Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 69. (Read 122389 times)

Assuming it's income, yes.

I have about 30 of these warning messages, which correspond to 30 BTC payments I have received in my Coinbase account from other Coinbase customers (and also for the $10 referral fee paid in BTC I receive for referring customers).

So when someone pays me through Coinbase (in BTC) this transaction just shows as a "Deposit" as it should - Then, there is a corresponding "Withdrawal" transaction and another "Deposit" transaction as I send it to my GDAX trading account.  Now, all these transactions show up with NO cost basis (because there is NO trade associated with them), so the cointracking.info software gives me a "Warning" message in the "Capital Gains" report that says "There is no suitable purchase for this sale" and assumes a $0 USD cost basis.  I have tried adding trades, but the message still persists.  Does anyone know how to handle this type of transaction?

Here are the warnings the capital gains report:


Amount          Currency Date Acquired   Date Sold                                                           Short Term Gain/Long Term Gain                                                     Buy Input  Sell Input  Proceeeds / Cost Basis / Gain in USD
0.00660200   BTC   04.12.2017   04.12.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)   __   GDAX   74.76   0.00   74.76
0.01079998   BTC   26.11.2017   26.11.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)   __   GDAX   100.83   0.00   100.83
0.01450300   BTC   25.04.2017   25.04.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)   __   GDAX   18.49   0.00   18.49
0.02220600   BTC   23.06.2017   23.06.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)   __   GDAX   60.09   0.00   60.09
0.02250300   BTC   03.10.2017   03.10.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)   __   GDAX   95.62   0.00   95.62
0.02394883   BTC   12.09.2017   12.09.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)   __   GDAX   99.49   0.00   99.49
0.04000000   BTC   04.01.2017   04.01.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)   __   GDAX   45.60   0.00   45.60
0.04128600   BTC   20.06.2017   20.06.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)   __   GDAX   113.95   0.00   113.95
0.04266892   BTC   06.04.2017   06.04.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)   __   GDAX   51.12   0.00   51.12
0.04562400   BTC   25.05.2017   25.05.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)   __   GDAX   110.29   0.00   110.29
0.05077098   BTC   19.05.2017   19.05.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   98.11   0.00   98.11
0.05527600   BTC   15.01.2017   15.01.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   46.36   0.00   46.36
0.05816800   BTC   17.07.2017   17.07.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   120.59   0.00   120.59
0.06475708   BTC   17.04.2017   17.04.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   76.11   0.00   76.11
0.06492337   BTC   18.09.2017   18.09.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   259.11   0.00   259.11
0.07474800   BTC   18.02.2017   18.02.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   78.96   0.00   78.96
0.08209100   BTC   24.02.2017   24.02.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   98.21   0.00   98.21
0.08527500   BTC   09.01.2017   09.01.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   77.34   0.00   77.34
0.09460000   BTC   20.02.2017   20.02.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   100.38   0.00   100.38
0.09590900   BTC   28.02.2017   28.02.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   114.42   0.00   114.42
0.09602300   BTC   28.03.2017   28.03.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   99.64   0.00   99.64
0.09688723   BTC   13.01.2017   13.01.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   80.67   0.00   80.67
0.11589227   BTC   19.04.2017   19.04.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   139.25   0.00   139.25
0.12500000   BTC   16.01.2017   16.01.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   104.93   0.00   104.93
0.33252100   BTC   31.01.2017   31.01.2017   There is no suitable purchase to this sale. Assuming purchase on the same day for 0 USD. Short (Warning)      GDAX   311.24   0.00   311.24

Lol, thanks (I am such a noob).  That really helps.  But I still can't figure out how to get rid of those "Warnings" on the report.  I have tried adding trades every which way but they just won't go away.

Lol i think you are confusing a short sell with the notion of short and long term gains, the tracker is treating every single one of your trades as short term gains...which is a higher tax % btw

This is what im worried about with these services, you may end up paying way more taxes than you owed....its not like the IRS is going to be like "hey you gave us too much"..

Feel like the only way is to try and do it all yourself, which for some of us is next to impossible....what if someone has lost huge gaps in their trading history for things out of their control? Mintpal, cryptsy, mt gox ect....those records are gone...

I just feel like crypto-fiat taxes are enough right now, exchanges are no where near the level they need to be at for people to comply with the crypto-crypto tax..

When I run the "Capital Gains Report," all my trades (3,261 of them) show as "shorts" (in the Short/Long column).  I don't have margin so is this a mistake in the software?

I used the API Import feature to import all my trades from various exchanges (GDAX, Coinbase, Binance, Bittrex, Bitfinex, and Poloniex plus my wallet information for all my coins).

Has anyone else noticed this?

Also, when someone pays me through Coinbase (I have a Coinbase acc't and they have a Coinbase account), this transaction just shows as a "deposit."  I usually just send this to my GDAX account, and
add it to my trading BTC.  But all these transactions show up with no cost basis (because there is no trade associated with them), so the cointracking.info software gives me an "Warning" message in the capital gains report that there is "No suitable purchase for this sale" and assumes a $0 USD cost basis.  I have tried adding trades, but the message still persists.  

Love the software. Imported from all my accounts via API fairly easily, and let me change entries from trades to mining quickly.  My taxes are already done and submitted!  

There were a few hiccups the first day, when it was showing me holding odd amounts of cash, ether, etc that diddn't exist.  But after a day those all were fixed.  I also had to go and put in 'spend' transactions for cashouts in coinbase.  Basically just data cleanup for my own use-cases.

Is there an ETA for supporting tradesatoshi's API?  I plan on doing some trading there that I want cointracking to monitor, but it seems there's no support for the API yet.

Thanks!

I just logged into my cointracking and it's showing me every single transaction I've ever made in the realized/unrealized gains, like not calculating correctly so it shows I have way more money than I actually have. Is there some kind of database or server problem right now?

I paid a lot for this service and it has not been up to my expectations, with all of the Binance importing problems, server downtime, now this.

EVERY time it matters the most, this app always screws up. I just tried deleting all my trades and re-importing everything and the calculations are STILL wrong.

FIX THIS!!!!

Question.  Where can I find my account number?  I am filling out my Schedule D right now for 2017 and they want an account number.

thanks!

I'm testing the free version and set up cointracking manually today and trying to make sure I correctly understand everything I need it to track for US taxes at the end of 2018.

Am I correct that when mining I need to get 3 numbers:
(1) my payout in ETH and equivalent USD -- this is income recorded at the price and the time of transfer from the pool wallet to my wallet
(2) the pool fee taken by the site -- this is an expense but you don't record it because it's taken before your payout.  The extra income and the fee would cancel each other out.  Am I correct it's best practice to track net income rather than gross income (i.e. before pool fees)?
(3) the transfer fee to move the payout from the site wallet to your wallet.  This is an expense you need to track and total and the end of the year.

I manually entered my payouts, and looked up the transfer fee for each one and entered it.

I then tried the automated import feature for ETH wallets to see if it would save me time in the future.  When I did this, it correctly entered the payout amount, but the fees column was always 0. 

Is it a limitation of the automated import that I need to go and manually look up each transaction and correct the fees column?

Thanks.

Here is my question:
When I mine a coin and receive it in my wallet. At that moment I have taxable income - whatever the value to that coin is, at that time I receive it, it becomes taxable. I've tracked all my mining in Cointracking using the Excel upload (as my alt-coins are not supported with an API); Now it's time to pay my taxes on the coins I mined. How do I get that info from Cointracker?

That's not what you originally asked. The cost basis for mining payouts is 0 - that's how it is.

Whenever you sell, the capital gains/loss will be (current price - price at time mined) = cost basis.

The mining income will be subject to income tax and the cap/gains loss as such.

Is that right? I thought that you have to pay tax on the value of the coin mined WHEN they are received. Then you have to realize a gain/loss when you sell them. (In fact I know this to be the rule). So all the mining I've done, each of my hundreds of little payouts, need to be recorded at the market rate when they where received in my wallet. Thus why I needed CT to help me. But I can't figure out how CT shows the mining value for tax filing (this is a US tax question).

Anyone know?

I am going crazy, I am new to crypto and have been daytrading (first time ever) on the ethereum market on biance for the past couple days.  I am fairing well , up $40 starting iwth $170.

I am using cointracking.info to import the binance data and I know it's importing correctly , because the program has the balances exactly right.

However it says I am up like $150 in cap gains past couple days, when in reality I am up only $40.   Did about 100 trades past couple days.  I see no way to set the tax report to use "average cost of ethereum" for the day.   The high volatility of both currencies in the pair is messing things up I think.

This could be very helpful

ACB Average cost base yet??? PLZ!!!!

About taxreport conversion.
Why are there three calculation methods and are BestPrice choices recommended?
There is a difference in profit of about 40% when you adopt another calculation method.
As a personal feeling, I think counterpart is the best.

Also, please read API reading from bittrex as quickly as possible for all periods.
When reading from CSV, many errors are generated.