Hacker News Reader

Comment by chanfest22 | Hacker News Reader

You're right — if you move coins to a non-tracked wallet we treat this as if you used those coins to buy something because we really don't know. If you connect the wallet/exchange that the outgoing transfer went to, we will automatically pair them up and the gains will be calculated correctly. Does that make sense?

View on HN

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)

Since best practices these days is to generate new receive addresses and never reuse them this feels pretty painful to me. But I appreciate it is a hard problem and the desire to really track absolutely everything.

But those BTC have gone through so many wallets since I first got them that I really don't have a full record, so please add a way for me to say "no, this isn't a sell and no this isn't a buy" instead of requiring a full trace of every address I've ever touched.

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?

Is there a section within the transaction list that makes this explicit? I'm confused..

I'm seeing "Sent to bitcoin address" for some external transactions to private wallet, but don't see a realized gain.

Just want to be clear: is my final tax amount tainted by not including any external wallets that I've transferred ALL of my purchased bitcoin to? I only added coinbase and bittrex.. I need to add my wallets also?

Yes, you'll need to add your full crypto trading history (e.g. fiat ---> crypto ---> crypto ---> fiat) across all wallets and exchanges in order to get accurate tax information. We have more information about how and why here:

www.cointracker.io/faq#section-cost-basis www.cointracker.io/faq#section-tax

Reply on news.ycombinator.com