I've imported and manually checked over 7000 trades on cointracking for 2017. My coin summary is almost exactly correct and shows the balanced and dollar amounts that I would expect, but my realized gains are about 24% higher than what I actually made this year. Since I've only imported trades from 2017 and my coin summary numbers are correct. Why are my realized gains so much higher? Could it be an issue with the cost basis of the coins?
Also, I've noticed that in rare cases, timezones differ so much between exchanges that the imported data can reflect a trade happening on one exchange a full day before the funds were sent from another exchange. Will this negatively impact calculations/reporting at all?
Thanks for any help!
Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 64. (Read 122389 times)
March 04, 2018, 03:04:06 AM
March 03, 2018, 12:50:08 AM
yeah, i think two reports is the answer. thanks!
but there's still the problem of having different tax rates for federal and state. I don't know how to capture that in a single figure.
but there's still the problem of having different tax rates for federal and state. I don't know how to capture that in a single figure.
March 03, 2018, 12:36:40 AM
Hey Guys - I tried to figure out if there were separate threads for different Cointracking topics, but it seems everything is lumped into one giant thread. Apologies if I missed something.
I'm trying to figure out the tax report, and not sure how to get over the first hurdle. Let's say I'm a California resident, and am in the 33% federal tax bracket.
Federal capital gains is taxed at 33% for short term gains, but the long term rate drops to 25% I believe.
There is no change at the state level - both short and long term gains are taxed at the same level as income tax, so 33%.
Cointracking only allows for one entry for short term, and one for long term.
I'm guessing I'm not the only one in this boat.
How are other people handling this?
Thanks!
I'm trying to figure out the tax report, and not sure how to get over the first hurdle. Let's say I'm a California resident, and am in the 33% federal tax bracket.
Federal capital gains is taxed at 33% for short term gains, but the long term rate drops to 25% I believe.
There is no change at the state level - both short and long term gains are taxed at the same level as income tax, so 33%.
Cointracking only allows for one entry for short term, and one for long term.
I'm guessing I'm not the only one in this boat.
How are other people handling this?
Thanks!
I'm confused are you trying to make long holds the same taxable rate as short? if so theres an option in the tax report to disable long.
if not i guess you'd have to do 2 tax reports one with long at 25% the other with long at 33%
I thought it was complicated here in the uk
March 02, 2018, 06:30:45 PM
Hey Guys - I tried to figure out if there were separate threads for different Cointracking topics, but it seems everything is lumped into one giant thread. Apologies if I missed something.
I'm trying to figure out the tax report, and not sure how to get over the first hurdle. Let's say I'm a California resident, and am in the 33% federal tax bracket.
Federal capital gains is taxed at 33% for short term gains, but the long term rate drops to 25% I believe.
There is no change at the state level - both short and long term gains are taxed at the same level as income tax, so 33%.
Cointracking only allows for one entry for short term, and one for long term.
I'm guessing I'm not the only one in this boat.
How are other people handling this?
Thanks!
I'm trying to figure out the tax report, and not sure how to get over the first hurdle. Let's say I'm a California resident, and am in the 33% federal tax bracket.
Federal capital gains is taxed at 33% for short term gains, but the long term rate drops to 25% I believe.
There is no change at the state level - both short and long term gains are taxed at the same level as income tax, so 33%.
Cointracking only allows for one entry for short term, and one for long term.
I'm guessing I'm not the only one in this boat.
How are other people handling this?
Thanks!
March 02, 2018, 09:55:44 AM
Imports and API for gdax and coinbase don't work for shit. Numbers are totally off. This is the #1 exchange and you can't read their imports properly? WTF are you doing?
Then what about this about calculating Like Kind exchanges.
"Currently (mostly in the US), there is the debate around handling Cryptocurrency trades among each other, as Like-Kind-Exchanges.
We are planing to integrate this calculation method for our Tax-Report, in the future.
"
In the future?? Why in the future? Why not right now? I paid a lot of money for this software and you don't even have it finished?
You claim it's in a gray area so you didn't make it an option. BUT then you say you'll add it in the future. GIVE THE USER THE OPTION to make the decision themselves. Don't go playing lawyer. I guess when it comes down to it, your not really playing lawyer, your playing lazy ass programmers that won't get off their ass to program some shit.
Then what about this about calculating Like Kind exchanges.
"Currently (mostly in the US), there is the debate around handling Cryptocurrency trades among each other, as Like-Kind-Exchanges.
We are planing to integrate this calculation method for our Tax-Report, in the future.
"
In the future?? Why in the future? Why not right now? I paid a lot of money for this software and you don't even have it finished?
You claim it's in a gray area so you didn't make it an option. BUT then you say you'll add it in the future. GIVE THE USER THE OPTION to make the decision themselves. Don't go playing lawyer. I guess when it comes down to it, your not really playing lawyer, your playing lazy ass programmers that won't get off their ass to program some shit.
March 01, 2018, 03:44:12 PM
Does CT support connecting to to multiple accounts on a single exchange for the API import?
i.e. if I have multiple accounts on Binance (for example) can I use the API import for both of them?
Yes you can. Binance auto API is broken atm. Has been for months. Have to manually do it. i.e. if I have multiple accounts on Binance (for example) can I use the API import for both of them?
March 01, 2018, 12:55:47 PM
Does CT support connecting to to multiple accounts on a single exchange for the API import?
i.e. if I have multiple accounts on Binance (for example) can I use the API import for both of them?
i.e. if I have multiple accounts on Binance (for example) can I use the API import for both of them?
March 01, 2018, 12:29:18 AM
Hi
Could you please remove "deposits/withdrawala" from poloniex export files. Import from polo become a mess.
Regards.
Could you please remove "deposits/withdrawala" from poloniex export files. Import from polo become a mess.
Regards.
February 28, 2018, 03:09:07 PM
finally the created such service. I wish I'd seen your post before. Thank You! will use
February 28, 2018, 10:37:17 AM
OK, I'll give that a go. Thanks!
February 28, 2018, 02:27:41 AM
I've been using the 'Bitcoin Address and Wallet Import' area to just dump public addresses for it to import. It works like 90% of the time- the other 10% it seems to just not process the job, so it just sits there doing nothing... forcing me to delete and re-create the job, or in the cases where the public address contains more than 50 transactions, the job just processes the latest 50 and just stops. I end up with partially imported transactions, so I have a blockchain explorer window open side by side to verify the transaction number I'm expecting and compare it directly to how many were imported by CoinTracking.
Has anyone else run into this? Should I just leave the jobs that processed the 50 out of 50+ transactions and it will process the rest? Or is deleting the job (and partially imported transactions) the only way around this?
Has anyone else run into this? Should I just leave the jobs that processed the 50 out of 50+ transactions and it will process the rest? Or is deleting the job (and partially imported transactions) the only way around this?
i remember reading theres a limit to how many transactions it will import per import (bad English ftmfw)
leave the job there and it should get all the transactions over several imports
February 27, 2018, 07:09:55 PM
I've been using the 'Bitcoin Address and Wallet Import' area to just dump public addresses for it to import. It works like 90% of the time- the other 10% it seems to just not process the job, so it just sits there doing nothing... forcing me to delete and re-create the job, or in the cases where the public address contains more than 50 transactions, the job just processes the latest 50 and just stops. I end up with partially imported transactions, so I have a blockchain explorer window open side by side to verify the transaction number I'm expecting and compare it directly to how many were imported by CoinTracking.
Has anyone else run into this? Should I just leave the jobs that processed the 50 out of 50+ transactions and it will process the rest? Or is deleting the job (and partially imported transactions) the only way around this?
Has anyone else run into this? Should I just leave the jobs that processed the 50 out of 50+ transactions and it will process the rest? Or is deleting the job (and partially imported transactions) the only way around this?
February 27, 2018, 12:57:27 PM
On the tax report, when you choose "Best Prices" for conversion of crypto to crypto transactions, where is cointracking pulling these prices from? Specifically for Ethereum and Bitcoin. Is cointracking using daily averages, highs, lows, or a mix? And is this across all exchanges? I am curios because conceivably, you have a lot of leeway as a filer on what you claim for conversion price on a given trade. With price being so volatile and no unanimously agreed upon index, I bet you could use your particular exchange's highs for purchases and lows for sales in order to minimize gains and the IRS wouldn't catch on. I assume best prices is doing some form of this already, I'd just like to know more specifically where from.
February 26, 2018, 05:35:31 PM
any other thoughts on fifo vs. lifo?
I get drastically different taxable amounts between the two.
heres an example.
Say you bought BTC/LTC in 2015 and have been holding.
now you want some BTC for an ICO, but dont want to sell any BTC.
So you sell LTC --> BTC --> ICOcoin.
You'll be double taxed using fifo, both your LTC gains, and BTC gains from 2015 as base since you used BTC to buy said ICOcoin.
but using lifo, only taxed an LTC gains, since BTC would be minimal if you immediately bought into ICO using proceeds ...
I get drastically different taxable amounts between the two.
heres an example.
Say you bought BTC/LTC in 2015 and have been holding.
now you want some BTC for an ICO, but dont want to sell any BTC.
So you sell LTC --> BTC --> ICOcoin.
You'll be double taxed using fifo, both your LTC gains, and BTC gains from 2015 as base since you used BTC to buy said ICOcoin.
but using lifo, only taxed an LTC gains, since BTC would be minimal if you immediately bought into ICO using proceeds ...
February 26, 2018, 05:31:59 PM
There is a problem with ERC20 (ERC20) and EuropeCoin (ERC).
I have ERC20 in my ETH address but in the dashboard they are value as ERC at $ 0.734838 instead of $ 0.002127.
I have ERC20 in my ETH address but in the dashboard they are value as ERC at $ 0.734838 instead of $ 0.002127.
February 26, 2018, 03:40:06 PM
I am having a problem with VIBE reporting as VIB. This was a binance excel import and I can't find anyway to fix this. I am hodl VIBE but it is reporting VIB current prices and also VIB logo. Please advise how to correct this issue. Thanks.
February 26, 2018, 07:03:19 AM
Is it possible to refresh all my tasks at once? It is annoying that every time i want to refresh data i should go Enter coin - Exchange API import - Choose exchange - press Check. It is so simple to create one button "Check all", why i can't find this magic button? 
One option when you set up the exchange API import is to have it execute automatically. This will execute the import once a day automatically. This way you don't have to do anything except hit the recalculate button when prompted when new transactions are added. If you don't do that then, yes, you have to click each import function individually. In my experience, magic buttons rarely exist in crypto
It is not about magic in crypto) it is about usability of casual site.) It is obviously, that cointracking is used by people with several exchange accounts, and it is obviously, that they need to refresh data more often that once a day. But instead of hiring more technical specialists, setup cdn and rebuild whole mechanics with API - cointracking team chose the way of limitation its users.
Meanwhile alternative solutions are coming. https://www.cointracker.io/ for example.
February 26, 2018, 06:39:32 AM
Hi,
I would like to open a Neon wallet to move my Neo and Gas out of the exchanges,and as i'm planning to use a Ledger wallet when i'll receive it ,this wallet supports Neon.
I can't see anything regarding this wallet in the API wallet import or even in Wallet import,i don't mind doing it manually too.
So is there a way to proceed with Cointracking and Neon wallet?
I would like to open a Neon wallet to move my Neo and Gas out of the exchanges,and as i'm planning to use a Ledger wallet when i'll receive it ,this wallet supports Neon.
I can't see anything regarding this wallet in the API wallet import or even in Wallet import,i don't mind doing it manually too.
So is there a way to proceed with Cointracking and Neon wallet?
February 25, 2018, 10:39:06 AM
Is it possible to refresh all my tasks at once? It is annoying that every time i want to refresh data i should go Enter coin - Exchange API import - Choose exchange - press Check. It is so simple to create one button "Check all", why i can't find this magic button?
One option when you set up the exchange API import is to have it execute automatically. This will execute the import once a day automatically. This way you don't have to do anything except hit the recalculate button when prompted when new transactions are added. If you don't do that then, yes, you have to click each import function individually. In my experience, magic buttons rarely exist in crypto
February 25, 2018, 04:27:16 AM
Is it possible to refresh all my tasks at once? It is annoying that every time i want to refresh data i should go Enter coin - Exchange API import - Choose exchange - press Check. It is so simple to create one button "Check all", why i can't find this magic button?
Jump to: