Addition of transaction types at Cointracking
To be able to enter different transaction types more accurately and to get a more detailed classifications, we decided to orientate towards the common law and tax standards, by increasing the amount of transaction types.
With this additions it is possible to calculate the Tax-Report much more efficient, to add entries much easier and to improve the structuring of a portfolio on Cointracking.
Additionally to the current 3 types of transactions (Trade, Deposit and Withdrawal) it is now possible to enter more types into our system. These new transaction types are considered in all reports and especially have an influence on the Tax-Report.
From now on, following transaction types can be added to our system and have impact on the calculations:
(EXCHANGE) Trade Purchases/Sales Are listed in the Capital Gains Report.
(IN) Deposits (Transfer)Are considered as transfers between wallets or exchanges and are not included in the calculation.
(IN) MiningAre listed in the Income Report with the value at the time of transaction.
(IN) Gift/Tip Are listed in the Income Report with the value at the time of transaction.
(IN) Income Are listed in the Income Report with the value at the time of transaction.
(OUT) Withdrawals (Transfer)Are considered as transfers between wallets or exchanges and are not included in the calculation.
(OUT) Spend Are listed in the Capital Gains Report.
(OUT) Gift Are listed in the Gift and Donation Report.
(OUT) Donation (registered charity)Are listed in the Gift and Donation Report.
(OUT) Stolen/Hacked/FraudAre listed in the Lost and Stolen Report.
(OUT) Lost Are listed in the Lost and Stolen Report.
Information about the different kinds of Reports included in the Tax-Report:Capital Gains Report - Your Sales of Capital Assets:This table contains all sales during the selected tax year including its appropriate cost basis, calculated with the chosen method.
Income Report:Income report including mining and received gifts.
Gift and Donation Report:All gifts and donations made in the selected tax year. There is no gain for gifts and donations as the cost basis is transfered over to the recipient. If the recipients wishes to spend those coins, he needs the cost basis information.
Lost and Stolen Report:All losses you have reported for the selected tax year. In some cases they can be deducted from your total tax as casualty losses, at their original cost basis value.
Closing Position Report:This table contains all coins that you still own including their cost basis.
Everyday, we do our best to make the lifes of our members easier. We hope you are going to like this implementation and it´s useful for you.
Happy Tracking. BTCest regards,
The Cointracking Team