Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 84. (Read 122619 times)

Hi Guys,

Anyone have this problem?
My main currency in Cointracking is USD. However, I make both EUR and USD deposits (from a US and a German bank account) in my Kraken account and then I buy BTC (and others) with these deposited funds. For those BTC trades I make from my EUR deposits, the tax form generator spits out an error message and states that no cost basis is present and calculates a 100% gain in USD with a USD 0.00 cost basis. I can not pinpoint where the problem lies as the EUR deposit and trades appear to be correctly imported.

Is there a remedy to this problem?

Thanks.

Hello,

New Pro user here.  This subject was kind of touched upon in earlier posts, but I didn't find an answer so please bear with me:

As we know, a common situation is moving crypto from one place to another... a non-taxable Withdrawal and non-taxable Deposit (not a taxable Trade and not a taxable Spend). 

Also common is that a fee for that service is also incurred upon Withdrawal (say from an exchange when moving a crypto balance to a wallet).  The send amount is gross in CT, the fee amount is noted properly in CT, and the subsequent Deposit amount is less (net) in CT.  All that is correct.

But unlike the effective inclusion of fees in CT taxable events of Trade and Spend, I have yet to see how that service fee "spending" is to be carried over to the tax reporting side of CT.  I see the incurred capital gains reporting (for Trades and Spends).  I see the income reporting (mining and general income).  On the expense side, I see areas for inclusion of certain other costs.

Seems like when I incur a fee to simply move crypto from exchange to wallet, I am purchasing a service at that moment and so performing a taxable Spend at that moment for just that fee amount.  Subject to the FIFO (or other) taxable sale treatment as any other Spend.  Small as it is.  The movement of the net crypto amount (after that service fee) is certainly a non-taxable event.  But I have not figured out if CT has an automated mechanism for me to include the movement fee "Spend" as a taxable event in the tax reports... or if I am just not understanding something about this. 

After gain/loss tax treatment (if I'm right that is), seems it is ALSO then a tax expense deduction?  Being a cost to move the crypto around?

Thanks in advance for your thoughts!

@Dario @ Keven,
Okay, I got all the tax report errors to go away. Now I have a new question. The Capital Gains/Losses page shows that all the trades were short, when in fact they were all long. The profits seem correct. Why are they showing as Short trades?

Steve

Hey,

@Arkaen: Yes, you're right. Sorry for that.
Quadriga was switched for FIAT sales.
I have fixed it and the decimal issue as well.
Thanks for your note.

@Its About Sharing:
ICOs will usually not have an automatically set cost basis since they are not traded on any exchange at the time of the ICO.
You will need to set them manually on the Enter Coins page (Edit -> Edit Asset value).
There is a detailed FAQ description called "My coin price/value does not seem correct" or something like that

@Kronny:
Sorry, we received a message from Bittrex that they are working on this issue, but I guess it will take them some time.

@sgjenks01:
You should be able to find the error in the Tax Report by clicking on the "show warnings" button.
And you can also find it in the "detailed calculation report" which is quite good to find the exact transaction.
If you have any issues fining the missing transaction, please send us a short support ticket and we will find it for you

Mined coins will be listed:
1) in the Mining report with the value at the time of the transaction (you will need to pay tax on that) and
2) in the Capital Gains Report in case some parts of your mined coins were sold (you will need to pay tax on that as well, but only on the gain which is the [sell price - the price at transaction])


You are all right. Currently the 30 days mini-chart is only for USD.
It's already on our to do list and we will try to add it soon.

Since we currently receive more than 100 support tickets a day, I apologize for any delays.

Best,
Dario

@Silviu77
I have run into this exact issue. If you use the Realized and Unrealized page on CT, you can toggle it back and forth between USD and BTC. When you do that, it shows your P&L by USD or BTC and you may find exactly what you describe. I'm a pretty visual person, so I like to look at candlestick charts. To do that, I use https://www.tradingview.com  They have most cryptos priced in BTC and USD. They also list a ton of stocks from all over the world. The crypto listings are by exchange, so if you have a favorite exchange, you would probably want to pick that pair. They provide a free and a paid option. With the free option, you are able to create an account and maintain a watch list. I've never felt a need to get the features available with the paid subscription. I put a horizontal line on the chart at the price and time I buy or sell, which provides a very visual means of keeping score.

Hi Dario,

Thanks for your hard work delivering all these features.

There's an import error with the new QuadrigaCX API.

I've included a screenshot below showing the correct import via spreadsheet (labeled "Quadriga") vs. the incorrect API import (labeled "QuadrigaCX").

The "buy" and "sell" amounts are reversed (should be BUY $245.02 CAD, SELL 0.74396196 ETH), and the transaction fee should be $1.23 CAD, not 1.23 ETH.

https://i.imgur.com/YJqZyCT.jpg

The same problem happens with BTC transaction imports.

Also, I recall there may have been a decimal place error when the API is allowed to import Canadian dollar deposits and withdrawals. I've since disabled this feature so I don't have a screencap, but I recall it was reporting a withdrawal of $10,000 as $10, when the true amount should be $10000. Likely an error based on comma vs point conventions in North America vs Europe.

Thanks!

-Tim

Hi Dario, do u have any news about bittrex API?
Still same Ad

"Notare che l'API di Bittrex è attualmente in grado di includere solo le transazioni degli ultimi 30 giorni. Bittrex sta già lavorando su una soluzione. Per importare tutte le operazioni, si consiglia prima di utilizzare l'importazione di Bittrex CSV, e quindi di attivare l'API. In questo modo, verranno importate tutte le passate e future transazioni."

Ty

@sgjenks01
Indeed on Dashboard there is a toggle for USD/BTC, but when change to BTC all i can see is changed the price display from USD to BTC, while the trend 30 days display remains unaffected.
So i'm assuming the 30 days trend percent is hard-coded to measure in USD terms only.

I think it would be interesting to allow toggle of USD/BTC to the 30 days trend percent computation as well. For example as a would be crypto-investor i might choose to focus on increasing my crypto portofolio holdings in BTC terms. As by looking at a portfolio just in USD terms it might seem fine and be on the green, but actually it might have bled heavily in BTC terms..

Happy to hear more thoughts on this : )

Cheers!

@sgjenks01
Indeed, i think so too. It will be a really useful feature to be able to toggle the Current Balance report 30 days chart to either BTC/USD.

*** Official request to Dario and Kevin ***
Guys think would be possible to add this in?
Pretty please : )

Cheers!

Ahh! I was referring to the chart on the Dashboard page which shows all your combined hodlings.

You are right, it would be nice to see the thumbnail charts priced in BTC as well as USD (a toggle). That would be a feature request to Dario or Kevin.

@sgjenks01
Thanks a lot for the quick feedback!

I'm looking at the page for that enumerator but i can't seem to find it for the life of me..

I'm attaching a screenshot below URL, possible to highlight exactly where should i click? : )

https://imgur.com/a/2R1g1

Cheers!

@Silviu77
There is a box at the top of the graph that shows "in USD". It has a enumerator (down arrow) to the right. Just click on that and select BTC instead of USD

Hi guys,

I just started using CoinTracker and i find it really awesome!

I'm checking the new Current Balance report and it has a nice trend chart for past 30 days next to each coin.
I wonder if there is any option/setting somewhere to show the 30 days trend chart in BTC instead ?

Would be really interesting to track the coin performance in BTC terms if possible.

Hope someone figured it out already : )

Cheers!

ICO question - I have inputted about 4 ICO trades that were closed as losses (so as to offset some gains). So, I have the purchase (in ETH) input and I have sales at a loss a few months later input. When I look at the report, it is saying that the cost basis for every trade is zero and showing profitable trades for all. These were manually entered. Might it be related to trades prior in ETH? or ?

It looks like this:
I Bought X for $560
I Sold X for $151

Program says:
Cost basis $ 0
Profit $151

I experimented by buying ETH right before the above purchase, in the software, still says basis is 0. (Note - I did that as I have some warnings with no prior trades showing.)

I have to correct my earlier posting and have to rethink bets. I'm not sure about these any more. They may be taxed like gifts, i.e. their acquisition is tax-free, but selling them later is taxed normall. Does anybody have more precise information about how bets are taxed in different countries?

Let me try again for the other two cases. How can I enter tax-free coins? Examples:

1. I let an exchange or some other kind of company keep coins on my behalf. The company halts operations. I book the coins as lost. I might not even have used CoinTracking at the time. Years later the company comes back to life and still has some of my coins. Since they have been held for more than a year, these coins should incur lower or no taxes. How can I book them into CoinTracking without falsely incurring fully taxable gains when I sell them soon thereafter and without having to alter bookings in previous years?

2. I lose the key to a wallet and book the coins as lost. Years later I find the key again. Since I have held these coins for longer than a year, they should be taxed lower or not at all. How do I book these in CoinTracking, again without having to alter historic bookings?

Guys.

2 questions:
1) How do you deal with TREZOR legacy + segwit accounts? When I import both, my data is screwed up.
2) How should I import ETC?

H Dario et al,
I've been kind of ignoring cryptos for a while, which included ignoring CoinTracking. You guys have been BUSY! I just signed up for your lifetime service, that's just how awesome I think this service is!

Now, I do have a question. I ran the tax report for 2017 and it told me I had two errors (no buy for a sell). The first time I ran the report, it told me (somewhere) what coins were involved in the error (KMD and BCN). I made some changes in KMD and I could find nothing wrong with BCN. I ran the report again and now it says there is one error somewhere. Unfortunately, I can no longer find where CT told me which coins were involved in the first place and I am a loss to find the error.

Any hints?

Also, I'm not following the logic on mining income. Apparently, the cost basis is being increased by the quantity mined times the price of the crypto on the date the mining was reported to CT. It had the result of increasing my cost per coin such that the unrealized gains dollar amount didn't change. Shouldn't the cost basis of the mined coins be zero??? Done that way, the cost per coin would only show the cost for the initial purchase of coins and only the number of coins held would increase. The only way I could get it to reflect unrealized gains the way I thought it should work is by making a trade transaction "buying" the amount of mined coins and selling $0 USD (or any other coin). Doing it that way left the dollar basis of the coins unchanged, reduced the cost per coin, increased the current balance and showed the gains in Unrealized Gains.

What am I missing here?

One more thing: Do you have a write-up on how to handle forks? (BCH, BTG)

Thanks,

Steve

Tech support was fast! I have yet to try the paper wallet solution, but here it is:

there is an error between the BitCAD token (BCD) and BitcoinDiamond (BCD)

I figure since I am using FIFO, that even though I bought the BTC right before the paper wallet was opened, it still didn't use it. So, we need to do what you said. It just seems, there should have been this functionality in the software a while ago, it is around since 2013 I think. It appears like we are figuring out a work around.

I can probably find the original transaction for the purchase of those coins by using the blockchain, but how do we link that to the paper wallet? I would think the software should do this as part of the import, but clearly it hasn't (even after a recalculation) for as I said, my taxes went up.

Thanks for the help
I'm placing a support ticket and will report back next week or whenever they get back to me.