The tracking and reporting of crypto is in a much better state than it used to be... but it is still full of glitchiness and weird non-standard implementations. That is what you are going to get when you have a completely decentralised ecosystem, there will always be projects that will do things that throw spanners in other people's works... even centralised exchanges can do reporting differently, which also really screws things up in a big way for an end user.
Anyway, I use Cointracking for most of my tax reporting. Its a decent tool, and in the European system, where you only needed to track yearly snapshots it was amazing, as it relies on a transaction count for billing rather than a yearly subscription model. Sadly, I'm no longer in Europe, and I need to pile on the accounting transactions for the capital gains reporting instead. Pooop... but I've stuck with Cointracking as it is what I'm used to and there is an unlimited tier that works for me as well.
But still... the tracking can go awry... many times it is a problem with the oracles that are used for price feeds... CoinMarketCap and CoinGecko are the two main ones... but sometimes, they can get tripped up when there is unusual activity on either CEXs or DEXs... mostly due to low liquidity coins being traded heavily in one particular location, which skews the price feed all over the place.
... and then there are other times, when a project has done a reissuance or redenomination of their token... under the same banner and ticker... but the new count means that the price per token changes... and because I can be sometimes a bit lax in keeping up to date with tracking... and also because I don't always properly account for shitcoin dust, it can suddenly throw things out of whack... when the total holdings of a token is at about 0.000001 dollars per token, and then the redenomination and unstable price feeds sends it up to about 1,000,000,000 dollars.
Obviously, it isn't going to be that... no one is going to make that sort of money overnight by accident. But it does mean that I have to dive into the depths of the transaction maze and figure out what the hell is going on and how to fix it... because, come tax reporting time... it would ruin us if we suddenly had the income of a first rate superpower!
In the end, this one was easy to track down... there was a redenomination about a week ago, and the exchanges that I had dust on had not been updated in my tracking... so what was supposed to be worth about 0.1 dollars suddenly was being reported as significantly more. Sadly... an error, or more precisely two errors.
Tracked down, and fixed...
... can't wait for more standardisation of how these things are reported.
I can also be found cross-posting at:
Hive
Steem
Publish0x
Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Coinbase Wallet: Multi chain wallet with lots of opportunities to Learn and Earn!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
WooX: The centralised version of WooFi. Stake WOO for fee-free trades and free withdrawals! This link also gives you back 25% of the commission.
GMX.io: Decentralised perpetual futures trading on Arbitrum!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
KuCoin: I still use this exchange to take part in the Spotlight and Burning Drop launches.
MEXC: Accepts HIVE, and trades in most poopcoins! Join the casino!
ByBit: Leverage and spot trading, next Binance?
OkX: Again, another Binance contender?
Upgoats by ryivhnn
Account banner by jimramones
