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Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 65. (Read 122902 times)

newbie
Activity: 2
Merit: 0
I got the unlimited version of this product to import my 20,000+ Poloniex trades. A mix of exchange/and margin trades. The ending calculations arent even remotely correct and they dont let you import borrowing fees.... so if you did margin trades, this product wont be accurate. I told their support a few weeks ago about the fees causing miscalculations and they said they would pass it along to their developers. Still no update.
sr. member
Activity: 390
Merit: 251
Mamihlapinatapai
Man, I'm a fan of CoinTracking, but it's time they step up their game. I became a Pro member in December when Blockfolio seemed to be their only competitor. As I started doing more and more trades, Blockfolio became unmanageable, so when I learned about CoinTracking and it's advanced analytics features + API support, it seemed exactly what I was looking for. That was only 3 months ago. Since then, many new competitors have sprung up, and they are offering a lot more functionality and productivity for much lower prices. Some of them get new updates every single week. Meanwhile, CoinTracking hasn't had any noticeable updates or new features at all in the last 3 months (just take a look at their 'Updates and New Features' page and you'll see how empty it is). Why are BNB fees still not calculated properly? Why is there no API support for OKEX, the biggest exchange in the world? Why are some imported coins not given the correct ticker automatically (like BCC->BCH and NEB->NEBL on Binance)? Why are minuscule negative balances like -$0.01, which are almost always a result of not properly calculated fees, not automatically recognized as 0, so these weird balances can be hidden on the balance pages? Most of this stuff seems to be very easy automate. I was very enthusiastic about CoinTracking in the beginning, but now I'm using it less and less, because every time I import from an exchange, whether it's through CSV or an API, there are so many errors that I have to identify and solve, that it's actually a lot faster to just type my balances correctly into an Excel sheet with a connection to CMC. So far I'm disappointed in my purchase, but my subscription still has 9 months left, so I hope they come up with some good stuff in the upcoming months.
You mention some competitors in the beginning and finished post with entering data to excel ... so are any viable competitors except excel+cmc? I am very disappointed of cointracking too, but still using it because don't know how to replace it
hero member
Activity: 1151
Merit: 528
I’d like to request the addition of a feature to support the import of ETC wallets similar to what you have with ETH wallets.

The free API at https://api.gastracker.io/v1/addr/{ETC address}/transactions provides for an easy way to get all ETC transactions associated with an ETC wallet address. It is described at http://help.gastracker.io/support/solutions/articles/36000000899-list-of-transactions-api

Alternately, Gastracker also provides a public RPC endpoint compatible with Ethereum Web3. You can use it from https://web3.gastracker.io as described at http://help.gastracker.io/support/solutions/articles/36000000934-public-json-rpc-api

I would also like to see ETC added to cointracking.info.  The Ethereum Classic Blockkchain is a multibillion dollar market cap and has been in operation for nearly 18 months now.  Please add ETC today, (I am an Ultimate member and desparate, actually to complete my taxes).  The poster above has already shared with you good resources to get you started.
Dude their wallet support is non-existent. I would not count on this being added any time soon.
newbie
Activity: 20
Merit: 1
I’d like to request the addition of a feature to support the import of ETC wallets similar to what you have with ETH wallets.

The free API at https://api.gastracker.io/v1/addr/{ETC address}/transactions provides for an easy way to get all ETC transactions associated with an ETC wallet address. It is described at http://help.gastracker.io/support/solutions/articles/36000000899-list-of-transactions-api

Alternately, Gastracker also provides a public RPC endpoint compatible with Ethereum Web3. You can use it from https://web3.gastracker.io as described at http://help.gastracker.io/support/solutions/articles/36000000934-public-json-rpc-api

I would also like to see ETC added to cointracking.info.  The Ethereum Classic Blockkchain is a multibillion dollar market cap and has been in operation for nearly 18 months now.  Please add ETC today, (I am an Ultimate member and desparate, actually to complete my taxes).  The poster above has already shared with you good resources to get you started.
newbie
Activity: 2
Merit: 0
Hi Smiley

Is there a way to correctly enter margin sell trades from Bitfinex?
newbie
Activity: 49
Merit: 0
Please add Bitcoin Private BTCP

I see you have Bitcoin pro for BTCP?  not sure what that is
newbie
Activity: 1
Merit: 0
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!
newbie
Activity: 2
Merit: 0
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.

sr. member
Activity: 714
Merit: 252
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 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  Undecided
newbie
Activity: 2
Merit: 0
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!


full member
Activity: 220
Merit: 100
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.
hero member
Activity: 1151
Merit: 528
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.
newbie
Activity: 2
Merit: 0
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?
newbie
Activity: 33
Merit: 0
Hi
Could you please remove "deposits/withdrawala" from poloniex export files. Import from polo become a mess.
Regards.
full member
Activity: 294
Merit: 100
finally the created such service. I wish I'd seen your post before. Thank You! will use
epg
member
Activity: 63
Merit: 10
OK, I'll give that a go. Thanks!
sr. member
Activity: 714
Merit: 252
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?

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
epg
member
Activity: 63
Merit: 10
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?
newbie
Activity: 1
Merit: 0
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.
legendary
Activity: 1418
Merit: 1002
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 ...

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