CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 93.

smartinuf

newbie

Activity: 10

Merit: 0

Hi, today my Blockcat coins are showing up as Catcoin. I had previously entered them as CAT2 and all was working fine. All of a sudden today they show as Catcoin with associated prices. Tried editing transactions but no avail. Any ideas?

Thanks, Stephen

Dario3000

hero member

Activity: 760

Merit: 516

CoinTracking - Crypto Portfolio & Tax Management

Quote from: ipxtreme on August 22, 2017, 10:20:04 PM

Does your company report USA users financial info yearly to the IRS?

You mean if we report your data automatically to the IRS?
No, we do not send any user data to the IRS or any other tax authority.
We do not even know your name or address and we don't require your email address on CoinTracking.
If you want to report your gains to the IRS, you will have to do it yourself.

@Sniper243:
The Polo CSV does not contain your deposits and withdrawals.
That's probably the reason why your balance is off.
You will need to add them manually or use the Polo API import on CoinTracking which can handle deposits and withdrawals.

Best,
Dario

Sniper243

newbie

Activity: 2

Merit: 0

Hello! Can somebody help please. My Polo and Coingtracking balances are different, although I made import... Sad

ipxtreme

sr. member

Activity: 262

Merit: 250

Quote from: Dario3000 on August 22, 2017, 07:37:48 PM

Quote from: crypto8492 on August 22, 2017, 07:27:57 PM

Great tool!

I am wondering if the tax export function can export TXF format? Apparently this is the only format you can import into Turbotax...

https://ttlc.intuit.com/questions/3731376-cryptocurrency-trades-bitcoin-etc-filing

Yes it does

Just open your Tax report and click on TurboTax Download.
It will export all your data as TXF.

Best,
Dario

Does your company report USA users financial info yearly to the IRS?

Dario3000

hero member

Activity: 760

Merit: 516

CoinTracking - Crypto Portfolio & Tax Management

Quote from: crypto8492 on August 22, 2017, 07:27:57 PM

Great tool!

I am wondering if the tax export function can export TXF format? Apparently this is the only format you can import into Turbotax...

https://ttlc.intuit.com/questions/3731376-cryptocurrency-trades-bitcoin-etc-filing

Yes it does

Just open your Tax report and click on TurboTax Download.
It will export all your data as TXF.

Best,
Dario

crypto8492

newbie

Activity: 2

Merit: 0

Great tool!

I am wondering if the tax export function can export TXF format? Apparently this is the only format you can import into Turbotax...

https://ttlc.intuit.com/questions/3731376-cryptocurrency-trades-bitcoin-etc-filing

Bermuda666

member

Activity: 85

Merit: 10

Quote from: bodeng on August 20, 2017, 12:45:19 AM

It's great that this site has new features to come and import options are very easy to use.

Hi @bodeng,

thank you for your feedback.

We are glad you like our service and that it is useful for you.

We work hard every day, to give our users the best experience possible.

Have a good start into the week.

Best regards,
Keven

bodeng

full member

Activity: 336

Merit: 100

It's great that this site has new features to come and import options are very easy to use.

Dario3000

hero member

Activity: 760

Merit: 516

CoinTracking - Crypto Portfolio & Tax Management

Quote from: EveryDayArms on August 18, 2017, 10:44:14 AM

I was wondering about this too - the exported excel sheet from the exchange contains all prices (if some coin was traded for USD), so I'm not sure why some averaged coin price across multiple exchanges is used rather than the price in the spreadsheet.

If some coins were traded for USD, CoinTracking will use the USD price for the calculations.
But if a coin was traded for another coin, we need to calculate the value based on average historical prices.

Each exchange has it's own prices and there is no global price for coins like for fiat currencies.
That's why we use a weighted average.
But I will work on adding additional prices for different exchanges.

Dario

EveryDayArms

newbie

Activity: 7

Merit: 0

Quote from: Bermuda666 on August 18, 2017, 09:59:37 PM

Quote from: jt42 on August 18, 2017, 03:48:32 AM

You really should use the price of the coin based on the exchange in which it was traded and not some averaged historical coin price. Or are you saying this only pertains to manual entries and not imported entries?

Hey @jt42,

thanks for your response on this.

Yes, maybe we will add the ability to switch between price sources for Coins one day.
Currently this is possible for BTC only. You can find it in your Account Settings.

This would be a major feature to do it for all exchanges and Cryptocurrencies and it takes much time and effort to realize it.
That´s why, for now, we´ve added the ability to set your own trade prices at the time of transaction.

Most of the time the data is accurate and there are only a few cases, where you need to edit the data.

Best regards,
Keven

I've had the opposite experience - for me, the data is nearly always incorrect, and I'm required to always go in and edit the values right after importing.

Bermuda666

member

Activity: 85

Merit: 10

Quote from: jt42 on August 18, 2017, 03:48:32 AM

You really should use the price of the coin based on the exchange in which it was traded and not some averaged historical coin price. Or are you saying this only pertains to manual entries and not imported entries?

Hey @jt42,

thanks for your response on this.

Yes, maybe we will add the ability to switch between price sources for Coins one day.
Currently this is possible for BTC only. You can find it in your Account Settings.

This would be a major feature to do it for all exchanges and Cryptocurrencies and it takes much time and effort to realize it.
That´s why, for now, we´ve added the ability to set your own trade prices at the time of transaction.

Most of the time the data is accurate and there are only a few cases, where you need to edit the data.

Best regards,
Keven

EveryDayArms

newbie

Activity: 7

Merit: 0

Quote from: jt42 on August 18, 2017, 03:48:32 AM

Quote from: Dario3000 on August 16, 2017, 03:38:24 PM

Quote from: EveryDayArms on August 16, 2017, 08:58:11 AM

Hi,

New to Cointracking and absolutely love it so far. Assuming all goes will with my investments I'll be purchasing a license soon.

Had a quick question regarding the 'Trade Value' menu when editing a transaction. How is the purchase value and sale value calculated? Where are these from? I've noticed pretty strange numbers, and pretty big differences between the two (for example, selling some NEO for USDT shows a purchase value of $630 and a sale value of $690). This causes the realized gain to be a loss of $40-50 for example, whereas in reality (looking at my exchange) it was a profit of ~$20 as the NEO was sold for $692.

I've looked at many of my other coins on the Trade Prices page, and it shows losses for a bunch, whereas I know they were gains. Even selling 1 ETH for USD shows the incorrect prices. Is there any easier way to fix this rather than keeping track of the USD purchase/sell price for each transaction, and entering it in manually after the fact?

Thanks!

Hey,

You can set these values on the Enter Coins page when entering or editing your entries.
If you do not set them, CoinTracking will calculate the value automatically based on historical coin prices from coinmarketcap, worldcoinindex, cryptococoincharts and some more.

Each exchange has different prices, and the exchange price may not be the average price we use.
I would recommend to change the values if the spread is too high.

Best,
Dario

You really should use the price of the coin based on the exchange in which it was traded and not some averaged historical coin price. Or are you saying this only pertains to manual entries and not imported entries?

This is for imported entries, not manual entries.

I was wondering about this too - the exported excel sheet from the exchange contains all prices (if some coin was traded for USD), so I'm not sure why some averaged coin price across multiple exchanges is used rather than the price in the spreadsheet. I do quite a bit of daytrading with not very volatile altcoins, so this averaged price is usually never correct.

jt42

newbie

Activity: 34

Merit: 0

Quote from: Dario3000 on August 16, 2017, 03:38:24 PM

Quote from: EveryDayArms on August 16, 2017, 08:58:11 AM

Hi,

New to Cointracking and absolutely love it so far. Assuming all goes will with my investments I'll be purchasing a license soon.

Had a quick question regarding the 'Trade Value' menu when editing a transaction. How is the purchase value and sale value calculated? Where are these from? I've noticed pretty strange numbers, and pretty big differences between the two (for example, selling some NEO for USDT shows a purchase value of $630 and a sale value of $690). This causes the realized gain to be a loss of $40-50 for example, whereas in reality (looking at my exchange) it was a profit of ~$20 as the NEO was sold for $692.

I've looked at many of my other coins on the Trade Prices page, and it shows losses for a bunch, whereas I know they were gains. Even selling 1 ETH for USD shows the incorrect prices. Is there any easier way to fix this rather than keeping track of the USD purchase/sell price for each transaction, and entering it in manually after the fact?

Thanks!

Hey,

You can set these values on the Enter Coins page when entering or editing your entries.
If you do not set them, CoinTracking will calculate the value automatically based on historical coin prices from coinmarketcap, worldcoinindex, cryptococoincharts and some more.

Each exchange has different prices, and the exchange price may not be the average price we use.
I would recommend to change the values if the spread is too high.

Best,
Dario

You really should use the price of the coin based on the exchange in which it was traded and not some averaged historical coin price. Or are you saying this only pertains to manual entries and not imported entries?

Dario3000

hero member

Activity: 760

Merit: 516

CoinTracking - Crypto Portfolio & Tax Management

Quote from: EveryDayArms on August 16, 2017, 08:58:11 AM

Hi,

New to Cointracking and absolutely love it so far. Assuming all goes will with my investments I'll be purchasing a license soon.

Had a quick question regarding the 'Trade Value' menu when editing a transaction. How is the purchase value and sale value calculated? Where are these from? I've noticed pretty strange numbers, and pretty big differences between the two (for example, selling some NEO for USDT shows a purchase value of $630 and a sale value of $690). This causes the realized gain to be a loss of $40-50 for example, whereas in reality (looking at my exchange) it was a profit of ~$20 as the NEO was sold for $692.

I've looked at many of my other coins on the Trade Prices page, and it shows losses for a bunch, whereas I know they were gains. Even selling 1 ETH for USD shows the incorrect prices. Is there any easier way to fix this rather than keeping track of the USD purchase/sell price for each transaction, and entering it in manually after the fact?

Thanks!

Hey,

You can set these values on the Enter Coins page when entering or editing your entries.
If you do not set them, CoinTracking will calculate the value automatically based on historical coin prices from coinmarketcap, worldcoinindex, cryptococoincharts and some more.

Each exchange has different prices, and the exchange price may not be the average price we use.
I would recommend to change the values if the spread is too high.

Best,
Dario

EveryDayArms

newbie

Activity: 7

Merit: 0

Hi,

New to Cointracking and absolutely love it so far. Assuming all goes will with my investments I'll be purchasing a license soon.

Had a quick question regarding the 'Trade Value' menu when editing a transaction. How is the purchase value and sale value calculated? Where are these from? I've noticed pretty strange numbers, and pretty big differences between the two (for example, selling some NEO for USDT shows a purchase value of $630 and a sale value of $690). This causes the realized gain to be a loss of $40-50 for example, whereas in reality (looking at my exchange) it was a profit of ~$20 as the NEO was sold for $692.

I've looked at many of my other coins on the Trade Prices page, and it shows losses for a bunch, whereas I know they were gains. Even selling 1 ETH for USD shows the incorrect prices. Is there any easier way to fix this rather than keeping track of the USD purchase/sell price for each transaction, and entering it in manually after the fact?

Thanks!

Ale88

legendary

Activity: 2380

Merit: 2369

Catalog Websites

Quote from: Bermuda666 on August 15, 2017, 09:42:42 PM

@Ale88
We have added Bytom (BTM) in the last minutes. I hope it´s going to help you.

You're great guys! Thanks a lot! Wink

Bermuda666

member

Activity: 85

Merit: 10

Quote from: afterfiat on August 14, 2017, 01:55:36 PM

I'm not as far along as pescadorloco69 apparently, but it's on my list when I get closer...
When specifying the date ranges are they in UTC? If so, is there a way to specify a timezone when specifying the ranges? For example, a trade "after midnight" of the tax year (in local time) in question but "before midnight" in crypto (UTC) should not be included in that tax year. At least that's what I would expect.

@afterfiat
The timezone for the selected range refers to your selected timezone in the account settings.
Thus, it is not necessary to change it when setting the date range.

Quote from: pescadorloco69 on August 14, 2017, 06:13:44 PM

Got it thank you.
How would I deal with a coin swap say 100,00 Silk got Swapped to 100,000 Seq?
Would I enter a sale of silk and a buy of seq at the same price/day of swap?
Although i did not actually sell at which point and would make a gain but I did not get a gain at that time?
Many thanks

@pescadorloco69
Please have a look into our FAQ, there you are able to find detailed information about this question.
How you execute it, depends on the circumstances come along with the swap.

Quote from: Ale88 on August 15, 2017, 06:23:18 PM

Hi guys,
will you add Bytom (BTM)? Thanks!

@Ale88
We have added Bytom (BTM) in the last minutes. I hope it´s going to help you.

Best regards,
Keven

Ale88

legendary

Activity: 2380

Merit: 2369

Catalog Websites

Hi guys,

will you add Bytom (BTM)? Thanks!

pescadorloco69

member

Activity: 105

Merit: 10

Quote from: Dario3000 on August 14, 2017, 10:42:16 AM

Hey pescadorloco69,

There's a [custom date range] link below the year drop down field.
You can set a custom start and end date there.
- Ensure you have checked the "Check to use the custom period" checkbox
- And use this date format "dd.mm.yyyy"

Using this setting, only sales within your custom time period will be calculated.

It will still use purchases before the start date to calculate your gains, but that's what you usually want to do.
If not, please disable this checkbox "Consider all previous trades in report".

Best

Dario

Got it thank you.

How would I deal with a coin swap say 100,00 Silk got Swapped to 100,000 Seq?

Would I enter a sale of silk and a buy of seq at the same price/day of swap?

Although i did not actually sell at which point and would make a gain but I did not get a gain at that time?

Many thanks

afterfiat

newbie

Activity: 11

Merit: 0

Quote from: Dario3000 on August 14, 2017, 10:42:16 AM

There's a [custom date range] link below the year drop down field.
You can set a custom start and end date there.
- Ensure you have checked the "Check to use the custom period" checkbox
- And use this date format "dd.mm.yyyy"

Using this setting, only sales within your custom time period will be calculated.

I'm not as far along as pescadorloco69 apparently, but it's on my list when I get closer...

When specifying the date ranges are they in UTC? If so, is there a way to specify a timezone when specifying the ranges? For example, a trade "after midnight" of the tax year (in local time) in question but "before midnight" in crypto (UTC) should not be included in that tax year. At least that's what I would expect.

Topic: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies - page 93. (Read 122389 times)