Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 47. (Read 122389 times)

Ok so it has now been 7 days and there is still no advice from anyone at Cointracking as to how or why this happens?
I am pretty sure that others apart from myself would be interested to know why CT inserts so many incorrect values for 1 simple purchase?
Disappointing to say the least.

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 as shown below?

Interestingly and very confusingly Cointracking provides 4 differing values for a 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 (copied 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?
$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 Cost Value to do the calculation which can 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 anymore than the one and only correct cost value used for all calculations.

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

 

It's a personal decision based on what you want to track. I do it in the "Group" field. I use Funding for when I am adding new investment funds and Leached for when I remove/withdraw funds. (I do a lot of mining so I'm tracking PoW & PoS too). Then when you click on the Balance by Exchange tab, change the drop down to Grouped by Trade-Group, you get a quick breakdown of each: Mining, Funding and Leached. You can get the same info via the Tax Report, but this is a quick dashboard and I use it every day.
Good Luck

Is there any benefit to keeping track of USD deposits/withdrawls into Coinbase using Cointracking?

Thanks,

Jeff

It seems like this sounds cool, and is useful for those who have many altcoins, this place is suitable for those investors and those who like to collect lots of coins without making many wallets.

Did you enter the "Type" of transaction as Mining?

This is my first year mining and my CPA told me that my tax report is showing everything as trades and not showing my mining as being mining. How do I go about making sure that the tax report annotates the mining as mining under income report. Currently under income report it show $0 for mining.

Dear CoinTracking User. We would like to inform you about the following changes / improvements:

Updates and Improvements
- Update to the new Kucoin API version
- New Total-View page for all users with multiple accounts
- Binance allocation of BTT and CMT

Updates for the Tax-Report
- As of now, the depot separation (tax lots) can be activated for tax reports
- Update for the Form 8949 PDF Report
- New tax export for 'Drake Software'
- The detailed tax report no longer displays a warning if rounding errors occur after the 8th decimal place
- The TurboTax report now creates one new file per 200 transactions, because TurboTax cannot import more than 200-250 transactions per file at the moment

2 new reports
- 'Missing transactions' help to find missing deposits and withdrawals
- 'Duplicate transactions' search for duplicate entries in your account

Hi alex_cheese,

It is important that the settings on the Gains page are the same as the settings on the Tax Report.
Also, it is not possible to filter the Gains page correctly for a period, as pools + cost base are not calculated outside the filtered period. However, this is important and is taken into account so correctly by the tax report.
If there are still discrepancies, please send us a ticket via our HelpDesk.

Hi

In Short: why aren't realized gains and capital gains the same thing?

I've just bought my second year of subscription to CT. I'm using it to do my tax now and my question is about Realized Gains vs Total Capital Gains: why are they not equal?

I thought realized gains and capital gains would be the same thing (unless you're being paid dividends or something like that). I ask because my tax report from Cointracking is giving me a *much* larger figure than the realized gains calculator is giving me. I spent many days putting this all together and looking for errors. I can't figure it out.

Cheers
Alex

Try to update your Job. There is button "Update Job and Trade Pairs"

There is comment
"Important: Trade pairs are now generated as part of the API Job set-up. If you have additional pairs, please click on "Update Job and Trade Pairs".
Optional settings and filters:"

This is what I was questioning, purely and simply and whether the coin is listed on an exchange or not should not affect the handling of the entry if it is received as a Gift free of any cost outlay.

Your "answer" below has very little to do with the answer to the original question.
  . This is irrelevant to the question asked.

So I respectfully ask the question again so that I do not make any mistakes in the future.

 If I enter a coin in as a Gift/Tip with a 0 cost basis and then when I sell it the software ignores the sale and any gain made from the sale.
Is that how it works and is supposed to work because this has not been my experience so far??

Why would the software do this because if I receive a coin as a Gift at 0 cost value then I sell the coin later for a profit why do you assert that
 'the software will also not calculate a gain on a sale.' as it it would be obvious that a gain had been made and that tax is due on that gain, surely?

I think there's been a misunderstanding.

If a suitable purchase is missing for a sale, then this must always be entered. No matter whether it is a real trade or earnings from Airdrops or Referral.
Entering an Airdrop as a "gift" was only a suggestion how to enter it.

It has never been mentioned that these are coins that are not listed on any exchange.

I understand that, regardless on whether it is a gain or gift, I was mainly looking for a way once these are sold to have the balances equal out and not have negative balances. 

So when the software recognizes a coin sold with no input, it allows you to tag it whatever way, and zero out the balance once sold to have a more accurate looking portfolio instead of negative balances.       

I want to make sure I fully understand what you are saying here please.

So if I receive a referral or an airdropped bonus new coin that is not yet listed on an exchange and has no verifiable value at the time of receipt and I enter it in as a Gift/Tip with a 0 cost basis then when I sell it the software ignores the sale and any gain made from the sale. Is that what you are saying above as that has not been my experience so far?

Can you please confirm that this is how all Gift/Tips are supposed to be treated please?
Thank you

Hi greentea,
The problem is: how shall the software recognize that it is a referral commission if you sell coins that are not there?
Referral commissions are not provided through the CSV or the API. They must be entered manually. You can find the information at: https://www.binance.com/invite.html
If you enter these inputs as "Gift", the software will also not calculate a gain on a sale.
I hope it helps.

can something like this be implemented in the future?

It is a way to 0 out coin balances when receiving referrals from binance or the like.

When sold, cost basis is assumed 0, which is fine, but it produces a negative amount for the overall balance...

https://hackernoon.com/handling-binance-referrals-for-tax-purposes-on-beartax-4fb29fdb96da

You can choose another method for the new year. But the method should always be the same as from the previous tax year. Because if you want to take the calculations from the previous year with you in the tax report, these data will also be calculated in the selected method. 


Could you please submit a ticket through our HelpDesk (https://cointracking.freshdesk.com)? Then we can check the problem with your account. Thank you.

Hey guys,

I don't get the KUCoin Bonus working. With the API importer
My thoughts are that the KuCoinShares are getting updated and summed up in Cointracking, is that wrong?

I use this api import features:

import kucoin bonus
aggregate kucoin bonus


greetings

I have a question about the new OPTI tax calculation method: Does it take into consideration how much of each purchase pool was sold in previous years' tax reports when deciding what to sell for this year? For example, let's say I calculate my 2016 and 2017 taxes with LIFO and then use OPTI for 2018. Doesn't it need to be aware of the calculation method used for previous years so it knows how much of each purchase pool is still available? In the United States we have to specify all of that when we report our taxes--I used the "tax declaration export" of CoinTracking. It would be a mistake to use the same purchase pool twice for different year tax reports, so want to ensure that doesn't happen. Hopefully my question is clear, thank you in advance.