Post
Topic
Board Service Announcements (Altcoins)
Re: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies
by
sgjenks01
on 24/06/2017, 06:22:28 UTC
We are currently working on a solution for the timestamp problems, this could take some more time to implement and we hope this will solve all current issues.
Where I'm currently stumped now is on fees showing up in Realized & Unrealized Gains

Allan,
Here's the deal with Fees: At this point in time CT treat fees as a "memo only" kind of entry. Entries in the Fees column have NO IMPACT on anything. Well, almost no impact. There is a report that can be run that tells what the fees cost in USD or BTC and also will tell you what the cost was at the time and what the cost for the same amount of "coin" would be at present. Anyway, if you have a transaction that costs something to complete, you would show the amount OUT of the sending site the actual amount "spent" to send it, which would include the fee. Then, on the receiving end, you would show the IN amount as the OUT amount minus the fee. That's the straightforward part.  Smiley  Here's the fun part. Different exchanges/wallets treat fees differently. Some include the fee in the "cost" and others you have to add the "out" amount and the fee together to get the true cost of the OUT. Others still report fees in the fees column in a whole different currency and actually reduce the balance of that currency! (Bitshares does this). I have taken to putting a whole separate "OUT" transaction to reflect the fee in the spend column

I've recommended to Dario that he start a table of wallets & exchanges that would indicate how the fee is handled by each and then use that table to drive the way CT treats/corrects the imports. This same table could be used to keep track of how an exchange reports transaction times and adjust them all to some standard such as GMT or the User's local time. Then there is the issue of who maintains the data in the table. My guess is the best way to maintain that table would be to maintain it for the users and then CT folks would only have to respond to issues. If the users were maintaining such a table, some would no doubt mess it up and then blame CT for it. Setting up the table initially would be a big job, but should be reasonable to maintain after that.

Dario is fully aware of all these issues and is working on it. Cryptocurrencies could reasonably be compared to the "Wild West", and these guys are working to keep accurate tabs on transactions where there is no standard. People who post here that a user could just as easily keep all this on a spreadsheet just doesn't understand what this product can and will do.

Steve

Steve