End of year tax reports

The automatically generated tax report does not provide an accurate picture of the portfolio reflected on the ‘Overview’ and ‘Performance’ pages. These two pages are very clear and ideally should be merged together in a way that allows one to see both the total value of the portfolio and all of the realised/unrealised profits/losses. Also it would be nice to have the ability to display all positions on a single page and be able to download a .pdf file showing the overview and performance on a specific date (e.g. 31.12.2021).

The tax report, on the other hand, gives one the impression that the portfolio jumped in value tremendously when in fact it had not. This happened because the tax report considered all deposits of EUR into the crypto platform as somehow being income. In addition, the tax report shows only realised capital gains and surprisingly (or rather shockingly) does not show the real number of units held.

To generate this report and the ‘Overview’ and ‘Performance’ pages, I uploaded .csv files covering all transactions from 01.01.2021 to 31.12.2021. Also, since the .csv transactions were in EUR, the ‘Overview’ and ‘Performance’ pages remain in EUR even though my tax residence and tax report are exclusively in CHF. This makes matters rather confusing. It would be nice to be able to select the desired currency on the website and for those EUR amounts to be converted automatically to CHF amounts.

As things currently stand, it is impossible for me to use the ACCOINTING tax report for my Swiss tax reporting obligations, because it is inaccurate and incredibly (and unnecessarily) complex. Everything that I, my accountant or the tax authorities in Switzerland need to know can be found on the ‘Overview’ and ‘Performance’ pages. As things currently stand, I am paying for a subscription that doesn’t do what it promises and unfortunately I cannot recommend it yet to anyone.

Please examine the issue with the tax report and I would also appreciate it if the requested features for the ‘Overview’ and ‘Performance’ pages could be included (e.g. the ability to download a .pdf for a specific date like the 31.12.2021). This would at least make it possible to submit an accurate and clear picture of my crypto holdings and performance to the tax authorities.

Please take a look at this article: Calculated and Actual Balance on the Accointing.com Platform

I would also make sure your tax settings are set correctly, set it to EUR and it should not count it as income,

Thank you Matt. I went to settings and the currency option is not freely selectable. As soon as I select the tax country (Switzerland), the currency is blocked as CHF. If I select Germany, then I get EUR but I suppose that the tax report will be generated in a way that suits the needs of the tax authorities in Germany. I need to be able to select EUR and Switzerland as my tax domicile.

I also just tried generating the tax report for Germany with EUR as the currency. As I suspected, I reports according to German tax requirements and makes reference to German tax legislation. In order for this to work properly, I would need to be able to set Switzerland as my tax domicile and freely select the currency as EUR.

So the issue here is switching the currency from CHF to EUR if I read this correctly.
I will create a bug report for this :slight_smile:

Thank you,

Yes, it appears to be an issue with the conversion of currency.

At the same time, it would be very nice to have the ability to generate a .pdf end-of-year statement showing the value of the portfolio on 31.12.2021 (like the Overview webpage) and a .pdf end-of-year statement showing the itemised table of positions in the portfolio showing the unrealised and realised profit/loss (like the Performance webpage). These two pages provide a perfect, accurate and clear overview of the situation but there is no way to generate date-specific or quarter-specific .pdf statements like this.

In Switzerland, we don’t have to pay any capital gains tax on crypto transactions so such presentations would be very helpful.

Best regards,

Randall

'Yesterday I was clever, so I wanted to change the world.

Today I am wise, so I am changing myself.’

― Rumi

When downloading a report on the website, select that you ‘File with a CPA’ and check the .pdf file titled ‘Full_Tax_Report’
At the bottom, it breaks it down by day.

Hi Matt,

Without the ability to change the currency in the tax settings, the tax report is useless as the information contained in it does not accurately reflect the changes in the portfolio nor the situation on 31 December 2021.

Only the Overview and Performance pages on the Accointing.com website do this properly.

Best regards,

Randall

'Yesterday I was clever, so I wanted to change the world.

Today I am wise, so I am changing myself.’

― Rumi

Sorry for the belated reply. The default setting is CHF and also for other countries you can’t change the tax currency. Tax authorities in Switzerland will not accept a tax report in EUR so it makes sense to have CHF by default. However, there will be a new swiss tax report with a better overview coming soon, but it will not involve the ability to switch to EUR.

Hi Matt,

What our accountant does in the case of stock portfolios in EUR is enter all of the information in EUR and then converts the EUR values to CHF (exchange rate on 31.12 of the calendar year) on the tax return. This works fine and the tax authorities in Switzerland will accept a tax report in EUR if our accountant does this manual conversion. I mentioned this earlier, but there is no capital gains tax in Switzerland, which makes the detailed itemisation of each and every buy/sell order less important in the tax declaration. That said, of course I would prefer for the Swiss tax report to provide a better (and correct) overview. Until then, we really cannot use it and I am forced to use my manual .xls table.

My favourite features on the Accointing website were the Overview page, which shows the current value of the portfolios (mine are one crypto.com and coinbase pro) and the Performance page (which shows an itemised list of all realised and unrealised capital gains/losses for ALL positions). That performance page is really elegant and simple and perfectly matches my tax declaration needs. What is missing is the ability to merge these two pages and extract them in a .pdf file on desired dates or intervals (e.g. quarterly report, yearly report, or desired ‘from and to’ dates).

Best regards,

Randall

'Yesterday I was clever, so I wanted to change the world.

Today I am wise, so I am changing myself.’

― Rumi