Quote from: Ma907xB on June 13, 2018, 05:29:26 AM

Quote from: WickedPigeon on March 26, 2018, 03:18:07 AM

Quote from: WickedPigeon on March 26, 2018, 03:13:02 AM

Quote from: robinson5 on March 25, 2018, 10:41:42 PM

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?

The only clarification I would make is that I use the CT Excel Upload file, then I copy my data into it. I have two active mining wallets right now - LUX and RVN. I am uploading hundreds of mining transactions in a month. No issues - unless I mistakenly populate the wrong field or mis-spell something. I also have a dozen inactive mining wallets - but those are just holding old positions - so the pricing update is working perfect there. And at Year End, my tax report was fairly easy too.

Also I use the Trade Group field to track PoW and PoS. I also track Funding and Leaching in that field (for all other trades, I leave it blank). Funding is new investment money and leaching is coins sold to US$ and moved back out to my regular savings account. This way when I run the report Balance by Exchange, I change it to by Trade Group and I get a mining update. Very slick, up to the minute return on my mining. The only thing missing is my outlay for the mining equipment.

My income has been good - I mine with 27x1070Ti. It's the coin prices that are down Undecided

. Since I began last fall, I've made enough to cover all my costs (~12k USD). The mining has gone well, I've been selling 50% of what I've mined. And the other 50% has lost about half its value since mined. Still, all in all, it's been a good investment. And time will tell.

Such is the roller-coaster ride of a Spec-miner.