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Complete Transaction History Checklist

Missing or incomplete transaction history can lead to inaccurate balances, performance values, and downstream reporting, including tax calculations. Inaccurate data affects cost basis, capital gains/losses, tax liabilities, and Portfolio/Performance accuracy.

Even a small omission, like a 2010 BTC trade, can impact calculations for other assets, such as ETH in 2020. Our software relies on transaction data to calculate metrics like cost basis, with the purchase price of an asset determining its cost basis when sold. So, an accurate transaction history is essential. Use the methods below to ensure your transaction history is complete. 

Checklist: Ensure a complete transaction history

To ensure an accurate transaction history, add all cryptocurrency, ICOs, trades, DeFi, transfers, withdrawals, and deposits to CoinTracker. Here’s what to consider:

  1. Exchanges: Add all exchanges for all years.
  2. Wallets: Add all wallets, syncing with xPub/yPub/zPub keys for full tracking.
  3. Hardware/cold storage wallets: Include cold storage/hardware/local wallets, such as Trezor or Ledger, even without active trading.
  4. Update imported wallets: Import new CSVs for that were imported via CSV. 
  5. Transactions: Add missing transactions for wallets or exchanges that were imported by: 

Identifying missing transaction history

  1. Review one-sided transactions

  • Use the Send/Receive Transaction filters to inspect transactions.
  • Ensure Send transactions aren’t transfers to another wallet you own, such as cold storage.
  • If a Receive transaction has no matching Send, it may indicate missing history.

  1. Check transfers

  • Record all transfers between wallets you own, such as moving assets to a hardware wallet, to avoid them being mistaken for taxable events.
  • Ensure all your wallet addresses are added and correctly categorized in CoinTracker.

  1. Reconcile exchange histories

  • Cross-check CoinTracker transactions with exchange histories.
  • Use the Ignored filter to verify ignored transactions match exchange records.
  • Examine ignored transactions and verify if they match your exchange's record. To review your ignored transactions, go to the Transactions page, click the Status filter > select Ignored.
  • Download a wallet-specific CSV from the Transactions page for easier comparison.

  1.  Review any Review Suggested messages

  • Reconcile Review Suggested transactions.
  • Understand that errors may indicate transaction history gaps and impact CoinTracker’s functionality.

Understand the implications of a complete transaction history in CoinTracker

  • Data dependency and cost basis: Accurate transaction records are essential for calculating cost basis. A "Buy" transaction affects the "Sell" transaction, even across tax years. Missing data can lead to discrepancies.
  • Good data in, good data out: CoinTracker relies on accurate data to generate reliable results.
  • Tax implications of incomplete history: Incomplete or incorrect data can mislabel non-taxable transfers as taxable events or other incorrect transaction types, leading to inaccurate tax reports, unnecessary costs or potential penalties.
  • Importance of all-time history: Omitting old transactions can significantly impact current calculations, resulting in misleading or incorrect results.

Accurate record-keeping in CoinTracker allows you to fully leverage our tools, make informed decisions, and meet regulatory requirements.

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