Dumb question but is there a way to import the tax information this generates into TurboTax?
We plan to add an export option for TurboTax as soon as possible - we should have it in the next 1-2 weeks.
Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
131–140 of 164 posts
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#132What I would expect from a tool like this is data encryption using a client side generated private key. I understand this would complicate things like calculations/visualizations, but since you're dealing with pretty sensitive data I think it would be worthwhile.
That’s a fair point. We are starting off with the centralized model, but in the longer run we are definitely thinking about if we can take a more decentralized approach to this problem too.
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#133Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#134For those on the opposite side of the privacy and tax spectrum, there is also a portfolio tracker (which I wrote) that is doing the opposite:
A static HTML Website where you save your portfolio via a bookmark.
- No tracking (no cookies, no emails, no JS* )
- Fast (~ 2 kB download)
- Cross-Platform ;-)
* There is JS on the landing page to generate the link for your portfolio. The portfolio page itself is free of JS.
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#135My use case is also tax reporting. Like others I’m getting numbers I suspect to be inaccurate.
I think the flaw may be this: I assume you’re calculating cost basis and gains on a broad set of the cryptocurrencies (including Neo, Ripple, etc) that are traded on these exchanges. But when the coins leave the exchange you count it as a sale unless you can see the receiving end of that same transaction in one of the user’s wallets. But you only support reading from wallets/blockchain for a subset of the coins (btc, eth, ltc). So you’re counting fake gains anytime a user sends any of the non-btc|eth|ltc coins for storage.
Like others have said, you probably don’t want to assume that any outbound transaction from an exchange is a sale that should be taxed.
Generally it may be difficult to get people to pay $150 with issues like this popping up.
You could consider some combination of:
-give a bit more info about the tax reporting before requesting payment, enough to convince users it’s calculated correctly
- clearly outline the scenarios where users will get flawed tax info in help docs
- flag uncertain items for individual clarification by the user in your UI a la Turbotax (“we couldn’t find a recipient for your Neo transaction on Aug 20– did you send this to another person or business?”)
-offer the first year free to get help from folks ironing out these kinks, but try to establish lock in to get return business next year
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#136Earlier quoted context omitted.
Given how many people use offline wallets (in my case a paper wallet as well as a Trezor) seems like you need some way to let me mark transactions as "non sell" and "non buy" otherwise this really doesn't provide me much value.
You're right — we need to improve this. In the mean time, we allow users to track their offline/paper/hardware wallet addresses: www.cointracker.io/add_wallet so that those transfers are accounted for (currently have to add one address at a time)
If you count transfers out as sells unless you see the transfer received in a wallet, and if you don’t support wallets for most of the coins, how should I avoid these (ex. sending Neo from an exchange to my wallet) getting counted as fake gains in my tax report?
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#137Earlier quoted context omitted.
Thanks for the kind words! We definitely have a long way to go and lots more features need to be added (and will be soon). Re: wallets — for local wallets we currently support BTC, LTC, ETH, DOGE, and all ERC20 tokens. Additionally, from manual transactions and exchanges, we support over 2,000 coins and tokens. We'd love your feedback as to which additional features and coins you would find most useful to add to our…
Just of curiosity, why do specifically support and mention DOGE?
Heard someone mentioning that as long as the price of DOGE is rising, the market is irrational. So it's a good indicator of current state.
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#138Overall, timely and looks like solid product. Requests -- * Stellar accounts * Nano public accounts Issues -- * Doesn't appear to be importing in all the data from Binance thought it says it is complete. * It appears your business model is based on getting people to pay for tax reports (smart). That said, your cost basis is about 10% off compared to my records and snapshots of all relevant currencies at the moment of…
Sorry about that! Drop us a line at feedback@cointracker.io and we'll figure out what we did wrong here.
Just as an FYI - exporting from Binance doesn't always include everything (even though you're hitting export all). There's an obvious bug somewhere in their code that sometimes forgets pairs.
I found this after pulling my hair out for 4 hours a month ago.
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#139Earlier quoted context omitted.
Yes, a MySQL database.
Understood; if we offered a CSV upload option for your wallets would that solve the issue or do you need something that dynamically updates and syncs regularly?
Obviously, you guys are all super talented! But just be careful with the crypto space and any place you allow anything to be uploaded from anyone (even if your customers) ...
Re: Launch HN: CoinTracker (YC W18) – Cryptocurrency portfolio and tax manager
#140Earlier quoted context omitted.
Thanks for the kind words! We definitely have a long way to go and lots more features need to be added (and will be soon). Re: wallets — for local wallets we currently support BTC, LTC, ETH, DOGE, and all ERC20 tokens. Additionally, from manual transactions and exchanges, we support over 2,000 coins and tokens. We'd love your feedback as to which additional features and coins you would find most useful to add to our…
Just of curiosity, why do specifically support and mention DOGE?
DOGE is a bitcoin derivative (fork of the software, not of the blockchain) that has a supportive community and is inexpensive for mainnet testing. Those are reasons I wouldn’t be surprised to see it in any crypto project.