properly, but why isn't this being included in the tax report fees section? Are fees being automatically included in the cost basis for individual trades?

Regardless, I think this is a case where having the 'Other fees' category be selectable on the UI would be helpful, as for some things (i.e. giving Uniswap permission to trade some currency on my wallet, fees for adding to liquidity pools, fees for delegating/staking) it's unclear how to register fees only, and registering them with the 'trade' type would theoretically leave them out of tax considerations

EDIT: I think I found another bug, right now as I edit fees for existing trades I'm noticing this isn't affecting the totals on the dashboard. Is this a known issue? Seemed to be working fine a minute ago but now is not properly updating fees (for example, I have an entry for 'staking' but as I change the fee from 0 to huge values the token amount on the dashboard does not change at all...) It almost seems like the totals on the dashboard don't actually subtract fees from trades at all and are completely dependent on deposit/withdrawal for generation. Is this correct?

One thing that adds confusion here is that the LP tokens I mention share the same ticker (i.e. for Uniswap, the LP tokens are always UNIV2 even though they are not interchangeable between pairs, i.e. a USDC/ETH LP token and a WBTC/ETH LP token both appear as UNIV2 but can have wildly different values wrt proportion. If you want an example of this, DM me, I can send you some of my transaction ids to show you what I mean). Without cointracking.info directly supporting logic for liquidity pools I don't think it's actually possible to model this as it stands on the software and my taxes as a result won't make much sense... I think it's critical this support is directly added to cointracking.info or your team considers how this sort of thing would best fit into cointracking.info, otherwise I think this is the first situation I've run into in crypto where I think I need to start working directly with a tax consultant since this is starting to become much more complex than simple trades.

For example, when I import my ETH wallet using the tool you mentioned in your links (i.e. the wallet import using my wallet address), the liquidity pair transactions don't make sense in a few ways (the coin ticker is UNIV2 for both pool additions, but as mentioned they are technically different tokens representing different things and with wildly different amount values as they are specifically related to the proportion of your share and the pool size). Additionally, adding to a liquidity pool renders as a set of deposits and withdrawals rather than transactions as you mentioned in the quote (the part about representing 2 currencies being traded for one and splitting them in two trades on cointracking.info), which sort of makes sense, but it's unclear if this should be logged this way since when I eventually redeem the LP tokens for my capital it likely won't be in the same amounts but will be roughly the same value, +- interest and market fluctuations as a result of acting as an AMM (automated market maker).

Also, sidenote, but when I import my ETH wallet, it seems there's a type that isn't available otherwise: 'Other fees'. Can we add this as a selectable type on the UI? Right now if I manually add a trade to represent just spending on a fee I have to do it as a trade with 0 value on buy and sell because I don't have a direct way to add 'Other fees' as a trade type

You are the first one mentioning this wallet. So it would take some time. Thank you for your patience.
Currently there is no way around entering those transaction data either manually on the "Enter Coins" page, with the "Excel Import" (staking available as transaction type), or with the "Custom Exchange Import" (bulk edit afterwards).
This is converter does not belong to us (we cannot comment on that) but seems to be part of our user community and it might be helpful: https://crypto.greenhex.net/converter/

Are you looking into supporting the Keplr wallet? Just wondering if there is a way we can keep track of SCRT staking

@Nerome
The easiest way would be to import ERC2x transactions via ETH API(https://cointracking.info/import/eth_address/). Please check if your CORE trade is imported here.
See this article as well: How to import DEX trades like Uniswap, 0x, Kyber Network, SushiSwap (https://cointracking.freshdesk.com/a/solutions/articles/29000036759?lang=en)
But if you do not own them then not sure why it should be a trade. Once a trade take place you own the coins.
Another idea would be to add those transactions at a separate "virtual" wallet with those trades. Possibly if it ends you get the ETH back which will be another trade
Then you can add the income as "staking" oder "interest income". They will appear in the income report as part of your tax report.
This FAQ could helps as well: Loans and their repayments (https://cointracking.freshdesk.com/a/solutions/articles/29000033408?lang=en)

And if you trade 2 currencies and receive 1 amount of LP Tokens and vise versa you can take 50% of the LP token amount and add it as counterpart currency for one of your currencies. And the other 50% for the other one which are part of the trade(s).

Just created an account to comment about Uniswap LP tokens as well.
They way it ends up working is you have X coin A and Y coin B, and on uniswap you exchange both for some calculated number of Uniswap V2 LP tokens.
In order to model this correctly in Cointracking, I think what would be necessary would be:
A type of transaction (correct me if I'm wrong and this is already possible) that lets you "sell" X coin A and Y coin B for Uniswap V2 A-B LP tokens, with a manually set cost basis of the combined X+Y at the time of the providing (this is because the LP tokens are never actually traded on a market...) .
Then later on, you would be considered "selling" the A-B LP token  for X+/-some% coin A and Y+/-some% coin B with respective cost basis of each coin as per the market.

No idea the best way to represent this on cointracking.

Thanks, looked at the guide but this doesn't actually cover the use case I mention, to be clear adding to the liquidity pool is NOT exactly like doing a trade/swap on a DEX like Uniswap, but perhaps you can clarify if this would capture liquidity pool additions regardless?

To explain further, on Uniswap you can submit two types of currency to the liquidity pool for that pair to get UNIV2 tokens representing that pair which can later be put back in the pool in exchange for a proportion of the pool's currencies, earning interest on each trade in that pair along the way. Since you don't 'lose' your underlying currency but do swap two currencies for one set of UNIV2 token it seems this use case isn't currently covered by cointracking.info at all. From what I can tell some competitors (namely Cointracker) seem to track this already

More info: https://uniswap.org/docs/v2/core-concepts/pools/

Uniswap and DeFi (along with this concept of adding to liquidity pools since DeFi doesn't rely on centralized third parties and as such needs a way to act as market maker, which liquidity pools do) will only get larger as time goes on so I think it's def worthwhile to add functionality for this into cointracking.info directly.