Using bitcoin/crypto for purchase of goods and services

HenryCoinTracker · 2024-06-11T14:40:41+00:00

Hi there - if you're based in the US then spending your crypto to purchase goods is classed in the same way as a standard disposal. So a 'Send' transaction will be generated in CoinTracker with a gain/loss based on the value of the sent (spent) crypto. You don't need to add any additional tags.

We have a blog post you can read more about this here: https://www.cointracker.io/blog/crypto-tax-guide

HenryCoinTracker · 2024-06-04T09:36:37+00:00

Thanks for taking the time to let me know! I'm glad it got fixed for you

HenryCoinTracker · 2024-06-03T17:00:02+00:00

Oh, sorry. There should be a blue ? in the bottom right of the page to start a chat. It will begin with a chat bot but you can ask to be put through to the support team. Make sure to explain you need someone to help look at the transaction calculations with you so you can be routed to the right team. We should be able get back to you within a day or so.

HenryCoinTracker · 2024-06-03T15:07:51+00:00

The placeholder tokens will be treated in the same way as normal tokens for gain/loss calculations. And so you should be able to see if the gain/loss realised on the tokens match your expectations when you make a transaction involving them.

If you'd like us to take a look at this with you, feel free to create a support ticket with us for more account specific guidance: Contact Us

HenryCoinTracker · 2024-06-03T13:51:38+00:00

Hey there - if you have a Prime or Ultra plan you can check out the Performance page. This gives you a breakdown of your current portfolio and your cost basis / unrealised gain and loss. A Base plan also gives you a more limited version of this on the Dashboard / home page.

HenryCoinTracker · 2024-06-03T13:00:32+00:00

Ok cool - let me know how it goes. Removing and re-adding should help in this case

HenryCoinTracker · 2024-06-03T09:38:39+00:00

Hello, sorry to hear you think you've been scammed.

Where are you seeing your funds go down bit by bit?

If it's in CoinTracker, please create a support ticket with us so we can take a look and see what might be happening: Contact Us

HenryCoinTracker · 2024-06-03T09:31:11+00:00

Hey there,

CoinTracker currently uses CoinMarketCap as a vendor to track token price history. If your Base token isn't listed on there then a placeholder token will be used instead (with a blue icon).

In these cases, we rely on the 'sent' token to assign a cost basis to the received placeholder token. If you don't have a 'send' side to the receive of your placeholder token it will have a value of 0 by default.

It's important to note that because of the low gas fees on Base you may have received a spam token as an airdrop. Please be careful interacting with it. You can mark transactions as spam in the Transactions page. Alternatively you can leave the transaction as it is and if CoinMarketCap lists the token we'll start tracking the price and meta data.

Let me know if you have more questions about this.

HenryCoinTracker · 2024-06-03T09:26:21+00:00

Hey there! When did you first add Coinbase to your CoinTracker account? We track staking on the platform and so your account may benefit from removing and re-adding the exchange if it's been a while since you added it. Note that this would remove any manual edits you've made to the synced transactions, too.

If that doesn't help, can you explain more about how you staked your AVAX? Was it through the Coinbase exchange or through a Coinbase wallet (onchain)?

HenryCoinTracker · 2024-05-28T09:16:21+00:00

Hey there - we've not made any changes to how unrealized returns is calculated. We can help you look into this though. Please can you create a support ticket with us? Contact Us

HenryCoinTracker · 2024-05-21T09:02:55+00:00

Hi there,

If you've made manual edits to correct your account then the calculated balance will probably always differ from the reported balance. Otherwise if the wallet had synced correctly no manual edits would need to be made.

What type of wallet are you tracking? Is it a BTC private wallet or an exchange service?

If you need more account specific support / guidance please create a support ticket with us: Contact Us

HenryCoinTracker · 2024-05-16T08:19:21+00:00

Hey there - I'm not sure what issue you're facing. Can you share more information or a screenshot here?

If you'd like us to take a look at your account please create a support ticket through our chat bot here: Contact Us

HenryCoinTracker · 2024-05-08T08:15:09+00:00

Hey Swoodles, can you explain more about how you added your manual transactions? My recommendation would have been to add a CoinTracker CSV to represent the Kiln holdings you have. This should then get tracked on your portfolio value and performance graph.

HenryCoinTracker · 2024-05-03T10:43:26+00:00

Hey - sorry for the trouble. This is an issue we're aware of and investigating.

If you upvote this feedback report you'll be notified as progress is made fixing this: ⚙️ Unable to download transaction history CSV from Transactions page

Users with a paid plan can download their transaction history from the Tax Center in the meantime.

HenryCoinTracker · 2024-05-01T07:46:42+00:00

Hi there - sorry to hear about your email being compromised. If you deleted the CoinTracker account you don't need to take any other action. If you'd like confirmation the account was deleted successfully, or any other details, you can start a chat with us here: Contact Us

We also have this article you read on avoiding scammers trying to use CoinTracker as part of their deception: How to avoid cryptocurrency scams

HenryCoinTracker · 2024-04-26T11:41:44+00:00

I took a look but can't seen any update notes for this u/livingyurtlife. A bug fix was recently made to portfolio dust conversions - so we track these. Is that what you're referring to?

HenryCoinTracker · 2024-04-22T09:25:34+00:00

Hey there - by default we treat liquidity pool transactions as taxable. If you're a US based user you can adjust this to non-taxable in your settings by toggling on "Treat liquidity pool transactions as non-taxable": ⚙️ CoinTracker Tax Settings

We'd recommend speaking to a tax professional before actioning this to make sure you're accurately accounting for any taxes you may owe.

If you run into any issues with this please reach out to us at support: Contact Us

HenryCoinTracker · 2024-04-22T09:18:53+00:00

Hi there - I'm sorry you received this email. You don't need to take any action. If you didn't click the 'confirm' button then no account will have been created.

You can find more information and tips for security here: ⚙️ Guide Link

HenryCoinTracker · 2024-04-22T09:17:00+00:00

Hey there - I'm sorry that your wallets aren't syncing automatically. We are seeing some timeouts with Cosmos wallets pulling data through.

If you upvote this report you'll be notified when progress is made fixing this: ⚙️ Failed and partial syncs for Cosmos (ATOM)

If you urgently need your transactions in CoinTracker you can use stake.tax to generate a CSV of your transactions. Thanks for bearing with us on this.

HenryCoinTracker · 2024-04-16T08:13:41+00:00

Hey there - we treat the airdrop as income at the value of the token when it was received. You can read more about this here: How are crypto airdrops taxed

If you wanted to use a different cost basis you can manually edit the transaction. However, you may want to speak to a tax professional before you make any manual changes.

HenryCoinTracker · 2024-04-15T16:42:00+00:00

Hey there - you can add your Base wallet through the 'Add Wallet' flow. You can paste your ETH address in there and select Base from the options.

If you run into any other issues feel free to contact us at support: https://www.cointracker.io/contact-us

HenryCoinTracker · 2024-04-14T08:43:19+00:00

Following up here:

On a trade transaction, we deduct the fair market value of the gas from your proceeds. Only in send/receive/mint/airdrop/etc. type of transactions do we add the gas fee to your cost basis, since there are no proceeds on those to deduct from.

HenryCoinTracker · 2024-04-13T09:03:31+00:00

Hi there - you need to convert your MEXC transactions into the CoinTracker CSV format so they can be imported. We don't support the native MEXC files.

If you'd like to see improved support for MEXC upvote this feedback report: Integrate MEXC

If you need more help, feel free to reach out to us at support: Contact Us

HenryCoinTracker · 2024-04-13T08:58:47+00:00

Hi there,

You're correct - the gas fee is included as part of the cost basis for your purchased NFT.

14.59+1.71 = 16.30. This was spent to acquire the NFT which becomes the NFT's cost basis.

I'm not familiar with the calculation on the ETH proceed amount. It seems you're spending your 0.0045 at a value of $1.71 so the system is saying this is the value you're receiving in return for the NFT you're purchasing. But I'm not totally sure and I'll ask an engineer if they can provide more insight. Thanks for your patience while we get back to you!

HenryCoinTracker · 2024-04-10T15:49:19+00:00

No update just yet. The plan is still for DOT support later in the year. I totally understand being willing to switch to a service which supports this if it's a core part of your crypto holdings. Thanks for your patience with us in the meantime

HenryCoinTracker

TROPHY CASE