Post
Topic
Re: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies
by
Daled12
on 01/11/2017, 06:21:07 UTC
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?