Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 46. (Read 122657 times)

Please, add pool support, like zpool or miningpoolhub!

I am considering an unlimited/corporate account.

1)How does cointracking deal with following scenario:

*I only have USDT
*I loan 2XRP on gate.io and 2 XRP on huobi, sell 1 XRP on gate.io, sell 1 XRP on huobi, the other 1+1 XRP might stay in the margin wallet or be moved to the spot wallet but they won't be sold.
*I am short 2XRP on Bitfinex and have 1XRP in my BFX funding balance.

Does cointracking show a net balance of -3XRP?

2)is there support for funding earnings from gate.io and BFX?
If I earn 1 OMG of interest today when 1 OMG=2€, will the system consider it as a interest payment of 2€ and a purchase of 1 OMG@2€.
3)Does cointracking support USDT/USD trades from bitfinex?
4)What does cointracking value USDT at for BTC/USDT trading?
5) Does cointracking account for foreign currency gains, when the tax base is EUR but trading occurs in USD and others.
6)If I upgrade to corporate, can the purchased unlimited subscription be deducted from the price?

Hi astairfred,
Our Altcoin Wallet API provider has removed the BTG support. Unfortunately the Coin list at CoinTracking has not been updated yet.
Sorry for the inconvenience


Hi boomboom,
Also with XRP we are dependent on our external Wallet API Provider. Unfortunately this provider does not support XRP.

Thank you, I did not know it existed but just downloaded it!

Is cointracking able to track IOU assets issued by particular Gateways on Ripple?

Can CT track XRP even?

Hi All,

I am trying to use Altcoin Import for Bitcoin Gold (BTG).
I am providing the address that I have verified on https://btgexplorer.com but nothing imports. It has been several days.
Is Altcoin Import for BTG working?
Does it matter, that the BTG is still unsplit?

Thanks in advance.

I mined RVN long before it was available on an exchange so there is no historical value to calculate their value at the time I acquired them. I've got hundreds of transactions... apparently I was using a pool that paid out every 10mins for a good portion of this time period. When I try to highlight multiple transactions and edit asset value it seems to assign the same value to all the highlighted entries. Since all these entries have varying values for the amount mined this ends up being inaccurate for me. Is there a way for me to assign a value of say, 100satoshi per RVN and let it calculate the RVN's USD value based on the known BTC price during on my transactions timestamp?

Using Cointracking for over a year now, great program.

Is there a report that I can run that will show a number of a particular crypto that would be considered Long or Short trades? 

For example, long term (over a year holding) trades are taxed at 15%, but short term (under a year) are at my current tax rate.  So I mined a lot of Ravencoin over a year ago, but I've also mined some more recently--plus I bought some hardware with Ravencoin.  So what I'm hoping to do is find a report that shows amounts of how much Ravencoin I have on hand that is over a year old versus the amount that would be considered short term.

I could manually work it out based on what I've sold (FIFO) and figure it out from there, but there has to be an easier way.

Thanks in advance...

Twintalk
I have the iOS app and it syncs and works fine.

Assuming your mined coins are already entered into CT, under "Enter Coins" you can enter a Trade of 'x amount of altcoin' to 'y amount of Litecoin'.  If you used an exchange that is supported, use the "Exchange Imports" options.  If not, use the "Overview and Manual Import" option.


I have a feature request to put in front of the team:

Have you ever considered creating an iOS and Android app that syncs with our CT accounts and allows us to see gains and losses on a mobile device?  Several apps do already exist that do this, but I think this would be extremely useful since all of our trade information is already in CT and it would be another selling point for the product.  Thanks!

Hello Cointracking
I originally posted the following questions here some 23 days ago seeking clarification and advice re the following simple basic transaction so that I (and others) might better achieve an understanding of how Cointracking values and handles each transaction that is inserted.
At this stage I am still waiting for a proper response to these very important questions that I have been asking for some time.

Understanding of this very basic principle of varying values within the software would certainly be advantageous to all concerned as we would be better equipped to locate, identify and correct these wrong values that are automatically inserted by Cointracking.
Obviously it would be far more professional if these incorrect values were not introduced in the first place.

Post of the 2nd March below
Hello
I have been trying to get Cointracking to function accurately since December with very mixed results unfortunately.
So I thought I would go back to basics and start again in trying to understand the workings of this mysterious software.
To this end I set up a new empty account and have been trying some dummy entries to try and understand how this software works but I am even more confused now.
Does anyone have any valid explanation as to why there are 4 different values that appear when I simply enter a sample buy transaction of
1 BTC as shown below?

Interestingly and very confusingly Cointracking provides 4 differing values for the 1 BTC purchase on the nominated date and time which just serves to muddy the waters and potentially produce reports that are wrong. Check it out yourself but in my example below this is what I found for the

1 BTC dummy purchase on 24 /02 /2019, I Entered $5898 as the Cost and $898 as the Fee and Home as the Exchange

$5898    The actual fiat cost value entered into the Enter Coins page (from LiveCoinWatch), Populates to the 'Sales Value' box✔

$5870    Cointracking automatically inserted this figure in the 'Purchase Value' box disagreeing with the above Sales Value box? Why ❓
$5535    The Cointracking Coin Calculator for 1 BTC on the purchase date value showed this figure when I checked out of interest. Why
               (Somewhat explained but your explanation should be noted on the Coin Calculator webpage  as it was not at the time. Alternatively
            why cannot the Calculators resultant values be the same as the 'Sales Value" makes sense to me and removes one of the discrepancies)
$5875    Showed as the current value of 1 BTC in the Summary box on the Enter Coins page at the exact  time of the purchase entry? Why❓
              

Next I checked the Total Realised and Unrealised Gains Report and this report uses the incorrect $5870 that Cointracking inserted automatically as a Purchase Cost Value to do the calculation which can then only ever be wrong!.❓
This is further complicated and messed up beyond comprehension when I check the Tax Report / Closing Position Report which shows a 5th differing Cost value now inserted for this one simple purchase transaction of $5786. ❓

Is there any wonder that confusion reigns supreme within this software when you have now 5 differing values for 1 BTC at the same date and time. Every transaction entered for every coin will be likewise affected so it would be required to be be very careful and triple check everything as there are potentially so many mistakes.  

The only factual amount was the $5898 that I theoretically paid to buy the 1 BTC and believe it or not the Cointracking software totally ignores the one and only cost value that matters. How could this software ever be relied on to produce correct reports when it uses so many differing values for the same coin?
There has got to be a better more realiable way to manage crypto surely.
I have applied extensive manual editing to correct these mistakes this but it is so labour intensive to make it not really worth the time especially when Cointracking could and should correct their introduced problems so that all of this manual editing is not required.

Maybe I am missing something here so I am open to any advice as to why there should be any more than the one and only correct cost value used for all calculations, especially fiat based transactions.

Hopefully someone very knowledgeable from Cointracking will chime in here and explain this for all of us.
Thank you

Hello all,

I've just started mining and using CoinTracking recently (This is my first day of using CT, to be honest) . I did a "test run" of mining a few cents of an altcoin, paying it out to an exchange and then selling it for LTC. What would I write in Cointracking to document that I sold the altcoin that I mined and received an 'x' amount of Litecoin in return? I tried a few different Google searches to hunt down an answer before I posted here but I hit a dead end. I appreciate any help  

Thank you!

Dominik
I would like to be able to run a  'Trades Backup" with the asset values and IDs that saves to my laptop and not your server for security purposes. This way if and when Cointracking is hacked I will not have my records visible to the bad guys as my account will be empty of all records.
When I need to do the next years Tax Return I will simply reload the previous years records with all the assets values correctly retained and enter the current transactions.
How do I achieve this please?
Thank you
Wayne

Hi,

Just updated to a paid subscription. How do I get an invoice? None have been sent to my email yet.

Thanks.

Edit: Nevermind, I figured out how to get it.

ok, thankyou for response. 

I have not encountered all of the timezone issues that you have been experiencing. I have most of my CoinTracking accounts set to my local timezone and all of the various exchanges I use throughout the world translate perfectly into my time. A few years back I initially bulk imported the csv files from the exchanges, and have since synced them manually through their respective API's. In both cases I did not find any timestamps wrong for reasons I could attribute to CoinTracking other than Electrum wallet imports. I did have some Coinbase issues but they were mangled by the exchange and not CoinTracking.

With Electrum wallets I have had an issue where they would not translate time properly. I solved this by setting my Electrum sub accounts in CoinTracking to UTC timezone, once I did this the CSV imports properly into "my time". From there I bulk export them into my main CoinTracking account that is set to my timezone, and they retain the proper time for my locale.

All of the other sub accounts in CoinTracking I have set to my timezone and experience no issues with the timestamps on those.

Thanks I will experiment with that method, what I am doing now seems to allow the tax calculations to be correct.

This is the limit of transactions (like Trades, Deposits, Mining Transactions, Withdrawals...) you can add into your CoinTracking account as long as the subscription is active.
Once the limit is reached you can not add new transactions, however you can still use all other features.
Please do not delete any previous transactions!
This will also delete the purchase pools and the cost base and your gain calculations will no longer be correct.

Hi allanster,

I think in your case it would be better if you reduce the amount received by the amount received too much and set the withdrawal values to 0. So this process is not recorded at all.
You can do this via the "Enter Coins" page.

Example current situation:
Income: 1.5 BTC (0.5 BTC paid too much)
Withdrawal: 0.5 BTC

Change the values like this:
Income: 1 BTC
Withdrawal: 0 BTC

Sam I agree also that this is a strange way to put the offers together. It is my understanding that the 3500 is a total limit of transactions within your account at any given time whether it takes one year, two years or a lifetime to reach the cap. I think that you can delete or remove some of the older years transactions if you are getting close to the 3500 limit but it is very strange the way they have constructed these offers.
If you are lucky maybe somebody of authority can chime in here and confirm for you.