I'm having trouble figuring out how to calculate my mining income with cointracking, if someone could help me out.
I can make a tax report which calculates gains and losses. But my mining transactions that I've imported into cointracking are not calculated with that, since I haven't sold anything I've mined yet.
Is there a way to calculate what my income has been? The IRS says it should be calculated at the point of receipt, so it would be nice if cointracking added up the value of all my mining transactions at the time they were mined. Instead of calculating the current value of all my mining proceeds.
Thanks for the help!!
Are you recording/uploading your transactions from your wallet as "mining" ?
Here is what I have figured out on how to track tax liability from Mining using Cointracking.
I use this for mining Small-Cap, Alt-coins to a Wallet, no Cointracking API:
1 - I've exported the transaction from the wallet to Excel. (Most wallets have this feature).
2 - I use the Excel file in CT bulk upload:
Type - Mining (I've added this after the export)
Buy - quantity mined,
Currency - the Symbol Mined, like BWK (I've added this after the export)
Exchange - I call each Wallet an exchange - like "BWK Wallet" (I've added this after the export)
Date - make sure that you keep the time stamp from the Wallet.
3 - Back to Cointracking, Enter Coins - Bulk Imports - Excel - [Filename]
4 - Review import and update Cointracking
5 - In Cointracking, Report - Trade Prices - Excel; now the mining has a value attached to each transaction.
6 - In Excel, sort by type (mining) and date (Tax Year). Copy and paste to clean file and there you go, tax file for income earned on mining.
Hope this helps.
Have you continued to use this strategy? How has tracking mining income gone over the past few months?