Method: Changes the calculation method. You can find an explanation and examples on the Tax-Report page. Currency: Displays all values in either your account currency or in BTC. We do not just convert the Fiat value into BTC, but we calculate the Bitcoin value of every single transaction. Because of BTC price changes, it's possible, that your BTC gain is negative, but your Fiat gain positive. Currency Type: Select between digital currencies (BTC, ETH...), commodities (Gold, Silver...), real currencies (USD, EUR...) or all together. We are recommending "Only digital currencies". Hide all zero and negative amounts: Enable, to hide all currencies with an amount less or equal 0 in the summary table. Group all purchases by day: Enable, to group all purchases by day. It will also greatly reduce the number of items in your final gains report. Group all sales by day: Enable, to group all sales by day. It will also greatly reduce the number of items in your final gains report. Long term after 10 years for interest generating coins: In some countries interest generating coins only become tax-free or tax-reduced after 10 years. Activate if your country has this rule and interest generating coins will extend their period to become long to 10 years. A deposit and a withdrawal with the Trade-Group 'Staking' is necessary to mark the coins and activate the feature as well. Use depot separation: By default, CoinTracking uses an overall method across all exchanges/wallets and calculates cost bases purely by date sequence. By activating the depot separation, all exchanges and wallets are treated as separate depots (tax lots). Please ensure that all your deposits and withdrawals between exchanges/wallets are set completely and correctly in your CoinTracking account when enabling this setting. This new depot separation automatically recognizes all deposits and withdrawals and assigns them to the respective exchanges/wallets. |
Conversion: In order to calculate your gain and tax, all your trades that are not in your FIAT currency, must be converted into your FIAT currency at the time of the transaction. We strongly recommend to use the 'Best Prices' setting. Best Prices (recommended): will convert in this order: 1. FIAT currencies (USD, EUR, GBP...) 2. Crypto currencies and commodities based on their market cap Transaction Prices: will convert the 1st part of your trade-pair into FIAT as cost base: Counterpart Prices: will convert the 2nd part of your trade-pair into FIAT as cost base Buy Prices: will always convert the buy part of your trade-pair into FIAT: Sell Prices: will always convert the sell part of your trade-pair into FIAT Example 1: Buy 1 BTC for 3000 USD (assuming USD is your FIAT currency) - Best Prices: will use 3000 USD (no conversion here), since USD has a higher priority than BTC - Transaction Prices: will convert 1 BTC into USD - Counterpart Prices: will use 3000 USD (no conversion here) - Buy Prices: will convert 1 BTC into USD - Sell Prices: will use 3000 USD (no conversion here) Example 2: Buy 60 ETH for 1 BTC (assuming USD is your FIAT currency) - Best Prices: will convert 1 BTC into USD (as cost base and proceeds), since BTC has a higher priority than ETH - Transaction Prices: will convert 60 ETH into USD as the ETH cost base and will convert 1 BTC into USD as the BTC proceeds value - Counterpart Prices: will convert 1 BTC into USD as the ETH cost base and will convert 60 ETH into USD for the BTC proceeds value - Buy Prices: will convert 60 ETH to USD (as cost base and proceeds) - Sell Prices: will convert 1 BTC into USD (as cost base and proceeds) Example 3: Buy 1 BTC for 60 ETH (assuming USD is your FIAT currency) - Best Prices: will convert 1 BTC into USD (as cost base and proceeds), since BTC has a higher priority than ETH - Transaction Prices: will convert 1 BTC into USD as the BTC cost base and will convert 60 ETH into USD as the ETH proceeds value - Counterpart Prices: will convert 60 ETH into USD as the BTC cost base and will convert 1 BTC into USD as the ETH proceeds value - Buy Prices: will convert 1 BTC into USD (as cost base and proceeds) - Sell Prices: will convert 60 ETH into USD (as cost base and proceeds) |