Tax preparation using KMS coin tracking balance

[JBP_3]

Hi there,

I just downloaded a CSV file of my KMS transactions for submission to CoinTracking.

There are many occurrences of double entries, or so it appears to me, for many of my trades. Here is what it looks like:

Trade	10.94439​	KAG	261.051014​	USD	0.02413077​	KAG	KMS			2023-01-27 20:12:25 UTC
Trade	10.94439​	KAG	261.051014​	USD	0.02413077​	KAG	KMS			2023-01-27 20:12:25 UTC

Everything is identical, including the date/time stamp. Is this suitable for submission to CoinTracking, or do I need to delete one of the lines? I don't recall this from last year, nor do my CSV downloads from KMS exhibit this behavior.

Thanks in advance for helpful advice, John

 

[Uchiki]

Hi John,
This issue has occurred relatively recently and been reported along with a couple of others.
Currently awaiting fixes.

 

[Shahila]

Hello John,
Kindly provide your HIN number for us to check further on your inquiry. Thank you.

 

[JBP_3]

Hi Shalila, I sent you a PM

 

[sween]

Is it possible now for cointracting to work out income in gbp from downloaded csv file which is in usd to submit to hmrc.
Last year was a nightmare as conversion from usd to gbp had to be done manually from a usd/gbp graph

 

[Uchiki]

Is it possible now for cointracting to work out income in gbp from downloaded csv file which is in usd to submit to hmrc.
Last year was a nightmare as conversion from usd to gbp had to be done manually from a usd/gbp graph

For transactions in last UK tax year, the best solution will be a free tool made available by C4SM.
It pre-processes your download file and adds the currency (eg GBP) value to the comment field.

You can get an idea of it here:

Launch: C4SM Tool for tax prep

Hi All, Link: KinesisFX Calculator C4SM is launching this free tool to the broader community in order to reduce the friction for tax prep; the developer will take KAU/KAG tips. The tool will import your Cointracking CSV and add fiat values in the comment column to whatever currency of your...

forum.kinesis.money

but that thread features a stale link.

@Rhyno should be able to provide an up to date link.

 

[Rhyno]

We are working on updating the SSL. Will post here when done

 

[Gold]

For transactions in last UK tax year, the best solution will be a free tool made available by C4SM.
It pre-processes your download file and adds the currency (eg GBP) value to the comment field.

You can get an idea of it here:

Launch: C4SM Tool for tax prep

Hi All, Link: KinesisFX Calculator C4SM is launching this free tool to the broader community in order to reduce the friction for tax prep; the developer will take KAU/KAG tips. The tool will import your Cointracking CSV and add fiat values in the comment column to whatever currency of your...

forum.kinesis.money

but that thread features a stale link.

@Rhyno should be able to provide an up to date link.

Hi Uchiki,

I have used c4sm tool.

With Coin Tracking I am a little confused regarding KAU and KAG.

Since there is currently a ticker for another coin on an exchange with data. What do people do, is a force price the way to correctly enter the transaction value. Then adjust the transactional value depending on the price.

Also the visa debit card creates an unreadable format with the withdraw line.
I haven’t worked out if this is required?

Any help by the community would be greatly appreciated.

 

[Uchiki]

Also the visa debit card creates an unreadable format with the withdraw line.

I have logged this as an issue.
The absence of these records shouldn't have any impact on the calculation of Income or Capital Gains.

Since there is currently a ticker for another coin on an exchange with data. What do people do, is a force price the way to correctly enter the transaction value.

@Rhyno has put together a comprehensive guide here:

https://kinesisfx.citizens4soundmoney.org/kinesis-cointracking-guide-v1.0.pdf

(SSL certificate update is pending.)

I'd suggest waiting to access that for the full picture, but here are a couple of salient points that should help.

For KMS Trade records (except trades on the KAU/KAG pair), the KAU or KAG will be valued by the other side of the pair.
eg KAU/USD trades - KAU will be valued by the USD value of the trade
KAU/ETH trades - KAU will be valued by the ETH value of the trade

For older KAU and KAG Income records, you'll need to Edit Asset Value and overwrite it with the value provided by the C4SM tool. It will be possible for more recent records to pick up values from coinmarketcap, but this is unlikely to cover tax preparation being done now.

 

[Rhyno]

SSL should be updated shortly