Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 71. (Read 122619 times)

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?

I have found that FIFO seems to work the best.

As for those percentages.. those will be based on your income tier level. I'm putting mid 30's to be safe.. but you really won't know for sure until you do your taxes (YAY land of the free!)

anybody have the ranges for the short/long-term gain percentages for the US when generating a tax report?

and what about hifo, lifo, fifo ...?

just want to get a general idea when running reports.

I have finally reconciled all my trades so that the balances at all my exchange accounts and wallets match what I got reported in Cointracking.
However, whenever I turn on public portfolio, it will show a totally different value of all the coins e.g. it will show balance of coins I have sold ages ago and got mixed up with coins I currently hold. This affects also the Dashboard values, but it does not affect "Current Balance" and "Balance by Exchange" screens.

As soon as I disable public portfolio, these errors correct themselves.

I wonder if others have seen this before?

I have the unlimited version.  Imported all data and set up api.  Trade statistics look close on the chart.  When I cashed out completely at one point just after the end of the year, it was only off by about $300 on my trade statistics chart (thinks I left behind $300 worth of something... not my real major issue here though). 

All that looks great... However, when I run a tax report the gains show much much higher (>600k usd value!) than the actual value shows of all of my holdings on the trade statistics chart for the year of 2017 (>300k usd).  Am I missing something, or are these calculated so differently that my "gains" would calculate way higher than my entire portfolio value by the end of the year?  Yes, I did a lot of trades in 2017.. a LOT... more than 13,000 entries!  Still, this seems very odd that my "gains" would calculate so much higher than my portfolio value at the end of the year.  How can they be "gains" if I don't have them in my actual value...?  Help, please!  Anyone else have any idea what could be going on?

If I'm mining via Nicehash and using the free xfer to Coinbase in BTC which wallet import function would I use? 

Assuming option 1 which is the "import all transactions of BTC address" aka the Coinbase address.  So when I receive an xfer from Nicehash it should show up automatically in CoinTracking and flagged as "mining", yes?

let's hope that is all it is

it is a lot of data to give to a website

This question has been probably answered many times here, but it's difficult to go through 50+ pages so I hope I can get a reply like this

I just started to use CoinTracking and it works great, I can get all trades in great, no problem. But when I create my Tax Report I get warnings and an issue I guess is popular?

My Bitcoin history starts like this: I deposit 1000€ -> I buy Bitcoins with 1000€ (to get back those prices...)

In my Tax Report this 1st Purchase of Bitcoins is marked with a warning, and it says there's no suitable purchase date for selling of these 1000€. Since the trade is buy BTC / sell EUR.
So the program then makes this entire 1000€ as gains. There is no gain at this point because I've just purchased my first Bitcoin, there'd be only gain if I sold them.

In the example import excel a purchase is made by putting USD to Sell column and Bitcoins to buy. This is how I made as well.

So how are these crypto/fiat purchased supposed to be put in? I'm confused

Edit: I have deposits marked correctly as deposits, shouldn't that wipe out the fake gain in this case.
Edit 2: I guess I have to input an "income" so then it gets canceled?

Yes, the free product in this case is to entice you to buy the upgraded version, which, IMO is not worth it. To many bugs, quirks, and unsupported exchanges/wallets to be useful. I spend more time correcting things manually than it does automatically/usefully.

remember, if something is free...YOU are the product

Is it worth it if you can use the free version? Yes.

Is the UNLIMITED plan worth it? Not by a long shot.

So guys, how you like this service? Is it worth using? As I sometimes have problems with controling all coins I follow. So I'm looking something like cointracking

I've only made a small contribution through Coinbase and used APIs to load in my transactions and I have the same issue. It's just a weird issue with the way Coinbase reports it (they don't show a deposit of the USD and then a trade, or at least I'm not seeing it that way). I just ignored it but realized an easy solution. Let's say you traded 10 USD for 1 LTC on Coinbase and you have that trade recorded. Coinbase would then be showing as -10 USD which technically isn't matching your true USD balance on Coinbase (which would likely be $0), however your USD balance across all accounts correctly shows -10 USD so you don't want that messed up either. I would suggest recording a withdrawal from your bank and a matching deposit to Coinbase. I just did this for myself and it works great.

(Trade time - 2 seconds): Withdrawal from Exchange named "Bank" of 10 USD
(Trade time - 1 second): Desposit to Coinbase of 10 USD
(Trade time): Trade of 10 USD for 1 LTC


The result is that you'll still have -10 USD across all accounts, but now your Coinbase balance will show the correct USD balance and the Exchange named Bank will show -10 USD.

For your Gemini transactions, since you have the Deposit and Trade already, you just need to add a Withdrawal line from your Bank.

Try to think about what you started with compared to what you ended up with and record those amounts, it's just that simple.

In your example, you paid 1000 USDT and received 0.998 ETH (1 ETH minus the fee), so that's what you record. The fee column in CoinTracking is informational only and does not affect the calculations, so to be honest I wouldn't bother inputting it. If you do want to record it, the same example would be that you paid 1000 USDT, received 0.998 ETH, and there was a fee of 0.002 ETH. If you pay for the service (I have), the API's record it this way automatically.

If you sold 1 ETH at 1 ETH/1000 USDT, you'd expect to receive 998 USDT because of the fee so you'd record 1 ETH sold for 998 USDT. However things get weird if they charge the fee against what  you sold. For example if you sold 1 ETH at the same rate, where they gave you 1000 USDT in return, but charged a 0.002 ETH fee, you might be looking at 1.002 ETH sold for 1000 USDT. In some cases they will factor in the fee already so you may pay 1 ETH for 1000 USDT (a purchase on Coinbase for example will lump the fee into what you purchased). This is kind of confusing, but eventually should make sense, however as I started with... just focus on what you gave up and what they ultimately gave you and that's all you need to do for every trade you have.

Withdrawals fees are confusing, I'm not sure what is actually the "right" way to factor that in. I'd like to say it factored into my trade price, however that's probably not entirely right. I've seen some explanations say to record is as being spent, however I think that muddies up taxes (to be honest I haven't tried inputting those but it might be considered a barter transaction since crypto is property).

Hey everyone. Sorry if this has already been covered. I've got a bunch of these in my tax report Bittrex (+1) I get various numbers, some have up to (+3) Are these duplicate entries?  Can someone tell me what these are? I've skimmed through the documentation but haven't been able to find anything about this. Any help would be greatly appreciated, meeting with my accountant next week, and running out of time. Thanks.

I can't seem to get the new coinbase API to work. On the API import page it shows "key invalid" under "running jobs" even though I followed instructions when creating API and adding it to CoinTracking. Had it working before (old version) then it stopped doing automatic imports,  I went to check to see what's up and then learned about new API version so I created new one and deleted old one per instructions but can't get it to work and still shows "key invalid". Redid whole process with same result.

Anybody get this to work or know any tricks to get it functioning?

I love cointracking but have a question if anyone can help.

I have been working on inputting my transactions from multiple exchanges and wallets. I am getting close to figuring it out except the following:

If I'm understanding this correctly, the cash deposited into exchanges should represent a negative (red) number in Cointracking.info.

My issue: I transferred money from my bank account into coinbase which I bought LTC with. Note: the money was directly traded for LTC. There is not a USD balance. When I transfer the transaction into contracking, the USD shows negative. It is listed as a direct "trade".

Now, I deposited money from my bank account into my Gemini account. I now have a USD balance in Gemini. I use that money to make transactions into ETH. When transferred to cointracking they are listed as first a "deposit" (the cash) and then a "trade" (ETH for USD). Two separate transactions.

The trouble I am having is with my Gemini transactions. My cash invested does not represent a negative number like that of my coinbase transactions. Therefore, it doesn't reflect an accurate USD investment total (it seems). Currently, I do have a positive uninvested USD balance in Gemini but it is a small amount compared to what I have put in (it should not be positive).

If anyone can explain, I appreciate it and thank you in advance for your time.

Hi, when using the Excel template to upload trades / transfers, how are fees represented?
e.g. I buy 1 ETH with 1000 USDT and the exchange charges 0.2% of bought currency, so do I input the following:
1. Buy amount = 1 ETH, Sell Amount = 1000 USDT, Fee amount = 0.002 ETH, or
2. Buy amount = 0.998 ETH, Sell Amount = 1000 USDT, Fee amount = 0.002 ETH or something else?

For withdrawals, most exchanges charge for this transaction. If I want to transfer 1 ETH out and the exchange charges 0.01 ETH as transaction fee, do I put:
1. Sell amount = 1 ETH, Fee amount = 0.002 ETH or
2. Sell amount = 0.998 ETH, Fee amount = 0.002 ETH?

BTW, with binance uploads using csv files, I note that the "Withdrawal History" file has no mention of any fees. eg. if I transfer 1 ETH out, it just registers the payload of 1 ETH and not the 0.01 ETH transfer fee. How can I get this fee deducted properly?

Soooooo

how do we know this outfit is not going to monetize the data they collect on us?

HI
I downloaded the cointracking excel template for uploading data, inserted my data under the columns then attempted to upload it.  I continue to receive an error that the system doesn't see a timestamp, so the transaction can't be uploaded.  There is clearly a timestamp in the exact format from the template and I've tried to upload via the excel and csv format with the same errors. Any ideas?

Thx