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Chandan - CoinTracker
Users Feature Request:
Incorporate net futures gains into tax reports on CoinTracker. Currently, while users can see net futures gains calculated and displayed in the tax center, these are not automatically included in tax forms such as Form 8949 or Schedule D.
Current Workaround:
  • Users are advised to consult with a tax professional on how to include net futures gains when filing.
  • Manually add a line item on the Capital Gains CSV or Form 8949 called 'Net Crypto Futures' and add the total profit or loss in one line item.
  • Manually add to Schedule D as necessary.
  • Margin Trading Tax Guide
     suggests how margin trades should be incorporated.
Description for 8949 and Schedule D:
  • Description of property: underlying asset (e.g., BTC, ETH)
  • Date acquired: date position opened
  • Date sold: date position closed
  • Proceeds: PnL
  • Cost or other basis: $0.00
  • Gain: PnL (Note: it's acceptable if the PnL is negative)
Additional Integration:
  • Show the net gain/loss amount separately on the Net Futures Gain line on the tax page, but combine it for the net total on the dashboard.
  • "Margin" tagged transactions should be in their own cost basis queue and excluded from capital gains calculation, similar to existing practices for exchanges like Kraken and BitMEX.
Disclaimer:
Margin trading incorporated into 8949 and Schedule D per margin trading tax guide. This does not support traders making 475(f) elections, Section 1256 contracts, and other advanced tax elections. Consult a tax advisor to see how this may apply to your specific tax situation.
As a user, what can I do?
You can 🔼 upvote this feedback post to indicate you would like this feature added! The post status will be changed to Complete should we pursue this feature. Up-voters will be notified of the status change.
I need additional assistance, who can I contact?
For further assistance, please contact our
support team directly
.
Thank you for your feedback and cooperation as we work to enhance your CoinTracker experience!
Keywords: net futures gains, tax reporting, Form 8949, Schedule D, margin trading