Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 85. (Read 122619 times)

Dear Cointracking, I am unable to login to your App, please advise.

You have been BLOCKED because of evil or suspicious bot behavior.
If you are a human, please let us know and we will unlock you immediately.

Yes, since the wallet neither buys nor sells, it has no effect on the tax.

Perhaps you can simply have your paper wallet loaded with an income transaction on the paper wallet, which, I think, automatically values the coins at the time of the transaction as if you bought them.

I could not find definitions of what the transaction types actually do, so I still have to guess and test a little bit.

Thanks for the answer. I thought there must be a way. The coins were in cold storage a couple of years and then I traded them for some alts earlier this year. So, I will see if the software puts them down as a long term capital gain. So many "missed" trades (see following) and I expect more problems. I might have to manually enter a whole lot of trades. Nice software, but I really wish it was a bit more intelligent (e.g. offering solutions, possibilities, etc.) For hundreds of Euros, if not thousands, it should do more. But, it is much better than bitcointax from my brief testing.

Has anyone had any experience with "There is no suitable purchase for XX sales. Please check your entered trades if all purchases are properly filed." I have all my trades from the 2 exchanges in question and not only is it not able to account for a few trades, but it also puts me in a losing position, tax wise. I'm using FIFO. I've tried manually editing things, but it is beyond complicated, not really doable.

And what about Shapeshift? Any way to easily track things and account for losses/profits using your wallet address.

Thanks for the help, wish I could help you with your question the page before.

EDIT - I tested 2 paper wallets, both held over a year. When I imported them it was successful (and the alert said the job was completed). But, it never asked me for a recalculation and when I ran a tax report, nothing changed as far as tax owed (it should have gone done). As you said, there is not a price basis, and I don't see how to do that. But, when I deleted the address, then it asked for a recalculation. I tried to reimport it again, to see if it would ask for a recalculation, but it said it was already imported, though the data was gone? I think there needs to be a way to add the transaction (with cost) at just before the paper wallets creation?
EDIT 2 - I added the purchase of the coins just prior to the paper wallets creation. Coins were held two years. It asked for a recalculation and my taxes went up. :-(   This is not making sense.

I'm not from CoinTracking and they might still reply, but I had the same problem with bitcoins and can say a few words.

The basic idea is that you include all your paper wallet information into your bookkeeping.

You can manually import the paper wallet's bitcoin address into CoinTracking:

• Click on "Enter Coins".
• Scroll down to "Bitcoin Wallet Import" and click on it.
• Copy the paper wallet's public bitcoin address into the field "Your BTC Address".
• Fill in the rest of the form.
• Click the "Import …" button.

CoinTracking will then automagically read all coin movements on the paper wallet directly from the blockchain. But, of course, it still cannot know where you got the bitcoins from originally and how much you paid for them.

If the laws of your country, like Germany, make the sale of coins held longer than the limit completely tax-free and if you have held those coins for longer, then it plays no role for how much you bought them for tax purposes. The tax would be zero anyway.

If the law allows a lower tax, but still more than zero, after a certain holding time, like the US, then you still have to provide information on how and for how much you bought the bitcoins, so CoinTracking can determine the gain and the tax.

Question Please

How do you integrate a paper wallet held more than 1 year (for long term capital gains benefits) into cointracking?
In the country I am filing in, they only except FIFO. So, I will do my taxes that way for my trading, but with my long term paper wallets (when I roll them into, e.g. Ethereum) I want to legally get the long term capital gains. (Note - I am importing exchange date for the most part.)

Thanks,
IAS

How can I enter tax-free coins? Let me give a few examples.

1. I let an exchange or some other kind of company keep coins on my behalf. The company goes bankrupt or at least stops operating. I book the coins as lost. I might not even have used CoinTracking then. 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?

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?

3. I win bitcoins in a bet. Winnings from bets are tax-free in my country, so how do I book them in CoinTracking? Obviously they have to be included in FiFo calculations if at all applicable, i.e. when these coins are sold under a FiFo regimen, the sale should be tax-free.

I don't think the price is "ridiculous". Programming a system like this is a lot of work which needs to be paid for.

That said, I could imagine other pricing methods. If somebody has more than 200 trades, but has only a thousand dollars in cryptocoins, then the price is probably too high to pay. Perhaps the number of trades is not the best metric to determine a reasonable price.

Thanks for the tip about Bitcoin Tax. It may turn out that I need the deluxe service (with the very deluxe price!) advertised here. However, for $20 I'm willing to try the cheaper service and see if it will meet my needs. If it doesn't I'm out $20 and will be back on CoinTracking to upgrade my account. If it does meet my needs, then I will have just saved myself around $400.

Yeah, it's ridiculously expensive if you want to upgrade. Such a nice software too... too bad.

I just reached the 200 trades. I was going to upgrade until I saw the ridiculous price. Wow, I'm doing the same thing now with BitcoinTaxes for a tenth of the cost.

So I imported CSV of my 1st BTC and LTC transfers...

however, the LTC import is showing me a negative USD balance. They're small 1st transactions I made.

BTC is for .01, LTC is for .297...

https://s18.postimg.org/86ys228jd/issue.png

How do I fix this?

I imported all transactions from all exchanges I used and all currencies show correctly. But EUR is listed with a 70% loss for some reason (I used EUR to buy all coins). This ruins the "sum/profit", so I want it gone. When I see the manual entries, I can't find any entry for EUR to delete. Anyone know what to do?

Also, is there no where to see a nice list of all coins, with average purchase price, and total gains? Something like this https://i.imgur.com/t3mBWxj.png
Like the screenshow I would like an easy overview of all coins, with the following data: Amount, Average purchase price, Current value, Current profit in percent and local currency. And at bottom the total value of all coins, and total profit in chosen currency.

And here comes the next question. 

In the table "Balance By Day - All currencies value by day in BTC" I expected to see my total bitcoin holdings on each day. However, the figures are too high, because the exchange fees are not deducted.

How does this work? The fees have clearly been entered. I can see them in the overview table. Or, to put it differently, how can I check my actual coin holdings?

Thanks for your first-class support!

The longer I work with CoinTracking, the better I understand it and the more I like it. It is rare to see a computer program that is well thought-out and covers all the needs of the user. So far CoinTracking looks like this to me. You even thought of time zone corrections for foreign exchanges, to give just one example.

@reddon
- Everytime you execute a trade it is always a buy and a sell of an asset.
For example if you buy 1 BTC for 8000 USD, you buy 1 BTC and sell 8000 USD in exchange.

- The first table displays the accumulated values and takes into account both, gains and losses.
In the second and third table, you are able to see how these values come together.
For detailed information in your individual case, please open up a ticket.

@hgmichna
- Wallets only contain deposit and withdrawal information.

- I guess you are referring to the wording in our system.
We always use the terms "buy" and "sell" in our software, also for deposits and withdrawals,
because all transactions are always an inflow, or an outflow and we need to use consistent names.

- Sure we already provide a CSV import for some Wallets. For example for Mycelium. It is possible to reflect your current holdings after using it.

- It's a misunderstanding. If you add all data for every address, our system recognizes the transactions between two destinations.
For example you have added Wallet A with all transactions and Wallet B with all transactions, all movements between these sources are already taken into account.

@SteelHead
- It is necessary to first use the Bittrex CSV import and after that to setup the API job. You need to do it in this order. (See note on import page)
Please delete your Bittrex data on the Enter Coins page and start from scratch, by following the steps. This should solve the issue.

- Binance does not provide the fee data in their API, you need to add it to the total amounts, or you could bundle and enter them as one deposit.

@KelvinatorNL
- I have added it to our list and we will change it soon. Thanks for the information.

@bitbullbarbados
- We know each other from our support desk. Unfortunately it is true, that Yobit provides really poor export functionalities and that we can't do much about it.
If the API key works, it only pulls the last 7 days of your transaction history, without fees, deposits and withdrawals.
Seems like the only way is to enter the data manually. Sorry for the inconvenience.

@vingaard
- Thank you for the compliment. We are glad you like our software.

All the best,
Keven
Cointracking Support

One of the best (WTF... it is the BEST) internet portfolio I've ever seen.

Great job devs!!

Has anyone been able to successfully pull history from the Yobit API? I've recreated the API keys several times to no avail.
Yobit support sucks so I can get no help from that side. And they don't have any other 'export' capabilities. All history is in an image format.

Dear Dev-team,

Can you please adjust the price of EPY before it got published on CMC?
Somehow it shows since the 9th of sept it's valued more than 40 euro's/coin while this coin wasn't even released yet at that time.
The actual value at the moment is around 0.03-0.04 usd which is correctly shown on cointracking.

Is anyone having a problem with BITTREX API info?
I can't seem to get accurate info into CT.
API set up as "READ ONLY" as only box checked
I am showing a small amount of BTC & BCC but none of my other trades or tokens. These transactions ARE less than 30 days old.
HELP!

BINANCE info seems to be skewed slightly but I'll stick to REX issue first.

Thanks! I begin to understand how CoinTracking works. One thought is that CoinTracking could check whether coins are only moved between different wallets and warn the user if she mistakenly labels such a movement as a purchase or sale.

As to HD wallets like Mycelium, CoinTracking could import a CSV file, pick out the addresses, and process each one just like a single-address wallet. For those wallets that have a built-in buy and sell functionality, that would have to be dealt with separately.

All other information in a wallet CSV file could be used to match coin movements from and to other wallets, which CoinTracking currently does not do, as far as I understand.


I feel stupid. Should have checked that. Thanks again!

I think Vaultoro currently has no  CSV or other export, so users have to copy the displayed tables and do a lot of manual reformatting. I guess though that Vaultoro will add an export function, hopefully soon.