Separate Crypto tracking tab
To deal with the constraints of crypto tracking in Quicken wouldn't it be easier to implement a completely new system for crypto tracking separate from the investment tracker? I think it would be advantageous for Quicken to get ahead in the crypto space by including a better system for tracking crypto. If crypto does take over the financial spaces currently operated by legacy financial systems Quicken Classic would require a more in-depth crypto tracking system. I'm not saying Quicken would require access to the blockchain to auto pull transactions, but I think we should have a new system wrote to accommodate crypto manually.
Ex. >8 decimal precision
Support for more than $99,999,999 or 99,999,999 shares
Support for staking rewards/transactions
Support for transactions in general (Option to select crypto send/receive when entering transactions)
Crypto transfers
I think if a new system just for crypto was created it would be less work on the developers to implement instead of adding this to the current investment system. Create a new UI just for crypto to support the design implications of larger number formats.
Charge us more for a special version of Quicken to use this feature. I would pay it and I am sure a lot of people would not mind a 25-30% increase over the cost of Home/Business to use this feature. Coin Tracker starts at $59 a year. I think this would be a great money maker for Quicken. In general though Quicken needs to be modernized. Maybe this could be implemented in investments itself if Quicken would realize the profit potential of supporting the crypto community.
Comments
-
Deleted, it wasn't any useful information.
Signature:
This is my website: http://www.quicknperlwiz.com/0 -
Please Quicken team - make it easy to add crypto. It is becoming very normal to hold BTC and many Alt Coins. We need a good way of tracking trades.
2 -
I've got Quicken tracking my crypto gains and losses as investments. Works pretty well. This includes transfer fees, which represent a service and probably a taxable event, since you sell crypto to pay the fee. I record those as a sale and then misc expense (2 txns).
Swapping crypto is a challenge to get the correct cost basis. The key is to sell the crypto needed for fees and then add that cost to the new crypto purchase as a commission. On Solana, SOL is used for every swap.
Say you buy $200 of USDC and swap it for $190 of JUP and the SOL fee is 0.000105 SOL ($0.02). In Quicken, you sell the USDC for $200 and the SOL for $0.02. Your cost basis is $200.02. When you buy JUP you add the $10.02 as a commission so your total buy is $200.02. if the $10 spread was in JUP, just make sure to record the actual coins you end up with (for the $190). Your Solscan txns page will show the JUP fee and any others but you don't need to worry as long as you get the final JUP coin count. In this case, the SOL fee is both added to the cost basis AND treated as a sale for tax purposes. There are discussions on whether swap/transfer fees are taxable but the safe assumption when dealing with the IRS is they are. If you don't think that, then with transfer fees you can zero out the gain/loss by putting the sale $$ in the commission box. You can't with the swap fee if you want to include it in the cost basis.
If anyone has input from CPA's I welcome the feedback.
0 -
Update - to zero out the gain/loss you put only the gain or loss in the commission field. I said that wrong in the above comment. If you click on the Specify Lots buttons, then select First Shares In, you'll see the total gain/loss on the bottom right of the pop-up box. You just put that value in the commission box (if a loss, then use the negative). That will zero out the gain/loss for tax purposes.
0
