diff --git a/src/wallet.cpp b/src/wallet.cpp
index 488787f967..76f3df602a 100644
--- a/src/wallet.cpp
+++ b/src/wallet.cpp
@@ -673,22 +673,35 @@ void CWalletTx::GetAmounts(list<pair<CTxDestination, int64> >& listReceived,
     // Sent/received.
     BOOST_FOREACH(const CTxOut& txout, vout)
     {
+        bool fIsMine;
+        // Only need to handle txouts if AT LEAST one of these is true:
+        //   1) they debit from us (sent)
+        //   2) the output is to us (received)
+        if (nDebit > 0)
+        {
+            // Don't report 'change' txouts
+            if (pwallet->IsChange(txout))
+                continue;
+            fIsMine = pwallet->IsMine(txout);
+        }
+        else if (!(fIsMine = pwallet->IsMine(txout)))
+            continue;
+
+        // In either case, we need to get the destination address
         CTxDestination address;
-        vector<unsigned char> vchPubKey;
         if (!ExtractDestination(txout.scriptPubKey, address))
         {
             printf("CWalletTx::GetAmounts: Unknown transaction type found, txid %s\n",
                    this->GetHash().ToString().c_str());
+            address = CNoDestination();
         }
 
-        // Don't report 'change' txouts
-        if (nDebit > 0 && pwallet->IsChange(txout))
-            continue;
-
+        // If we are debited by the transaction, add the output as a "sent" entry
         if (nDebit > 0)
             listSent.push_back(make_pair(address, txout.nValue));
 
-        if (pwallet->IsMine(txout))
+        // If we are receiving the output, add it as a "received" entry
+        if (fIsMine)
             listReceived.push_back(make_pair(address, txout.nValue));
     }