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
Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 48. (Read 122657 times)
February 20, 2019, 02:01:19 AM
February 20, 2019, 01:59:42 AM
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
Hi alex_cheese,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
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.
February 12, 2019, 11:06:25 AM
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
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
February 08, 2019, 12:00:41 PM
Kind of, I was more thinking about a coin that is no longer operating and has lost all value, gone out of business, etc.
If you want to set the value of a coin to 0, you can do so on the following page: https://cointracking.info/summary.php?prices=customDeactivate the "Best Price" option so that the price is not overwritten by our historical prices again.
Why aren't trades I made in the last few days on Binance reflecting in my "Current Balance"? - I sold a bunch of coins for ETH but I'm still showing those coins as having a balance, and my ETH balance hasn't increased.
I sold ALL my REQ and MCO for ETH but still showing REQ and MCO. The TRADES were imported via API and show in the Cointracking.info ledger "Enter Coins" area, but not reflecting in totals?
If the coins were sold through a trade and this was imported, the total values on the dashboard (or other pages) always update as well.I sold ALL my REQ and MCO for ETH but still showing REQ and MCO. The TRADES were imported via API and show in the Cointracking.info ledger "Enter Coins" area, but not reflecting in totals?
Please write us a ticket via our HelpDesk (https://cointracking.freshdesk.com/), so that we can look at the problem in your account.
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:"
February 06, 2019, 01:16:04 AM
Quote
If you enter these inputs as "Gift", the software will also not calculate a gain on a sale.
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.
Quote
It has never been mentioned that these are coins that are not listed on any exchange.
. 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?
February 05, 2019, 04:12:21 AM
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.
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.
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?
It has never been mentioned that these are coins that are not listed on any exchange. 
February 04, 2019, 11:46:50 AM
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
Hi greentea,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
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.
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.
February 03, 2019, 12:08:14 AM
Quote
If you enter these inputs as "Gift", the software will also not calculate a gain on a sale.
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
January 31, 2019, 04:27:07 PM
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
Hi greentea,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
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.
January 29, 2019, 10:19:05 AM
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
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
January 15, 2019, 06:01:11 PM
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.
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. 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
Could you please submit a ticket through our HelpDesk (https://cointracking.freshdesk.com)? Then we can check the problem with your account. Thank you. 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
January 15, 2019, 03:18:49 PM
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 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
January 14, 2019, 11:43:05 AM
3 New Methods for Tax Calculation
- OPTI - Optimized Calculation
This method will always provide the lowest profit.
1) All purchases that are long-term (by default > 1 year) are sold first starting with trades with the highest profit.
2) If there are no more long-term purchases available, short-term purchases (by default < 1 year) will be sold, starting with trades with the lowest profit.
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.
January 14, 2019, 03:20:35 AM
Dear CoinTracking User. We would like to inform you about the following changes / improvements:
New Import
- OKEX API Import
ETH double transactions bugfix
- For some users, the ETH Wallet Importer has imported double transactions in the last few days. These duplicate transactions have already been removed automatically.
Updates and Improvements
- IDEX CSV Import (Format Update)
- Bitfinex API Import (faster import)
- Sticky date column in the "Daily Balance" for a better overview
- The ETH Importer now supports ETH fees
- Some users had a problem where the automatic ETH Importer did not import ETH tokens. This has been fixed
- Fixed a problem where in some ACB tax reports the total profit/loss was displayed at the end of a table and not the profit/loss for the selected tax year
- The ACB Tax Report now rounds up to 8 and no longer to 16 decimal places. This avoids warnings when a fraction of an asset is still open
- HitBTC API now correctly assigns IOTA as IOT
- Endor-Protocol (EDR) and E-Dinar (EDR2) are now assigned correctly
New Import
- OKEX API Import
ETH double transactions bugfix
- For some users, the ETH Wallet Importer has imported double transactions in the last few days. These duplicate transactions have already been removed automatically.
Updates and Improvements
- IDEX CSV Import (Format Update)
- Bitfinex API Import (faster import)
- Sticky date column in the "Daily Balance" for a better overview
- The ETH Importer now supports ETH fees
- Some users had a problem where the automatic ETH Importer did not import ETH tokens. This has been fixed
- Fixed a problem where in some ACB tax reports the total profit/loss was displayed at the end of a table and not the profit/loss for the selected tax year
- The ACB Tax Report now rounds up to 8 and no longer to 16 decimal places. This avoids warnings when a fraction of an asset is still open
- HitBTC API now correctly assigns IOTA as IOT
- Endor-Protocol (EDR) and E-Dinar (EDR2) are now assigned correctly
January 09, 2019, 05:16:34 PM
Hi,
If an Alt coin is not listed under "Altcoin Wallet Import", is manual input for each wallet transaction the only option? Or is there another way to bulk enter wallet transactions?
Thanks.
If you have the possibility to export this data so CSV or XLS you can try to import it via the "Custom Exchange Importer" (https://cointracking.info/import/custom/). You can also use our "Excel Importer". For this you have to transfer the data into our template file (https://cointracking.info/import/import_xls/).If an Alt coin is not listed under "Altcoin Wallet Import", is manual input for each wallet transaction the only option? Or is there another way to bulk enter wallet transactions?
Thanks.
That worked great.
Thanks.
January 09, 2019, 08:47:26 AM
Hi,
If an Alt coin is not listed under "Altcoin Wallet Import", is manual input for each wallet transaction the only option? Or is there another way to bulk enter wallet transactions?
Thanks.
If you have the possibility to export this data so CSV or XLS you can try to import it via the "Custom Exchange Importer" (https://cointracking.info/import/custom/). You can also use our "Excel Importer". For this you have to transfer the data into our template file (https://cointracking.info/import/import_xls/). If an Alt coin is not listed under "Altcoin Wallet Import", is manual input for each wallet transaction the only option? Or is there another way to bulk enter wallet transactions?
Thanks.
January 08, 2019, 10:28:10 PM
Hi Dominik,
Thanks for implementing these new methods. I noticed an error with the ACB tax reports that should be very simple to fix.
The tax reports show the cumulative gain over multiple years, without subtracting the gain or loss from previous years.
For example, say for DASH I had a capital gain of $1000 in 2017, and $500 in 2018. This means I should get taxed on $1000 of that gain in 2017 and $500 of that gain in 2018. But the current ACB tax reports show a gain of $1000 in 2017 and $1500 in 2018.
It's calculated as if I get get taxed on gains from previous years over and over again.
The solution would be to simply subtract the 2017 gains ($1000) from the total cumulative gains as of 2018 ($1500), and then report the difference as my 2018 gains ($1500-$1000=$500).
Here's a screenshot from CoinTracking to illustrate the problem:
https://imgur.com/a/UJgytnk
If you need more specific examples I can email you more screenshots from my account.
Thanks,
Tim
Hi Tim,Thanks for implementing these new methods. I noticed an error with the ACB tax reports that should be very simple to fix.
The tax reports show the cumulative gain over multiple years, without subtracting the gain or loss from previous years.
For example, say for DASH I had a capital gain of $1000 in 2017, and $500 in 2018. This means I should get taxed on $1000 of that gain in 2017 and $500 of that gain in 2018. But the current ACB tax reports show a gain of $1000 in 2017 and $1500 in 2018.
It's calculated as if I get get taxed on gains from previous years over and over again.
The solution would be to simply subtract the 2017 gains ($1000) from the total cumulative gains as of 2018 ($1500), and then report the difference as my 2018 gains ($1500-$1000=$500).
Here's a screenshot from CoinTracking to illustrate the problem:
https://imgur.com/a/UJgytnk
If you need more specific examples I can email you more screenshots from my account.
Thanks,
Tim
Thank you for explaining the problem.
Could you submit this as a ticket via our HelpDesk (https://cointracking.freshdesk.com) with your username? Then we can check the problem directly with your tax report. That would be great. Thank you !
I just submitted a support request.
Thanks for your help,
Tim
January 08, 2019, 08:05:04 PM
Hi,
If an Alt coin is not listed under "Altcoin Wallet Import", is manual input for each wallet transaction the only option? Or is there another way to bulk enter wallet transactions?
Thanks.
If an Alt coin is not listed under "Altcoin Wallet Import", is manual input for each wallet transaction the only option? Or is there another way to bulk enter wallet transactions?
Thanks.
January 07, 2019, 04:05:07 AM
Hi Dominik,
Thanks for implementing these new methods. I noticed an error with the ACB tax reports that should be very simple to fix.
The tax reports show the cumulative gain over multiple years, without subtracting the gain or loss from previous years.
For example, say for DASH I had a capital gain of $1000 in 2017, and $500 in 2018. This means I should get taxed on $1000 of that gain in 2017 and $500 of that gain in 2018. But the current ACB tax reports show a gain of $1000 in 2017 and $1500 in 2018.
It's calculated as if I get get taxed on gains from previous years over and over again.
The solution would be to simply subtract the 2017 gains ($1000) from the total cumulative gains as of 2018 ($1500), and then report the difference as my 2018 gains ($1500-$1000=$500).
Here's a screenshot from CoinTracking to illustrate the problem:
https://imgur.com/a/UJgytnk
If you need more specific examples I can email you more screenshots from my account.
Thanks,
Tim
Hi Tim,Thanks for implementing these new methods. I noticed an error with the ACB tax reports that should be very simple to fix.
The tax reports show the cumulative gain over multiple years, without subtracting the gain or loss from previous years.
For example, say for DASH I had a capital gain of $1000 in 2017, and $500 in 2018. This means I should get taxed on $1000 of that gain in 2017 and $500 of that gain in 2018. But the current ACB tax reports show a gain of $1000 in 2017 and $1500 in 2018.
It's calculated as if I get get taxed on gains from previous years over and over again.
The solution would be to simply subtract the 2017 gains ($1000) from the total cumulative gains as of 2018 ($1500), and then report the difference as my 2018 gains ($1500-$1000=$500).
Here's a screenshot from CoinTracking to illustrate the problem:
https://imgur.com/a/UJgytnk
If you need more specific examples I can email you more screenshots from my account.
Thanks,
Tim
Thank you for explaining the problem.
Could you submit this as a ticket via our HelpDesk (https://cointracking.freshdesk.com) with your username? Then we can check the problem directly with your tax report. That would be great. Thank you !
I love the cointracking site and am learning as i go...but i cant seem to figure out how to subtract coins from any given category when i use them in a transaction. Can i manually change the value? i sometimes transfer amounts from gdax/Coinbase pro to my coinbase wallet to spend and i cannot change the value of the coins to subtract what i have spent. Is there a tutorial on this? Thank you for all your work, i appreciate the site!
Hi Headzup21,Normally this is imported as a transfer (consisting of deposit and withdrawal). And so it should be entered.
You can do this via the "Enter Coins" page. Create a new transaction and then choose Transfer (creates deposit and withdrawal in one step).
I hope this is the answer to your question.
January 06, 2019, 08:02:59 AM
I love the cointracking site and am learning as i go...but i cant seem to figure out how to subtract coins from any given category when i use them in a transaction. Can i manually change the value? i sometimes transfer amounts from gdax/Coinbase pro to my coinbase wallet to spend and i cannot change the value of the coins to subtract what i have spent. Is there a tutorial on this? Thank you for all your work, i appreciate the site!
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