How exactly is the age of a coin being determined upon receipt for short term/long term investment classification? If I send myself my own bitcoin from my personal wallet (with a token age of several years) to my Coinbase account in order to sell, I’d like that to be classified as a LONG TERM investment specifically. (The Wallet I’m using cannot sync with Cointracker and it’s out of the question to change wallets). How do I determine how it is being classified and how can I reconfigure if necessary? Is there a way to maintain the age of the token from the sending address in those situations?
Also, maybe somewhat related, where is there a precise definition of all of the transaction types? ie. if I want to know the difference between transfer, sent, sold, received, etc… where can I find that? Can anyone provide a link?
I did find this document for the types of transactions in cointracker:
Be sure to tag the transaction between your wallet and Coinbase as a TRANSFER. This is very important. Not sure how contracker internally accounts for this, but if classified as a Send/Receive or Exchange then it’ll be considered a new taxable transaction and will reset the date/time assigned to the coins which impacts your long term/short term capital gains calculations.
Do you have a lot of transactions on your local wallet? If so, it may be important that you add your local wallet via CSV import to contracker otherwise you may have to perform manual adjustments to all transactions in/out of that wallet. See this document:
On understanding how dates/times of transactions, plus your LIFO/FIFO/HIFO settings, impact long term/short term tax calculations in contracker, I think you’ll find the answer on this page. Be sure to check your LIFO/FIFO/HIFO settings.
- FIFO - the first coin that you purchase (chronologically) is the first coin counted for a sale (first in, first out)
- LIFO - last coin that you purchase is the first counted for a sale (last in, first out)
- HIFO - doesn’t matter when you purchased, but how much your paid (highest in, first out)
More in this document:
Are you in the USA or another country?