Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 70. (Read 122902 times)

Yup, just trading in and out with about $30k.  I guess the Form 8949 and Schedule D takes care of the 1099K I got from GDAX??!!  Still trying to figure that out.  What I have learned:

1. A multitude of trades can lead to accounting headaches (for example, TurboTax Home and Business can handle a maximum of 3000 transactions AND you have to pay for the top price for cointracking to keep track of of all those transactions).
2. Long term capital gains are preferable to short term capital gains (they are taxed differently).  Although in crypto, it is sometimes hard to hold something for more than 365 days.  Lol

Is the $3 million just the volume of the trades or your gains?  Like I traded for past month with like $200 and already racked up like over $10k in volume.  with just $200.. I am worried about this.  Tempted to just give up.  Don't know what I am getting myself into goofing around with $200.  Every bet someone plays at poker table isn't a taxable event.  I feel like I am just playing cards.. small money.. long hours.. lotta volume.. no profits relaly.

Those 30 payments were people paying me for a service that I offer - so would those payment be considered income?  The rest the $3 million (listed on the 1099k) is just my personal trading.  No one knew GDAX was going to be sending out 1099K's until the very end of 2017 (and by then, I had racked up thousands of trades).

I WAS interested in your software and not so much now.  I've done two days of daytrading and it exceeds yoru 200 record limit.

I am having a big problem with capital gains calculations -- I think your software is FLAWED.   Said I had $150 in gains in those two days when I only gained $40.

I sent a support ticket with the question and you did NOT answer me.

I am not going to fork out bitcoin for your application, if it doesn't allow me to test it out further than 2 days.. especially since it has problems and you aren't responding to my support ticket.

I will most likely design my own relational database and write my own program to generate my form 8949 and income statement.. Using fractional FIFO. 

At least if I write it and it has a bug, I can fix it myself, instead of hoping to get a reply from you folks.

I believe the short/long is the tax category.  If its was help for less than 1 year it will show as short.

Hi -

I have just subscribed to cointracker.info and setting up trades, however I have run into an error on the Trade List page. It is throwing me an error saying

 ''DataTables warning: table id=trade_table - Invalid JSON response. For more information about this error, please see http://datatables.net/tn/1"

Does anyone know why this happens and how I can resolve it?

Thanks,

Rob

Update : Problem solved. I created an exchange name with a backslash i.e. RD\BTC Markets. It seems you can't have exchange names with backslashes in them.

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?