Understanding Needs Review transactions for Improved Tax Calculations

CoinTracker utilizes Needs Review transactions to help users better understand the levels of severity for missing or incorrect transactions and to direct user attention toward resolving high-severity flagged transactions. By understanding the impact of your Needs Review transactions and resolving high-severity issues, you can ensure that your tax calculations and portfolio are accurate, up-to-date, and compliant with regulations.

What are Needs Review Transactions?

Needs Review notifications are flagged for any transactions with missing or incorrect information that may impact your tax calculations or portfolio. These notifications are designed to highlight the severity of the issue, making it easier to prioritize and resolve. Here are some examples of what Needs Review transactions look like:

Where do I find Needs Review Transactions?

If you are logged in, you can see if you have any needs review transaction by clicking here.

From the Transactions Page

You can also filter your Transactions page using the Status toggle and selecting Needs Review and Optional Review:

From the Tax Center

The Transaction history section of the Tax Center will show if you have Needs Review transactions for the selected tax year:

Types of Needs Review

• Missing price history
• Insufficient quantity
• Missing balance

Needs Review Severity

There are two levels of Needs Review transactions: high severity and low severity. Transactions flagged as high severity require immediate attention, as they can have a material impact on your tax calculations and portfolio.

Transactions flagged as low severity, on the other hand, have little to no impact on your tax calculations or portfolio.

What determines severity?

We define high severity ⚠️ Needs Review transactions for:

• Missing price history as

  • When CoinTracker is missing price history for fungible and non-fungible tokens

    • This often seen with DeFi and NFT tokens. For help determining the value/price of an NFT with "missing price history" please reference this guide.

    

• Insufficient quantity as

  • when the insufficient quantity is >$10 or unknown

    • This is often a result of missing transaction history such as a wallet or exchange that has not been added or specific transactions that may have not been imported.

      

• Missing balance as
  • when a user withdraws their deposit from a staking, lending, liquidity protocol but the quantity withdrawn does not match the quantity deposited
    

We define low severity 🔔 Needs Review transactions for:

• Missing price history as

  • Airdropped of NFTs (non-fungible tokens)

    • Specifically, a received NFT where there is no other outgoing entry in the transaction or fee. For help determining the value/price of an NFT with "missing price history" please reference this guide. 

      

  • Fungible tokens that are not supported by CoinTracker’s pricing vendors (CoinMarketCap)

    • Specifically, fungible tokens where the token contract address cannot be mapped by CoinTracker’s pricing providers.

      

• Insufficient quantity

  • where the negative balance / discrepancy amount is less than or equal to $10

    

Resolving Needs Review

To resolve Needs Review transactions, simply click on the notification to view the details of the transaction in question. From here, you can either edit the transaction to correct any errors, or ignore the warning if it has little to no impact on your tax calculations or portfolio. We recommend focusing on transactions flagged as high severity first.

Here are some additional support resources on how to approach your Needs Review Transactions:

• My transaction has an "Insufficient quantity" or "Missing balance" error. What do I do? (Insufficient quantity, Missing Balance)
• Some of my transactions are missing the cost basis or proceeds. What do I do? (Missing price history)
• Some of my transactions are showing errors: “Transaction cannot be processed” or “Cannot determine capital gain” What do I do? (missing price history)

Note: CoinTracker will be updating all active support articles related to Needs Review troubleshooting as we roll out Needs Review severity to all users. Thank you for your patience!

Please leave any feedback related to Needs Review severity on our Canny forum post here: Feedback: Needs Review, high & low severity or reach out to our support team directly!