Quote from: hgmichna on November 24, 2017, 09:20:08 AM

Quote from: Its About Sharing on November 23, 2017, 11:17:07 PM

How do you integrate a paper wallet held more than 1 year (for long term capital gains benefits) into cointracking?
In the country I am filing in, they only except FIFO. So, I will do my taxes that way for my trading, but with my long term paper wallets (when I roll them into, e.g. Ethereum) I want to legally get the long term capital gains. (Note - I am importing exchange date for the most part.)

I'm not from CoinTracking and they might still reply, but I had the same problem with bitcoins and can say a few words.

The basic idea is that you include all your paper wallet information into your bookkeeping.

You can manually import the paper wallet's bitcoin address into CoinTracking:

Click on "Enter Coins".
Scroll down to "Bitcoin Wallet Import" and click on it.
Copy the paper wallet's public bitcoin address into the field "Your BTC Address".
Fill in the rest of the form.
Click the "Import " button.

CoinTracking will then automagically read all coin movements on the paper wallet directly from the blockchain. But, of course, it still cannot know where you got the bitcoins from originally and how much you paid for them.

If the laws of your country, like Germany, make the sale of coins held longer than the limit completely tax-free and if you have held those coins for longer, then it plays no role for how much you bought them for tax purposes. The tax would be zero anyway.

If the law allows a lower tax, but still more than zero, after a certain holding time, like the US, then you still have to provide information on how and for how much you bought the bitcoins, so CoinTracking can determine the gain and the tax.

Thanks for the answer. I thought there must be a way. The coins were in cold storage a couple of years and then I traded them for some alts earlier this year. So, I will see if the software puts them down as a long term capital gain. So many "missed" trades (see following) and I expect more problems. I might have to manually enter a whole lot of trades. Nice software, but I really wish it was a bit more intelligent (e.g. offering solutions, possibilities, etc.) For hundreds of Euros, if not thousands, it should do more. But, it is much better than bitcointax from my brief testing.

Has anyone had any experience with "There is no suitable purchase for XX sales. Please check your entered trades if all purchases are properly filed." I have all my trades from the 2 exchanges in question and not only is it not able to account for a few trades, but it also puts me in a losing position, tax wise. I'm using FIFO. I've tried manually editing things, but it is beyond complicated, not really doable.

And what about Shapeshift? Any way to easily track things and account for losses/profits using your wallet address.

Thanks for the help, wish I could help you with your question the page before.

EDIT - I tested 2 paper wallets, both held over a year. When I imported them it was successful (and the alert said the job was completed). But, it never asked me for a recalculation and when I ran a tax report, nothing changed as far as tax owed (it should have gone done). As you said, there is not a price basis, and I don't see how to do that. But, when I deleted the address, then it asked for a recalculation. I tried to reimport it again, to see if it would ask for a recalculation, but it said it was already imported, though the data was gone? I think there needs to be a way to add the transaction (with cost) at just before the paper wallets creation?
EDIT 2 - I added the purchase of the coins just prior to the paper wallets creation. Coins were held two years. It asked for a recalculation and my taxes went up. :-( This is not making sense.