Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 34. (Read 122619 times)

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.

@asdsvsd
This is described in this FAQ "How to import DEX trades like Uniswap, 0x, Kyber Network, SushiSwap" (https://cointracking.freshdesk.com/a/solutions/articles/29000036759?lang=en)

@justsomequestions
1) Just share the ticker which are wrongly imported via E-Mail at [email protected] or open a ticket with these information. We will then adjust the importer. For now you need to manually adjust the ticker as described here: Entering / Editing Renamed or Re-branded Coins (e.g. ANS and NEO) (https://cointracking.freshdesk.com/a/solutions/articles/29000018053)
2) Possibly you have imported DEX trades from the past wrongly. So we suggest to delete all ETH transactions via "Bulk Edit/Delete - Instructions" (https://cointracking.freshdesk.com/a/solutions/articles/29000032637?lang=en) and re-import them again. See here as well: "How to import DEX trades like Uniswap, 0x, Kyber Network, SushiSwap" (https://cointracking.freshdesk.com/a/solutions/articles/29000036759?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?lang=en )
Otherwise send us an E-Mail as mentioned above with your account user name to check it individually.

Can you add support for tracking adding tokens to Uniswap liquidity pools? Not sure how to input this as it stands now. for example, I can submit ETH and USDC to Uniswap to add liquidity to their pool to collect fees, and doing this yields Uni-V2 tokens but not sure how to track this in cointracking.info

Would love a reply, thanks!

Hi, just imported only an ETH address into the site and have a couple questions:

1) a couple of the tokens are misidentified. I can see on your list of tokens the correct one, but is there a way to tell cointracking to permanently view the trades as involving the correct token?

2) Almost everything is correct but for some reason the amount of ETH onhand is not matching what i actually have. I'm confused as I only imported the eth address and everything else is right. Is there something obvious for me to check?

New imports
- Crex24
- Nexo
- Swyftx
- Iconomi
- BlockFi
- Bitcoin Suisse
- BitBox (Multi edition + Bitcoin-only edition)
- Bitcoin / Altcoin Core Wallets

Updates and Improvements
- Binance API update: Import of deliverable Futures, Binance Savings and Binance Earn Income transactions
- Kucoin API update: Bonuses, Incentives and similar transaction types are now imported
- Bybit CSV fix for withdrawals
- Crypto.com CSV update: import recurring purchases, skip internal transactions, and support for different date formats
- Bitpanda API update: withdrawals are now imported with the appropriate fee. Also fixed the import of commodities (gold, silver, etc)

- Video guides for 14 reports on the reporting overview page (more guides will follow soon)

We are working on a solution already. Thank you for your patience here.

For now please add the swap as described here (examples):
VEN into VET Swap (https://cointracking.freshdesk.com/a/solutions/articles/29000025684-ven-into-vet-swap/en)
Polkadot swap 1:100 instructions (https://cointracking.freshdesk.com/a/solutions/articles/29000035641?lang=en)

hi,
a coin swap is not a taxable event, how can we mark a swap at cointracking? I see trade,deposit,tip, bonus, a lot of options, but I don't see a swap, why don't you have this event?

We have Bitrue in the top 10 requested exchanges on our list.
Currently, we are gathering information. It would help if you could provide us the following information according the process described in our FAQ:
"Request process, when exchange is not listed on CoinTracking / add new exchange" (https://cointracking.freshdesk.com/en/support/solutions/articles/29000007209-request-process-when-exchange-is-not-listed-on-cointracking-add-new-exchange)
We would appreciate if you send us an E-Mail at [email protected] or open a ticket with these information.

hi, does anyone know how to import the trades and history of bitrue?
it seems we can't export from the bitrue exchange correct?
did anyone manage to do it?

@theratears
We can help you for cointracking.info if your send us a ticket or E-Mail to [email protected] with your username.

cointracker.io is another tool and normally not part of this thread. So I suggest to ask them if you need some help there.