CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 86.

Dario3000

hero member

Activity: 760

Merit: 516

CoinTracking - Crypto Portfolio & Tax Management

@HelloCrypto:
Ahh... I see.
I will try to update that

@Reynaldo:
You can use a lifetime subscription for up to 10 accounts, as long they are linked.
We also provide corporate accounts if you need more than 10 portfolios. Just let us know via a support ticket please.

Best,
Dario

Reynaldo

legendary

Activity: 1143

Merit: 1000

Is it possible to buy a lifetime and monitor a massive amount of accounts from there? if its possible, let me know via pm or here.

HelloCrypto

member

Activity: 73

Merit: 10

Quote from: Dario3000 on November 04, 2017, 09:36:56 AM

@HelloCrypto:
1. Next to the "Tax year" label, you will find a link called "custom date range".
Use it if you want to create a tax report from 1 April to 31 March.

2. At the end you will see the total calculated gain for the tax period.
You can just subtract £11,500 from it and multiply it with your tax rate.
But I will put a Capital Gains Tax Allowance on the to do list to make it easier

Best
Dario

Hey Dario. Sure, the custom date range is a great feature - without that I would be having major issues! Just saying it would be nice to have a radio button at the top to switch between 'standard calendar years' and 'UK financial years', then if the latter is selected, the drop downs become 01.04.yy - 31.03.yy

Also, when I do input a custom date range and run the report, the value of 'Tax Year' in the table becomes 'Custom' for each report - when you have a few reports there it's hard to follow which one is which, so it would be great if rather than displaying 'Custom', it actually displayed the date range that the user has picked.

Cheers

Dario3000

hero member

Activity: 760

Merit: 516

CoinTracking - Crypto Portfolio & Tax Management

@HelloCrypto:
Next to the "Tax year" label, you will find a link called "custom date range".
Use it if you want to create a tax report from 1 April to 31 March.

At the end you will see the total calculated gain for the tax period.
You can just subtract £11,500 from it and multiply it with your tax rate.
But I will put a Capital Gains Tax Allowance on the to do list to make it easier

@Reynaldo:
You mean a %-value for the PnL?
Sure, I will add it.

@happy9z:
Looks like your BCH transactions are missing.
You should add an "Income" of the amount of BCH you received on the day of the fork.

@hgmichna:
Which local wallet are you using?
If it supports CSV exports, it should be very easy to import all transactions using the Excel oder Custom Exchange import.
Or just send us a CSV file and we will create an import for it.

@Daled12:
You are right. Each coin has it's own price.
Usually the spread should be <1%, but for some exotic coins with a low trade volume (or older transactions < 2015), it can be higher.
Using the "Best Price" setting, this spread will be ignored and the price of the higher volume coin will be used.
That's why I recommend to use this setting for all gains and tax reports.

Best
Dario

Reynaldo

legendary

Activity: 1143

Merit: 1000

On the new Trade Analysis can we add % profit when we choose a specific coin? On the square that says Break Even price, total cost, current value profit/loss

HelloCrypto

member

Activity: 73

Merit: 10

Hey there. The UK tax year isn't based on calendar year, which makes it difficult when producing tax reports. The UK tax year is from 1 April to 31 March the following year i.e. 01/04/2016 to 31/03/2017 (dd/mm/yyyy). Please could you add that feature to the tax year options (dropdown) when generating a new tax report? That would be great.

In addition, on the Tax Data side, it would be beneficial to have a new input for Capital Gains Tax Allowance (in the UK the first £11,500 (changes every year) of capital gains are not taxable), where the user could input a value which is then subtracted from the total gain, where a new value (Total Gain - Allowance) is used to calculate the total tax amount.

Thank you very much - I hope you get a chance to consider these improvements.

happy9z

newbie

Activity: 22

Merit: 0

Quote

Sell of 0.00001763 BCH for 0.00000141 BTC at Bittrex 10.08.2017 16:58:41

Sell of the remaining 0.00001763 BCH
There is no suitable purchase to this sale (all purchasing pools consumed). Assuming purchase on the same day for 0 USD.

Cost Basis: 0 USD
Proceeds: 0.00 USD (Price: 274.09045939 USD / BCH)
Gain/Loss: 0.00 USD
Tax: 0.00 USD | Short-Term

Hi cointracking,

Do you know how to fix this one? Would you please help?

Thanks,

hgmichna

hero member

Activity: 695

Merit: 500

@Dario3000,

you mentioned that you might add more input formats. I could arrange to get some sample files. Where should I send them, if at all?

Do you already have input formats for local wallets? If yes, how does CoinTracking match a record from an exchange to a record from a local wallet? Or does the user have to do this by hand?

Local wallets are not very important for tax calculations, but sending from a local wallet to an exchange incurs the miner fee and proves a longer holding time.

Daled12

newbie

Activity: 7

Merit: 0

One more thing...

I am guessing when I trade BTC for XRP, you are using 2 seperate pricing databases to get the purchase and sale price, correct?

You are grabbing the BTC price and the XRP price seperately, right?

This is causing big errors when recording trades because your databases aren't that accurate.

I have a suggestion, lets say I am trading BTC for XRP. Why not just use the BTC price(I assume this database is your most accurate), and then subtract the trading fee to come up with the Altcoin price? This would be much more accurate. Currently when I am switching from best, transaction, and counterparty pricing, I am seeing huge(2x) differences in my realized gains numbers which is not giving me much confidence in the software.

Daled12

newbie

Activity: 7

Merit: 0

@dario3000

Ok, when I go to edit asset values I see the purchase price is way off, so I made the purchase and sale price equal.

But I am noticing a bigger issue with your software.

On many trades, when I look at the purchase and sale price of my trades, there is a huge spread between purchase and sale price like between 10-20%. This doesn't make sense to me. If I am trading 1 BTC for 10 ETH, you shouldn't be using 2 prices for this transaction, shouldn't they be occuring at the same price minus a small trading fee like .25%? I think this is causing all my numbers to be off in your software.

SteelHead

newbie

Activity: 17

Merit: 0

Quote from: Dario3000 on November 01, 2017, 06:12:00 PM

@happy9z:
You need to enter your BTC purchase as well in order to calculate the gain.
Right now it looks like you sold 1.99995106 BTC without ever buying them, which leads to this red warning.

@SteelHead:
The upgrade price is based on USD.
If the BTC price changes, the price on CT will change automatically.
But I will add more decimal places to the price soon, in order to make changes easier to track.

Best,
Dario

Thanks for the reply...still would prefer a set dollar based price but it's ur baby Dario.

I'am also finding some glitches with my Binance CVS import. BTC & ETH deposits seem to skew reports.
SALT token trades also not showing up?
Platform looks promising though, I'm working out the kinks Wink

happy9z

newbie

Activity: 22

Merit: 0

Quote from: Dario3000 on November 01, 2017, 06:12:00 PM

@happy9z:
You need to enter your BTC purchase as well in order to calculate the gain.
Right now it looks like you sold 1.99995106 BTC without ever buying them, which leads to this red warning.

@SteelHead:
The upgrade price is based on USD.
If the BTC price changes, the price on CT will change automatically.
But I will add more decimal places to the price soon, in order to make changes easier to track.

Best,
Dario

Got it, thanks ^_^

Dario3000

hero member

Activity: 760

Merit: 516

CoinTracking - Crypto Portfolio & Tax Management

@happy9z:
You need to enter your BTC purchase as well in order to calculate the gain.
Right now it looks like you sold 1.99995106 BTC without ever buying them, which leads to this red warning.

@SteelHead:
The upgrade price is based on USD.
If the BTC price changes, the price on CT will change automatically.
But I will add more decimal places to the price soon, in order to make changes easier to track.

Best,
Dario

SteelHead

newbie

Activity: 17

Merit: 0

CT

You guys really need to set a firm price for your software. Bitcoin is going through the roof and your pricing goes right with it. Huh

happy9z

newbie

Activity: 22

Merit: 0

Quote

Sell of 1.99995106 BTC for 20.09090151 ETH at Bittrex 31.05.2017 16:09:02
Sell of 1.99995106 BTC
There is no suitable purchase to this sale (all purchasing pools consumed). Assuming purchase on the same day for 0 USD.

Cost Basis: 0 USD
Proceeds: 4,611.43 USD (Price: 2305.77000000 USD / BTC)
Gain/Loss: 4,611.43 USD
Tax: 691.71 USD | Short-Term

Hi Cointracking,

This is from TAX REPORT tab from cointracking. On 05/31/17, I transferred 1.99995106 BTC to buy 20.09090151 ETH. This date is the first date I transferred BTC to bittrex. I only bought and didn't sell. However, I see the Gain $4,611.43 USD, and Cost Basis is $0.

The cost basic should be $4,611.43, and the gain should be $0. Is there something wrong with the report? and How can I fix?

Thanks,

Dario3000

hero member

Activity: 760

Merit: 516

CoinTracking - Crypto Portfolio & Tax Management

@Daled12:
I guess the ICO price is wrong or missing on that date.
Can you please go to the "Enter Coins" page, select your ICO sale transaction, click on "edit" and then on "edit Asset value".
This way you can update the value of your ICO token on that date.

@wizardofwhere:
The author is referring to the PRO lifetime package, which is at $325.

Best,
Dario

wizardofwhere

jr. member

Activity: 30

Merit: 1

Hey

I was reading a forbes article where it shows the cost of cointracking software at #325 but the website shows it at .4 BTC which is like $2600 or so. Which is correct: Here is the article
https://www.forbes.com/sites/greatspeculations/2017/10/31/smart-tax-accounting-moves-for-cryptocurrency-traders/2/#3a69a1b117c9

Thx

Daled12

newbie

Activity: 7

Merit: 0

Hi Dario,

I am having an issue recording a purchase of an ICO token on the tax report, but it does not involve the price of the ICO token, it is a problem with the ETH I used to purchase the token.

1. On July 3, I purchased some ETH on bittrex. It is recorded properly, and the cost recorded in the tax report is correct, about $300 per ETH.

2. And then, also on July 3, I recorded a withdrawal from my wallet and a deposit to the tezos ICO. I named the destination exchange the tezos ICO.

3. Also on July 3, then I recorded a trade, buying the tezos with ETH. The exchange is called the tezos ICO.

The problem is, on the tax report, I am using LIFO, I see a sale price of my ETH as more than double than my purchase price. It is calculating that my sale price for ETH is about $600, which is obviously incorrect. ETH did not go from 300 to 600 on July 3rd.

I am not sure if I am recording this transaction correctly, or is there an error in your pricing database?

Thanks for your response.

EDIT: This was using transaction prices, when I use best prices, I get a normal result. So now my question is, how can there be such a difference between 2 pricing methods?

Dario3000

hero member

Activity: 760

Merit: 516

CoinTracking - Crypto Portfolio & Tax Management

Quote from: happy9z on October 31, 2017, 01:07:13 PM

Dear Cointracking,

I imported from Bittrex and it shows all my trades. Does cointracking support Bitcoin Cash? I traded BTC/BCH on Bittrex, but I dont see any amount under Realized Gain/Loss ? Are Trading Fees included in Realized Gain/Loss ?

If trading fees are not included, so the taxable amount = Realized Gain/Loss - trading fees. Am I correct?

Thanks,

CoinTracking supports Bitcoin Cash, but most exchanges do not list the amount you have received on the day of the split. You will need to add this single transaction manually.
All values on CT are including the fee, that's why it's also included in the realized gain.

happy9z

newbie

Activity: 22

Merit: 0

Dear Cointracking,

I imported from Bittrex and it shows all my trades. Does cointracking support Bitcoin Cash? I traded BTC/BCH on Bittrex, but I dont see any amount under Realized Gain/Loss ? Are Trading Fees included in Realized Gain/Loss ?

If trading fees are not included, so the taxable amount = Realized Gain/Loss - trading fees. Am I correct?

Thanks,

Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 86. (Read 122389 times)