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.
Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 70. (Read 122634 times)
February 06, 2018, 11:33:52 AM
February 06, 2018, 10:31:20 AM
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!
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!
February 06, 2018, 05:15:57 AM
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!!!!
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!!!!
February 05, 2018, 11:36:27 PM
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!
thanks!
February 05, 2018, 04:49:42 PM
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.
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.
February 05, 2018, 04:33:16 PM
how do I go about finding the cost basis of my mining payouts. I enter them in and I can find them in the trades list but the price and tx number are blank. How do I go about filling all that in?
The cost basis of your mining payouts is 0.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?
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.
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?
February 05, 2018, 04:23:36 PM
how do I go about finding the cost basis of my mining payouts. I enter them in and I can find them in the trades list but the price and tx number are blank. How do I go about filling all that in?
The cost basis of your mining payouts is 0.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?
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.
February 05, 2018, 04:18:10 PM
how do I go about finding the cost basis of my mining payouts. I enter them in and I can find them in the trades list but the price and tx number are blank. How do I go about filling all that in?
The cost basis of your mining payouts is 0.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?
February 05, 2018, 04:02:25 AM
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.
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.
February 04, 2018, 10:06:45 AM
Proposed new feature: create an option to schedule an automatic import from another CoinTracking account, that you also own.
In this manner we could manage different partial accounts and have them all consolidated in one single portfolio, in an automated way. Cool, isn't it?
This could be very helpful In this manner we could manage different partial accounts and have them all consolidated in one single portfolio, in an automated way. Cool, isn't it?
February 04, 2018, 12:28:43 AM
ACB Average cost base yet?
?? PLZ!!!!
?? PLZ!!!! February 03, 2018, 10:51:42 PM
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.
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.
February 03, 2018, 03:45:32 PM
Does CoinTracking have a whitelist IP for automatic API interface?
I found this for anybody looking for it in the future - https://cointracking.freshdesk.com/en/support/solutions/articles/29000018216-cointracking-ip-address-for-api-white-listing
February 03, 2018, 03:04:30 PM
how do I go about finding the cost basis of my mining payouts. I enter them in and I can find them in the trades list but the price and tx number are blank. How do I go about filling all that in?
The cost basis of your mining payouts is 0.well, you could add up gear and electricity costs, not sure it is worth the effort at these prices though
Total income - operating costs = net income.
This would only be if you have filed as a S proprietor or an LLC, all mining/masternode rewards are treated as ordinary income and you only then you can deduct expenses.
It's pretty tough to file if you have been trading across several different exchanges over years, even using these sites its tough to keep track....the best thing any trader can do is try to keep track of their own stuff.
February 03, 2018, 02:46:38 PM
Does CoinTracking have a whitelist IP for automatic API interface?
February 03, 2018, 01:37:19 PM
Any idea why my balance of coins on the dashboard would show up correctly but my balances in the tax report closing position does not match.
the primary difference is around 1 coin that doesn't exist anymore that was swapped for another coin. so instead of showing 10000 of coin A and 0 of B and C it is showing 3000 of A and 5000 of b and 2000 of C?
the primary difference is around 1 coin that doesn't exist anymore that was swapped for another coin. so instead of showing 10000 of coin A and 0 of B and C it is showing 3000 of A and 5000 of b and 2000 of C?
February 02, 2018, 05:49:24 PM
Add cryptopia support manual CSV deposit and withdrawls
Also add BitBay.net support https://bitbay.net/pl/api-prywatne
What about Bittrex history and API (deposits) still 30 days limit? Is this their issue or yours?
Please push them to fix it.
Also add BitBay.net support https://bitbay.net/pl/api-prywatne
What about Bittrex history and API (deposits) still 30 days limit? Is this their issue or yours?
Please push them to fix it.
February 02, 2018, 04:39:33 PM
I have to record the cost basis, because I hodl coins. If I gain or lose, how much taxes I pay is based of that amount.
February 02, 2018, 01:09:25 PM
how do I go about finding the cost basis of my mining payouts. I enter them in and I can find them in the trades list but the price and tx number are blank. How do I go about filling all that in?
The cost basis of your mining payouts is 0.well, you could add up gear and electricity costs, not sure it is worth the effort at these prices though
Total income - operating costs = net income.
February 02, 2018, 11:34:55 AM
how do I go about finding the cost basis of my mining payouts. I enter them in and I can find them in the trades list but the price and tx number are blank. How do I go about filling all that in?
The cost basis of your mining payouts is 0.well, you could add up gear and electricity costs, not sure it is worth the effort at these prices though
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