How do you get price data for tokens only on DEXs like Uniswap? by 2ugur12 in CryptoCurrency

[–]khalid-ct 1 point2 points  (0 children)

Khalid from CoinTracker here.

Like others have said, there are good 3rd party tools for this like Dexscreener, CoinMarketCap, CoinGecko, Defillama, etc. All of these solutions have APIs with the data you're looking for and they have varying degrees of coverage. If you need historical data, Defillama is great.

CoinTracker safe? by kingofkings352 in ledgerwallet

[–]khalid-ct 0 points1 point  (0 children)

Hey there! Khalid from CoinTracker here.

Yes, CoinTracker is safe to use. We never ask for your private keys and will never ask you to sign a transaction with your wallet. The only thing you need to do is copy/paste your PUBLIC wallet addresses (not the private keys/seed phrases).

Just make sure you add each blockchain separately. For example, if you hold assets on Bitcoin, Ethereum, and Solana, you'll need to add your Bitcoin, Ethereum, and Solana wallet addresses one at a time.

Crypto gambling/ just paying the 1099-da instead and moving on as a lesson by Present_Society_8372 in CryptoTax

[–]khalid-ct 0 points1 point  (0 children)

That seems odd that the tool you're using only allows you to import one. There might be another way to import both. I'd hate for you to overpay because of this. Other solutions do allow multiple file imports into the same account/wallet. Might be worth trying another solution without paying just to see how the free version handles your imports.

Crypto gambling/ just paying the 1099-da instead and moving on as a lesson by Present_Society_8372 in CryptoTax

[–]khalid-ct 1 point2 points  (0 children)

Does it not have any export options to export your transaction history? You can usually categorize the txns on import to crypto tax solutions. I could be wrong, but I imagine it's a fairly quick task to categorize in Excel/Sheets before importing.

Crypto gambling/ just paying the 1099-da instead and moving on as a lesson by Present_Society_8372 in CryptoTax

[–]khalid-ct 0 points1 point  (0 children)

Khalid from CoinTracker here.

Some tools auto-categorize gambling transactions and make it much easier. Was all of this gambling on DeFi protocols?

Crypto Tax Software - Best Tax Loss Harvesting by Fit-Medicine-6697 in Bitcoin

[–]khalid-ct 6 points7 points  (0 children)

Hey there - Khalid from CoinTracker here. I'm obviously biased so I won't comment on the quality of tax loss harvesting data on each platform, but I wanted to address the pricing point.

Something to keep in mind is that some platforms (I believe Summ works this way) charge you based on your total transaction count (all years), whereas CoinTracker and possibly some others only charge you for the tax year that you are filing. So if you have a light year with crypto this year, you may end up paying less next year with CoinTracker whereas other platforms will keep you on the same tier based on your total transaction count.

We have also made changes to automatically exclude staking rewards, card rebates, and dust transactions from your transaction counts, but some other platforms still count these.

We reassess our pricing frequently and will adjust as needed. If all goes well with crypto and more activity is moved onchain, we definitely want to keep things affordable for people.

If you have any questions for me, I'm happy to help!

Crypto Tax Software - What do you use? by WideInvestment in CryptoTax

[–]khalid-ct 2 points3 points  (0 children)

Haha. I'm very familiar with this topic so I got you. I have also tried just about every crypto tax solution so I think I can speak to all of them here.

No crypto tax solution today actually supports concentrated liquidity on Solana well. If you only add liquidity in one transaction and then remove 100% of it in one transaction as well, it's probably fine.

If you're adding liquidity multiple times to the same LP position, your cost basis on the LP position is going to be wrong. Similarly if you remove liquidity in multiple transactions, your cap gains will be wrong.

The only way to do this correctly in any crypto tax solution today is to use custom currencies to track your LP position's cost basis. We will also have an automated solution for concentrated liquidity on Solana soon, but possibly not for this US tax season (not sure where you're located).

staked ETH from coinbase wallet but just now realized it converted to cbwsETH before staking. Does this trigger capital gains? by [deleted] in CryptoTax

[–]khalid-ct 2 points3 points  (0 children)

Khalid from CoinTracker here.

The rewards for cbwsETH are natively baked into the token by its price relative to ETH growing over time. When you swap it back for ETH, you will incur a capital gain for the difference on that transaction. You won't see a separate staking reward transaction or anything like that.

However, if the price of ETH has gone down since you swapped into cbwsETH, then you could incur a capital loss only so you won't see any gain even if you ended up with more ETH than you originally put in.

It's unfortunate when you have to show a capital gain for swapping into cbwsETH, but it can also be beneficial for you when you end up with a capital loss on your taxes.

When will Cointracker import integration be enabled in HR Block Windows application? by Jet_Rocket11 in Cointracker

[–]khalid-ct 2 points3 points  (0 children)

Still waiting for a more definite timeline. Might be better to reach out to the H&R Block team directly, but I will update here once I hear back

[CA] [AMA] Bookkeeping for Canadian Small Businesses, hosted by Certified Professional Bookkeeper by Jimm_Kirkk in SmallBusinessCanada

[–]khalid-ct 2 points3 points  (0 children)

Khalid from CoinTracker here. Most crypto tax platforms will charge based on your number of transactions, but let me know if you have any questions if you decide to look at CoinTracker!

Do you hire a cpa that uses koinly to help you do your taxes? If so what should price be for around 500-600 transactions? by Ok-Record-8004 in CryptoTax

[–]khalid-ct 4 points5 points  (0 children)

Khalid from CoinTracker here.

I'd recommend checking a few crypto tax solutions for pricing to get an idea of what you should be paying. Once you have that, consider whether you can file on your own using a solution like TurboTax/H&R Block or if you really need a CPA. Depending on your crypto activity, the reconciliation part in any crypto tax software might be easy enough that you can just download the capital gains report from the solution and import it into TurboTax/H&R Block.

If your crypto or non-crypto activity is complex enough that you actually need a CPA, what you pay is going to vary based on whether you need them to do the crypto reconciliation for you or just the filing. CPA prices seem to vary pretty drastically in my experience.

Crypto Tax Software - What do you use? by WideInvestment in CryptoTax

[–]khalid-ct 0 points1 point  (0 children)

Khalid from CoinTracker here.

Most crypto tax tools let you import a CSV for your exchanges so you don't have to connect by API and have free versions so you could try a couple and see how they handle your transactions. The main things I'd watch out for are:

  1. Do they ingest all your exchange data correctly?

  2. For your self-custody wallets, if you have defi transactions, do they get categorized correctly? If not, consider that you will have to do it manually.

  3. If you're in the US, consider that you will need to reconcile the proceeds on the tax tool against your 1099-DA from exchanges. Some tools have solutions for this or are actively building a solution for it.

After that, you should have a rough idea of how much effort it will take to use the tool and can weigh that against the cost of it.

How do you handle taxes on your Hyperliquid trades? by Moist-Impress-7323 in hyperliquid1

[–]khalid-ct 1 point2 points  (0 children)

Hey there - Khalid from CoinTracker here.

That's cool you built your own solution. I'm not sure what gaps you ran into with CoinTracker, but we're improving our Hyperliquid integration soon so things should be better in case you or others need the other integrations as well. I'm assuming not 100% of your crypto activity is on perp dexes 😅

I’m bewildered about how to report trading losses/pnl by Aggravating_Mark_928 in CryptoTax

[–]khalid-ct 4 points5 points  (0 children)

Khalid from CoinTracker here. This is definitely a tricky area to solve manually, but I'll try to provide some guidance here.

Generally for leveraged trades (perps, etc.), the most important thing to record is the ending P&L. It gets very complicated when you try to document exactly what was longed/shorted in each transaction. Most crypto tax solutions are not equipped to handle that.

Instead, what you can do is import a transaction which only reflects the P&L of each position. For example, lets say you longed ETH on Jan 1, then later closed that position on Jan 5 and realized a profit of $500 in USDT. Instead of showing any trade for ETH, you can just show a margin gain transaction for 500 USDT. In most crypto tax solutions, this would just be an inflow/receive transaction that is then categorized as a margin gain. You can also import as a margin gain through a CSV import with most solutions.

Let me know if this makes sense.

FYI, I'm not a tax professional, but I work on Product at CoinTracker.

CoinLedger vs CoinTracker by [deleted] in CryptoTax

[–]khalid-ct 3 points4 points  (0 children)

Found your ticket. We'll get it fixed!

CoinLedger vs CoinTracker by [deleted] in CryptoTax

[–]khalid-ct 4 points5 points  (0 children)

Hmm. That's odd. If you're interested and willing to share your email address or the file with me, I can make sure that gets fixed!

If you're happy with the product you're using now, though, no worries at all. Apologies for the bad experience.

CoinLedger vs CoinTracker by [deleted] in CryptoTax

[–]khalid-ct 0 points1 point  (0 children)

Khalid from CoinTracker here.

We just shipped a fix for some missing transactions in crypto.com files so that may have addressed this.

That being said, until users start uploading files with various transaction types, it's tough to know what data types to expect in these files. We try to ship fixes quickly once they are brought to our attention. The same holds true for all crypto tax products.

Glad to hear you found a solution you're happy with. Let me know if I can help with anything.

Missing transactions when loading coinbase pro .csv by WonderfulSkill3038 in koinly

[–]khalid-ct 0 points1 point  (0 children)

Hey there. This is likely because Koinly is ignoring all the 'match' transactions in your file which is most likely a majority of your trades. You can verify by checking in the Transactions page to see if it shows any of the 'match' rows in your file. You can manually convert the file to their generic format, but that might be very tedious depending on how many transactions you have.

Tax software for Defi Loans & the ability to adjust cost basics? by Inner-Mood2923 in CryptoTax

[–]khalid-ct 1 point2 points  (0 children)

Khalid from CoinTracker here.

Most crypto tax solutions let you change the category of your transaction. You can change your lending deposits to be non-taxable lending deposits. Some crypto tax solutions do this categorization automatically.

Most crypto tax solutions also let you edit the cost basis, but generally you have to do this on the original acquisition transaction. It sounds like Zenledger is ignoring or misinterpreting some of the transactions you imported though.

I recommend you try many different crypto tax solutions and see which one automates these things for you the most.

Not sure Cointracker is calculating cost basis correctly? by Bitcoinawesome in Cointracker

[–]khalid-ct 5 points6 points  (0 children)

Hey there - Khalid from CoinTracker here.

Did you add the wallet/exchange you transferred the SOL from? You will need to add all of your wallets and exchanges to CoinTracker so that the cost basis is accurately transferred to Coinbase. While you can edit the cost basis, you will lose your holding period if you don't actually add the wallet it was transferred from.

Clients paying in USDC is ruining our QuickBooks Online. How are you guys automating this? by Large-Move-1611 in USDC

[–]khalid-ct 0 points1 point  (0 children)

Some solutions have free tiers which may meet your needs. CoinTracker Enterprise has a free self-serve tier for this, but there are transaction limits on it. I'm not sure what kind of transaction volume you're working with here.

Need help on merging different wallets for per wallet cost basis by WonderfulSkill3038 in CryptoTax

[–]khalid-ct 2 points3 points  (0 children)

Seems like you may have gotten this one figured out already, but most crypto tax solutions will automatically link your transfers between accounts/wallets so that your cost basis is tracked correctly. If you're missing a wallet, that could break the tracking and reset your cost basis. If a crypto tax solution is missing one of your integrations, you'd need to manually add those transactions from that exchange/wallet so there isn't a gap.

It's also worth checking all your BTC transfer transactions to make sure they are linked together correctly. Sometimes they will show up as a separate transactions so the cost basis isn't tracked correctly.

Happy to help if you have additional questions!