Sched D 1040 miscalculated gain/loss

On my exported Schedule D 1040, (d) Proceeds - (e) Cost = (h) Gain/loss,
(h) calculation is incorrect.

My calculation (examples used here) looks like:
(d) 40,000 - (e) 40,500 = (h) 3,000

If (d) or (e) are wrong, I understand that is a deeper issue in the transactions. But the simple (h) calculation is incorrect at face value. This is totally unacceptable.

I know I lost money, it’s painfully obvious to me. -500 would sound about right, however not only is +3000 mathematically incorrect for the form, but Cointracker has turned the loss into a multiple gain.

I am currently sorting and manually editing just about every defi txn Cointracker is too dumb to understand, and hoping the numbers begin to add up. There are some obvious corrections needed for my gains and losses.

But the simple (h) calculation being incorrect gives me zero faith in anything Cointracker is putting out.

2 Likes

I have the same issue with my Coinbase PRO feeds. ALL Proceeds transactions appear to be ADDING the fees instead of SUBTRACTING the fees. I have reported this to CoinTracker last week (Thursday, Feb 10, 2022). This error OVERSTATES Gains by 2 x Fees for the year (in CoinBase Pro).

They need to quickly address this! USE CAUTION IF YOU ARE USING THE DATA FROM Coinbase PRO to report Tax info by exporting from Cointracker until they address this.

I manually correct my data (250+ lines)! No fun!

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Yes, My dashboard has a loss of $2,200 which I when through 1000 transactions and verified but my tax form 8949 shows loss of $4000. after waiting days they still are out of sync. I have submitted a ticket but of course no follow-up . Not sure how to get my money back since I stupidly paid for 2022 also.

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Not sure if you saw my post today (2/15/2022)… I found that deleting my Coinbase Pro account link AND THEN relinking the account provided different updated information. It is still wrong, but I see they are correcting issues with the feed. Unfortunately, it appears that they pull the data one time (during the link) and it is not dynamically updated when they correct issues!

I’m not sure if your issue is with Coinbase Pro (the exchange) or a different wallet. But I would imagine the same concept of delete the link and re-link may be necessary.

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I already fixed most of my transactions manually (lots were duplicated on the 8949) so I don’t want to risk losing it by re-adding wallets. It’s a good idea for troubleshooting. But I’ll just generate my own Sched D. I’m evaluating Zen Ledger for next year, but I may just keep a detailed spreadsheet of my own and do it manually. I kept my own simple list of dated transactions last year for reference which was a tremendous help for where money moved, so just getting more detailed (since I have to manually review transactions anyway) is probably the best bet.