Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 49. (Read 122657 times)

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

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

Updates and Improvements
- New Idex CSV Import
- Update of the Exodus CSV Import (Trades are now supported and imported)
- The "Current Balance" is now displayed in the mobile version of the dashboard above the "Timeline"
- Fixed a problem where the Add/Edit Pop-Up boxes in the "dark theme" on the "Enter Coins" and "Easy Enter" pages were displayed incorrectly

Hi Domenic & CT team,


I'm booking monthly portfolio results and noticed a valuation difference between my "Total unrealized and realized Gain / Loss each Currency" report and the Balance by day report. So the value according to unrealized report per 31/8 is the same as my value per 30/8 in 'balance by day' report.

I would like to report on month end valuation, but not sure which of the 2 is the correct one? I would prefer to use the value from Unrealized gain/loss report, this because it already calculated results.

1-What report shows the actual month end value of my portfolio?
2- How can these values differ?
3-What is the timing/cut off for the valuation? Normally for accounting this would be close of business (COB), so COB Munich time? or COB exchange?
4-are there any easy ways or plug inns to use booking the portfolio changes into Xero accounting?

I've posted this also around 1-2 weeks ago, please let me know if you require further specification.

Many thanks!
Gert

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=custom
Deactivate the "Best Price" option so that the price is not overwritten by our historical prices again.

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.
Please write us a ticket via our HelpDesk (https://cointracking.freshdesk.com/), so that we can look at the problem in your account.

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?

Kind of, I was more thinking about a coin that is no longer operating and has lost all value, gone out of business, etc.

Hi AussieWayne,
Gift/Tip transactions are always displayed in the Closing Report, even if they were calculated with a cost base of 0. Are you sure you didn't completely exclude these transactions from the tax report?
Please send us a ticket via our HelpDesk (https://cointracking.freshdesk.com) so that we can have a closer look at your account.


Hi drShock,
If you have lost or stolen coins, you can enter them as "Stolen / Hacked / Fraud".
Does that answer your question?

Anyone have a good suggestion on how to book a loss on FAILED ALTCOINS in Contrackin.info?

I mean altcoins that are defunct, I have several that I received the coins and they are worthless now, and then one where I sent ETH but never received the coin because it went defunct before they even issued it.

Thanks in advance.

Hi guys
Does anyone have any idea why my correctly entered airdropped bonus coins do not show up in the Closing Positions Report? They do show up in the Income Report under the Tax Report correctly with the zero cost basis.
These coins have been entered into the portfolio under the Gift/Tip designation with a zero cost basis.

And as well I note that in the Double Entry Report the type designation is showing as Deposit (In) and not Gift/Tip? They were originally entered under Deposit (In) until I learnt to put them under Gift/Tip. In all of the other reports the correct designation of Gift/Tip is showing?

As well two transactions of one of these airdropped coins which I did actually sell is showing up in the Capital Gains Report correctly but with a Short Warning attached?
It somehow seems to me that coins shown as Gift/Tip are not being assimilated into the portfolio when they should be no matter what the cost basis?
Does anyone have any advice or guidance on these problems?
Thank you and Happy trading

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

Updates and Improvements

- Bitfinex API problem solved where some users got a "Nonce too small" error message
- Tax report: display of the selected settings at the top of the "Report" page
- Tax report: losses in the base currency are now displayed in the stolen and lost report
- The coins BLZ and BLZ2 are now assigned correctly

Hi

Can anyone tell me why I get LESS gains tax when I un-click the "Consider all previous trades" checkbox ?

I would have thought that the act of "considering previous trades" would give you a non-zero cost base for the current year and therefore less gains tax whereas if you have that off you'd have to use a zero cost base for everything. So I seem to not be understanding what that thing does.

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

Several improvements and bugfixes

API Imports:
- Huobi API bugfix for fee calculation
- Kucoin bonus inputs are now supported
- itBit trade import bugfix
- Kraken API timezone fix


CSV Imports:
- Bitpanda CSV bugfix for fee calculation, date, deposits and withdrawals
- Exodus CSV Bugfix for fee calculation
- Bugfix for Legacy imports (Mt.Gox and others)
- Bitcoin.de referral payments are now imported as income
- Coinbase CSV - added support for all listed Coinbase coins (ZEC, BAT...)
- The CoinTracking CSV import can now optionally import TX-IDs as well as the buy and sell value. In addition, there is no more error message for numbers or texts with a comma.


Assignment of Coins:
- Numerous coins (e.g. ALT, PAC, ARB, SEATHER...) are now correctly assigned
- Correct assignment of individual exchange tickers (Binance YOYO -> YOYOW, Huobi PROPY -> PRO, and others)


Interface:
- Problems with the pop-up boxes in the dark theme (bulk edit/delete, edit tax reports, etc.) have been fixed
- Fixed sorting by date for the Instant Gains Calculator
- Fixed a problem on the "Trading Fees" page when a quotation mark is included in the comment


3 New Methods for Tax Calculation

By popular request, three new methods for tax calculation are now available to all CoinTracking users:

- AVCO - Average Cost
Similar to FIFO, but with the average cost basis for every purchase.

- ACB - Adjusted Cost Base
This special adjusted method can be used in some countries like Canada or Sweden.

- 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.

Hi CT team,

I'm booking monthly portfolio results into my Accounting program.

Strange thing I noticed is a valuation difference between my "Total unrealized and realized Gain / Loss each Currency" report and the Balance by day report. So the value according to unrealized report per 31/8 is the same as my value per 30/8 in 'balance by day' report.

I would like to report on month end valuation, but not sure which is the correct one? I would prefer to use the value from Unrealized gain/loss report, this because it already calculated results.

1-What report shows the actual month end value of my portfolio?
2- How can these values differ?
3-What is the timing/cut off for the valuation? Normally for accounting this would be close of business (COB), so COB Munich time? or COB exchange?
4-are there any easy ways or plug inns to use booking the portfolio changes into my Xero accounting?

Many thanks!
G

Thank you for the fix.

Is there any way you can add XRN (Saronite)? Trades on Tradeogre.

Hi CryptoHippo37,
the Coins and Assets in CoinTracking are sourced from: coinmarketcap.com and worldcoinindex.com. As soon as they are listed there, you will also find them in CoinTracking.
You can set a ticker and a prize yourself. See the following article: https://cointracking.freshdesk.com/en/support/solutions/articles/29000007203-entering-ico-coins-and-non-listed-assets

Hi jt7382,
the wrong price is caused by our coin source worldcoinindex.com. We are already on the problem and ask for some patience.

I would recommend you to create different accounts and connect them with each other. All linked accounts get the status of the "Master" account.
https://cointracking.freshdesk.com/en/support/solutions/articles/29000007216-create-multiple-accounts-on-cointracking

Thanks Dominik
It is almost clear for me - so if sell amount of coins higher than I've bought it I'll get a negative balance, Am I right?

And one more question, please
Is it possible to have different types of portfolios in one account? I'll explain I'm asking about.
For example I'd like to have 3 types of portfolios - Hold, Trade, etc. I will make different transactions with the coins within this portfolios,
and I'd like to have different statistic for each portfolio for each coin in this portfolio. Now we can group transactions, but amount would be shown together.

What is happening with USDC? It has been the coinbase stablecoin and reflected at $1 in my account for weeks, but it is now showing a price of $1.30. I believe it's seeing a different coin with the same ticker.

What is the correct symbol for USDC on Coinbase to use?

Absolutely love CoinTracking! It's my go to recommendation when anyone asks for tracking/tax software. Quick question...

Do you plan on adding CFT (Coss Fee Token) to the database? It's a new token that has the same utility as BNB, except it's on Coss.io, not Binance. Like I said, I'm a big supporter of CoinTracking and I'm trying to get the Coss community onboard but the biggest reservation right now is the lack of CFT coverage. Since CFT is used for trading fee discounts, all the trades from Coss will be erroneous when imported to CoinTracking until CFT is added. 

Hi konvanyy,

The "value at transaction" is calculated as the sum of transactions with their converted historical value at the time of the transaction.
The individual values can be viewed on the "Trade Prices" page.
The values can be negative if the value of all incoming/purchased coins is lower then the value of all outgoing/sold coins.

Hi Dominik

I have a question about Balance by Exchange
I can't understand why Im having a negative balance in value at transaction.

 Amount      USD Value at transaction   BTC Value at transaction   USD Current value   BTC Current value
10.90000000   ZRX   -41.75 USD           -0.00389406 BTC           3.39 USD                    0.00097631 BTC

0.00862000   USDT   0.56 USD            -0.00401733 BTC            0.01 USD                    0.00000248 BTC

What does it mean I how I can fix it?

Thank you