Sigh... I have spent the better part of today, and most likely a few more days in the future trying to sort out the KuCoin import of transactions for tax purposes. Really, the time is long long long overdue to have some sort of standardisation in the way that exchanges and blockchains report their transactions. At the moment, everything is quite individual and a nightmare to deal with... many things can be automated, but there is much that goes astray anyway, and so you find yourself having to manually check through the transactions in case there are glaring errors.
Now, most of the time, I have had no problem with Cointracking as my tax software. However, it was also during a time when I lived in the Netherlands, and the tax reporting was a hell of a lot simpler than the capital gains system that I now find myself in.
So, most of the time, I import new transactions into a test account on Cointracking, checking and sanitising the reporting before merging it into the main tracking account. You would be surprised how fast transactions start accumulating... and I'm not even a trader! I'm only a basic casual user.
So, whilst preparing my taxes for the past year, I had let things get a little behind... and I had imported my Kucoin transactions... but I forgot to sanitise before merging... and it turns out that the way that Kucoin reported everything was at odds with the way that Cointracking was parsing it... and so, I ended up having a stupendously ludicrous income that was about a million orders of magnitude out!
Sigh... that serves me right for not checking before merging. However, in my defence, I had checked but not for this unique new problem! Previously, I only needed to check the standing totals for taxes in Netherlands. So, I did that... and there wasn't anything out of the ordinary...
... however, in Australia, you have to track income and capital gains. And the way that Kucoin tracked the loans and lending within the exchange was that it marked lending as "withdrawals"... meaning that they were removed completely from tracking... but then marked the repayments as income (total, principal PLUS interest)... which meant that I was getting some stupid amount of income due to the large volume of micro repayments!
Needless to say, I only noticed this problem when I tried to export a tax statement and saw the horrendously awry numbers... sigh... so, this will have to be all fixed manually... thankfully, it is rather easy to fix... but the sheer volume of bad transaction reports means that it will be tediously time consuming.
POOOOOOOOP! This industry really needs some proper reporting regulations, and to standardise the tracking standards as well. ARRHGHGGHGHGHGHGHGH!!!!
I can also be found cross-posting at:
Hive
Steem
Publish0x
Handy Crypto Tools
Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
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!
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.
