CoinTracker You Seriously F'd UP

You just ruined Cointracker by taking away Universal tracking. Now many of us have an unfathomable amount of “need review” transactions. If you don’t reenable this you just created so many problems for so many of your users. Your recent action seriously makes me want to sell all of my crypto, pay taxes on it, rebuy it all, thus resetting my cost basis just so I can just start fresh using a different service and never look back at Cointracker again. Don’t take things away that effect years of effort put forth by your users! Your software helps us file our taxes but we the users are the ones who have to put in countless hours of work to use it right all cause we want to do the right thing to keep the IRS off our backs. Many of us have stuck with CT for years as we see no other option so I implore you to see no other option than to best serve your customers. Why do you need to ride the IRS’s D!ck by preemptively making an unnecessary change that effects your users so negatively? How does that serve you? This is anxiety inducing, I know I’m not the only one who feels like they finally had a grip on their crypto taxes this year only to be F’d over like this.

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Agree! I have the same issues. I have 5 years of transactions and too many that now need to be corrected again. Not sure what I’m going to do yet. But I feel the same way.

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In the same boat… Cointracker, this is just not a sustainable business model for you, lots of existing users will churn over this if not this year then the next one. One the trust is lost nobody will be willing to commit to hosting the very important tax data with you - these are our dollars going out of the bank account to IRS!

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I’ve already lost trust in Cointracker. I don’t know why they wait until everyone needs to file their taxes to make stupid changes that negatively effect us and without warning. They really screwed many of us last year when they took away the ability to download .txf files right in the middle of tax season. At least they eventually brought it back so I hope the course correct this new issue asap. But I’m not hopeful, they didn’t make the change til after tax season when I already spent weeks longer to redo my taxes on the online turbo tax when everything was already to go before they made the change. There is no time to dilly dally, flip the switch and allow US users to utilize Universal tracking. Simple fix @chandan I expect more from a company I pay almost $300 per year to.

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Hello CoinTracker community,

Thank you for sharing this feedback on the recent accounting engine changes, and in particular, the migration to “per-wallet” cost basis tracking. Your concern hasn’t been lost on us, and we’re actively discussing the insights you’ve shared with us.

We want to share with you why we’ve opted for this approach through our FAQ document. The “per-wallet” cost basis tracking method helps ensure that our gain and loss calculations sync with those produced and reported by exchanges. Our belief is that an earlier transition will be easier for users to reconcile, though we do recognize that this may result in extra work for some users.

To better understand user needs, we also have this public feature request to allow US users to revert to “universal” cost basis tracking. If you’re interested, please add your upvote to this feature request and any additional feedback you may have for us to consider. Upvoting will also automatically subscribe you to updates as they become available.

We recognize that this is a major change for some of our users. If you would like to chat with our support team for individual assistance, please email us here (leave the subject as is) for priority support so we can assist you as soon as possible.

Thank you again for being a part of the CoinTracker community.

Yup, my account is now practically ruined after this update/upgrade. This feels very unfair to do this right before tax season. There should at least be an option to opt out of wallet based tracking and be able to use Universal tracking especially for users who have filed in the past using Universal tracking. This is causing me a lot of unnecessary stress.

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Please see this reply from another thread. Although I cannot attend, I think everyone here should jump on the Twitter Spaces they are holding tomorrow about UK taxes. Since they are the host, they should have representatives in the Space and should be able to get some real in person answers to our questions/issues. Tag or tell a friend that uses this and is having issues as well! https://twitter.com/CoinTracker/status/1618236567382020097

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Of course… figured when id check the forum the problem would have been due to cointracker once again. Literally right before taxes due… why would you change something before taxes are due.

They sold out their users to appease the hypothetical future regulators. A clear example of “enshitification” of the platform like what happened to Meta. Apologies for crossposting.

At first glance, this software appeared to be a lifesaver. I compared them to an ADP (not sure owns ADP now) report interface Stone Eagle. I know better, but I did it. I knew there were some issues with last year (2021). All of a sudden last week, I jump from a 6 figure account to a 7 figure account. My losses this year have done the same thing, from low 6 to high six figures. I’ll take the losses, but I don’t have enough years left to write it all off. LOL, Their follow-up last year helping resolve all of the issues were fair at best. It was October before we filed. The IRS took my e-return @ 11:58 pm CST. It took four business professionals to file what we thought was an accurate return. Nope, I received a letter on my birthday, no less, stating we missed it by five figures. I least that’s what they tacked on to the return. BTW the “needs review” at one point was cleaned to December 2022. This morning 35 pages and growing by the day. I sent an email to support a few days back, so I’ll hear from them next week. I suggest wiping the ledger clean and reloading files. I going to work in the yard today, It’s not even noon yet and I’m already crapped out about this horse shit.

For all of 2022 I relied on the tax liability that CoinTracker was reporting to me, and I paid Federal and state taxes in advance (a lot for me). Updates and upgrades are to be expected but the roll-out must be more considerate. What was primarily long term gains suddenly appeared as an overstated mix of short and long term gains. In my case, the use of a Maker vault to borrow against ETH changed the date of the cost basis of ETH purchased in 2020, and eventually sold in 2022. The CoinTracker is flexible, and I was able to create manual transactions to get the results I expect, but now downloads are not working. I need tax forms, also not working. I am ready to work it out in Excel, but CoinTracker needs a little polish.

For example, the roll-out could have been presented as an option this year. Since customers saw calculations for the prior 12 months and made plans accordingly, an abrupt forced change imposes unfair terms. CoinTracker could impose the new taxing engine as of a certain date mid-year when the impact can be digested.

Dear CoinTracker, please get my tax forms to print with my manual transactions!

Thank you.
Ed