Include transaction fees in cost basis
Cost basis for USA should include fees incurred to buy AND sell the cryptocurrency. Cointracker Tax Center does not always include these fees in the cost basis. Nor does it consistently deduct fees from the proceeds of a sale. This means transactions have to be manually edited to reflect the true capital gains. This shortcoming really diminishes the value of this product.
Show tax lots
Show how cost basis calculations are made. Date acquired for each lot Holding period for each lot (short/long term) Cost basis of each lot Unrealized gain of each lot
Change cost basis method by date
For example FIFO (2016), LIFO (2017), LIFO (2018), HIFO (2019), etc. Also relevant for people who move between different tax jurisdictions (e.g. US to UK). Could also be in the middle of the tax year.
Option to mark a "send" as "non taxable event"
According to the ATO (Australia). If you pay a bill or pay for a meal using crypto. It is considered a non taxable event. ALL my "send" transactions, have calculated these as taxable events, when in fact they are not. Along with send and receive from one to another. The only taxable event is trading or depositing directly into a bank account or credit card. Anything paid via biller code is also a non taxable event for 20/21 FY. Can you please add this feature asap? Otherwise I need to look at using another platform to do my crpto tax.
Incorporate net futures gains into tax reports
Currently, users see net futures gains calculated and displayed in the tax center, but this is not included on tax forms. This post tracks the request to incorporate net futures gains into tax reports. For the time being, we highly recommend checking with a tax professional on how you can include Net Futures Gains when filing. As a workaround, some of our users have manually added a line item on the Capital Gains CSV or form 8949 called 'Net Crypto Futures' and added the total profit/loss in one line item. In addition to this, it can be added to the Schedule D manually. A tax professional should be able to tell you if this is the right approach for you. 8949 Capital Gains CSV Tax Integration files Per the Margin Trading Tax Guide , margin trades should be incorporated into 8949 and schedule D. Description of property = underlying asset (e.g. BTC, ETH, etc.) Date acquired = date position opened Date sold = date position closed Proceeds = PnL Cost or other basis = $0.00 Gain = PnL Note: it's fine if the PnL is negative We should still show the net gain/loss amount separately on Net Futures Gain line on the tax page, but can combine it for the net total on the dashboard. "Margin" tagged transactions should basically be in their own cost basis queue and excluded from capital gains calculation (using the same logic as we have for Kraken/BitMEX). We may include disclaimer text: 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.
Add 'Rewards' tag for credit card crypto cashback
Cards like BlockFi ( https://blockfi.com/credit-card/ ) offer rewards in crypto. To track this accurately we should have a separate 'Reward' tag to count the payments as 'other income'.
Show year-end balance by wallet & crypto
Some jurisdictions (e.g. Switzerland, Liechtenstein, The Netherlands, Norway (for wealth tax), Australia) require a detailed breakdown of cryptocurrency holding by wallet and exchange at year-end for filing taxes correctly.
Make Tax Center Items Clickable and Link to Related Transactions
When I go to the tax center I want everything listed to be clickable. I want the clickable link to take me to the filtered relevant transactions. So for instance clicking capital gains would show all transactions that make up the displayed total for capital gains.