Thank you for this.
I figured out the USD price importing (I downloaded price histories from
Yahoo and put them all in a folder that my script references) but I am not
clear on what the empty {} does
I understand if I want to book the price I purchased at in the database I
want to use something like this...
Assets:XRP 1107.10301990 XRP {0.66587 USD}
But in your example....
2020-04-10 * "Exchange 1483.9889 USDT for 9.4000 ETH"
Assets:Account:ETH 9.4 ETH {158.1869 USD}
Assets:Account:USDT -1483.988882235528942115768463 USDT {} @ 1.0020 USD
Income:CapGains
What does the USDT {} @ 1.0020 USD part do?
Thank you for the reply. I saw that you replied in the other thread, I
will be checking that out in the next few days once I get this sorted.
On Saturday, March 16, 2024 at 6:16:35 PM UTC-4 [email protected] wrote:
> All of the following is not tax or accounting advice, but simply my
> understanding. Feedback from other beancounters would be welcome.
>
> I think you have to figure out the USD values yourself, based on your
> assessment of the FMV. Here's some examples of how I structure exchanges.
> (Reminder: this is a generated file with fake data)
>
>
> https://github.com/ericaltendorf/magicbeans/blob/master/data/magicbeans_example.beancount#L69
> 2020-04-10 * "Exchange 1483.9889 USDT for 9.4000 ETH"
> Assets:Account:ETH 9.4 ETH {158.1869 USD}
> Assets:Account:USDT -1483.988882235528942115768463 USDT {} @ 1.0020 USD
> Income:CapGains
>
>
> https://github.com/ericaltendorf/magicbeans/blob/master/data/magicbeans_example.beancount#L101
> 2020-06-10 * "Exchange 20.0000 ETH for 4943.2960 USDT"
> Assets:Account:USDT 4943.296022386568059164501299 USDT {1.0006 USD}
> Assets:Account:ETH -20 ETH {} @ 247.3131 USD
> Income:CapGains
>
> I do this in my importers. For example, the coinbase pro importer, when a
> transaction has an increase leg, looks up the USD price of the increasing
> currency:
>
> https://github.com/ericaltendorf/magicbeans/blob/master/src/magicbeans/importers/coinbasepro.py#L238
> See also the gateio importer:
>
> https://github.com/ericaltendorf/magicbeans/blob/master/src/magicbeans/importers/gateio.py#L265
> I am sad I never had the time to clean all this up and create an elegant
> and consistent code path for handling both of these. :(
>
> Regarding prices, I wrote my own code for price fetching (rationale in the
> header of the file):
>
> https://github.com/ericaltendorf/magicbeans/blob/master/src/magicbeans/prices.py
>
> Then for tax reporting you want to report the value of the proceeds in
> USD. Take a look at the last entry in the Disposals table on page 5 of the
> example PDF report:
> https://github.com/ericaltendorf/magicbeans/blob/master/data/magicbeans_example.pdf
>
> There was an exchange, where there was a disposal of 20 ETH and an
> acquisition of 4943.2960 USDT, but the "proceeds" (i.e., USD value on which
> taxes might be assessed) was 4946.26 (because 1 USDT ~= 1.0006 USD at the
> time).
>
> hope this helps. i am sorry i haven't had a chance to get back to you on
> the other thread yet.
>
>
> On Sat, Mar 16, 2024 at 12:45 PM CD <[email protected]> wrote:
>
>> Two random transactions that I created based from an old Poloniex export
>> a friend gave me...
>>
>> 2018-01-03 * "Crypto Buy" "Order number: xxxxxxxxx"
>> Assets:DGB 5171.00018694 DGB @ 0.00000447 BTC
>> Assets:BTC -0.02317230 BTC
>> Expenses:TradingFees 12.95990021 DGB @ 0.00000447 BTC
>>
>> 2018-01-08 * "Crypto Sell" "Order number: xxxxxx"
>> Assets:ETC -13.30376940 ETC @ 0.00225500 BTC
>> Assets:BTC 0.02995500 BTC
>> Expenses:TradingFees 0.00004499 BTC
>>
>>
>> Poloniex at the time only had transactions made between different
>> cryptocurrencies, so there are no USD trades. Everything is priced in one
>> half of the pair ie BTC/ETC DGB/BTC in the above examples.
>>
>> How does one go about making everything into USD in reporting (cost
>> basis, etc)
>>
>> I'm baffled.
>>
>> If I set price directives for the different cryptos before each
>> transaction will that do it? Or am I going about it all wrong?
>>
>> There doesn't seem to be a way to do double @ either. So for example I
>> couldn't do 5171.00018694 DGB @ 0.00000447 BTC @ 21000.00 USD right?
>>
>> Is there some way to set up the cost basis in USD in the initial
>> transaction or using price directives?
>>
>>
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