Post
Topic
Board Service Announcements (Altcoins)
Re: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies
by
sgjenks01
on 28/06/2017, 18:53:22 UTC
@sgjenks01
I just bought my first purchase with crypto (Gunbot). How do you handle these transaction entries? Is it an "Out", should there be an "In", or is it a trade to FIAT
Allan
@Allanster
I'm assuming you bought Gunbot with fiat money. You start with an IN transaction to show you deposited cash somewhere (an Exchange like Bittrex). Then you sell the fiat and buy the Gunbot in a "Trade" type transaction. Also, if it's an exchange that has API trade report exports, you can set it up to do the imports automatically (daily). Any Sell (OUT) side entry should include the fee in the amount sold and you can report the fee in the Fees column if you want to track how much you are paying for the privilege. This would include commissions and miner transaction fees.  I use the "Balance by Exchange" to be sure the balances by exchange by currency matches the amount the exchange/wallet has in it.

Steve