So it sounds like I should have really fine tooth combed my stuff before submitting my taxes this year, and may have paid more than I needed to. Awesome
Edit: Yep, my coinbase pro isn’t adding in the fees to cost basis and this has been open a long time. Bittrex has my cost basis off too. I’m afraid to dig into other wallets/exchanges. Fees are all messed up, multiple tokens aren’t showing - I’m starting to think didn’t need to pay as much in taxes this year and I’m def afraid for next year at this point.
Turbotax is suggesting from within its software that people come to this company. I hope this stuff gets resolved, but my bigger worry is the lack of evidence / communication that the team is working to resolve all these open bugs and actively … like, alive and stuff.
I have just uploaded my Coinbase and Coinbase Pro accounts and seem to get odd Cost Basis calculations too. I understand how to arrive at the figure when the purchase is fiat to crypto, but not clear from the below transaction how a cost basis of £607.50 was arrived at from selling crypto and buying fiat. Likewise, I don’t understand why the loss is £322.63. I had previously Can someone explain
I am also experiencing the same issue which makes this service useless to me. The whole reason I purchased a subscription was to have accurate capital gains accounting for tax purposes. When will this be fixed?
I’ve been testing several products. I had hope for CoinTracker until discovering this cost basis problem. I’ve tested API’s, CSV’s, ETH public address from Coinbase Wallet, and manual.
The product simply ignores the fees. Here is a very basic example. Deposit $1,000, then buy $1,000 of a coin. It results in $985 worth of ETH due to a $15 fee. The basis of the coin results in $985, which is blatantly wrong.
The only possible way the end result would work out is if it treated USD as a coin and the transaction as a sale of USD at a $15 loss in addition to the purchase of ETH. But it does not show that.
I’m literally using both cointracker and koinly right now (as part of my research to figure out what software to use for taxes, clearly the answer is neither), but koinly does correctly add the fee to the cost-basis.
Here’s an example of simply buying $1,000 worth of ETH on coinbase pro
Love how the issue still exists 15 months later, this thread alone will save me time researching which software to use for my crypto taxes when they can’t even correctly add the transaction fee to the cost-basis, and are incapable of fixing it for 15 months.
Same problem syncing from Gemini - I use their Coinbase Pro equivalent (ActiveTrader) and my transactions are not adding fee when computing cost basis Tried out cointracker when koinly was down, and sadly without fee in cost basis this product is useless to me.
Just echoing what everyone else is saying as I came across the issue today reviewing my tax liability.
@Chandan if you are still on this… I think it is due to Coinbase Pro showing the sale and the fee as separate transactions. It looks like Cointracker puts the fee amount correctly in its place but then erroneously puts the sale amount in the “Total Amount” on Cointracker when really that should be equivalent to the sale amount + fee amount.
i.e. I sell some BTC for $10 and a $.20 fee. Coinbase Pro shows a $10 transaction and a $.20 transaction separately. Cointracker should interpret this as $10.20 Total Amount (sum of both) and $.20 Fee Amount. Today it is erroneously showing $10 as the total.
Seems like a straight forward fix, though this thread has been open for a long time so maybe there are some complications in the backend I am not aware of. Until then looks like I will have to manually update the total for Coinbase Pro transactions!
Dang, Im kind of a high-volume trader with $9k in fees this month alone. It has all my balances really messed up. Unfortunately, I found this thread too late and had already paid for the tax service. If I have to go in and fix the fees on almost 3k in transactions then FML. I think this is about the most important fix they should be working on at this point. It is literally half of their business model that is broken.
Has there been a fix here yet, or when can we anticipate one? It’s really important (I think for literally everyone who uses cointracker) that this is done by end of year or we’re all going to need to refile (again). Technically we all need to refile for prior years once this is implemented, right?
You are not being truthful! I have documented this EXACT same issue back in February. I emailed support and received ticket ID: 81496 on February 10, 2022. Never heard from ANYONE until February 24, 2022. The response came from Gage (Support):
Hello there, Thank you for contacting CoinTracker. We do apologize for the delayed response as we are tackling a tremendous backlog. We are sorry that you are having issues with incorrect amounts and we are more than happy to help. I’m going to rope in a product specialist on our end to take a closer look at this. We appreciate your patience while we investigate, and if you have any other questions or information in the meantime you can reply here. Thank you for being the best part of CoinTracker and have a great day! ! Kind Regards, Gage
Still no follow up now yet another month later! I have deleted my Wallet and reconnected to see if the algorithm has been corrected - NO LUCK!
Your system is STILL incorrectly OVERSTATING gains and UNDERSTATING losses for CoinbasePro transactions! THIS REALLY NEEDS TO BE FIXED!
I am sure it’s still an issue. And I am not confident any of these sites are right. I tried Cointracker, Koinly, bitcoin.tax and taxbit. And all sites give me a different result which give me zero confidence on my taxes. This was reported in March of last tax session. It wasn’t fixed then so I had to file an extension last year and ended filing as is in October with zero confidence that it’s accurate. I am going to have to go back and amend my returns at some point. It’s a major mess. And that’s for 2021 tax session for 2020. Now for this year 2022 tax session for 2021 I am having the same issue as I did last year. I can’t get an accurate return and time to file is about to end. Will have to file an extension this year just like I did the last. And hope you people fix your software by then.
It’s now 25 months later at this point. Basically nothing is getting fixed or address. And zero tickets are getting answered. Many of us have tickets from 6 months ago with zero response. This is unacceptable.