Cryptocurrencies are more popular than ever, and people are making money from trading, flipping, diamonding handing, HODLing, and NFTs.
If you hold your cryptocurrency for longer than a year, it may even qualify as long-term capital gains subject to lower taxes – ranging from 0% to 20%.
On the other hand, short-term profits from crypto gains held for less than a year are subject to the same income tax rates you pay on all other income – ranging from 10% to 37% in 2022.
However, crypto taxes for your crypto gains can be confusing and intimidating. They're also necessary when it comes to managing your money. You need to know how much you owe the IRS when you're holding crypto — even if you don't want to think about it!
Fortunately, various tools can help you file your cryptocurrency taxable events.
We've tested and reviewed the best crypto tax software for you to make your taxes easier each tax year.
- What Is Crypto Tax Software?
- Benefits Of Cryptocurrency Tax Software
- What Are The Best Crypto Tax Software?
- 1. Koinly
- 2. ZenLedger
- 3. Crypto Tax Calculator
- 4. Cointelli
- 5. CoinTracker
- 6. CoinLedger (formerly CryptoTrader.tax)
- 7. Accointing
- 8. CoinTracking
- 9. Bear.tax
- 10. TokenTax
- 11. Coinpanda
- 12. Crypto.com Tax
- 13. Turbotax
- That’s A Wrap!
What Is Crypto Tax Software?
Crypto tax software is a tool that helps traders and investors manage their cryptocurrency portfolios. It allows you to keep track of your crypto assets’ value in real-time, record crypto transactions, and create IRS-approved forms for final tax reports. The best crypto tax software will automate most of the process, making it easy to file your income taxes.
The most significant benefit of using crypto tax software is that it will help you avoid costly mistakes when filing taxes.
When dealing with a relatively new asset class like cryptocurrencies, it’s easy for investors to make mistakes when calculating capital gains/losses or reporting income on their tax returns.
Crypto tax software makes sure that all of your trades get correctly documented, so you won’t have to worry about an audit from the IRS later on.
Benefits Of A Cryptocurrency Tax Software
Here’s a list of features and characteristics that every best crypto tax software should have:
Easy to use interface.
A user-friendly interface is essential because most people don’t want to spend hours learning how to use new software to pay taxes. A simple interface helps users understand how everything works quickly and easily.
The most important feature of any crypto tax software is detailed reporting that provides information on every transaction you make throughout the year and your crypto gains and losses at the end of each quarter or month.
Detailed reporting also allows you to know exactly where you stand financially before filing crypto-related taxes each year or quarter, depending on where you live, as some countries require quarterly filings while others require annual filings.
If you have a tax professional handling your tax returns, detailed reporting makes calculating and filing cryptocurrency taxes easier.
Flexible dates and multiple currencies.
If you trade all year round, choosing software that lets you enter transactions in any date range and supports multiple currencies will be essential.
It also helps if the software allows you to enter various transactions simultaneously and provides tools for batching them together.
Easy data import.
The ability to import data easily is another crucial feature because you don't have to enter every transaction individually or manually.
A good crypto tax software allows you to connect to all digital assets across multiple crypto exchanges and DeFi exchanges.
You just need to get your data into a spreadsheet format using an online tool like Google Sheets or Excel, then upload it directly into your chosen platform using its API (application programming interface).
It also gives you total control while importing data and how often it updates with new trades.
Free and paid
Free solutions are great if you're only tracking a few transactions and want to avoid paying extra money. But if you're doing business with hundreds of transactions every month, they may not be enough.
Paid options will give you more features and capabilities, such as daily tax calculations, import/export functionality, and customized reports.
Finally, look for features like interoperability with third-party accounting software like QuickBooks or FreshBooks, automatic updates based on changes in tax regulations in your area (or around the world), and more!
What Are The Best Crypto Tax Software?
Here's my list of the best crypto tax software reviews for calculating crypto taxes for crypto traders and tax professionals. We'll go over the key features, pros, and cons of each crypto software.
Koinly is one of the best crypto tax software platforms that offer a seamless experience for investors who want to keep track of their taxes without manually entering each transaction into a spreadsheet or other program.
source: Koinly App
Koinly does all of your accounting for you and helps you to determine how much capital gains or losses you have made from cryptocurrency investments. It’s also available in over 20 countries, provides a free report preview, and generates Form 8949 to file with your tax return.
They also offer support for about 17000+ cryptocurrencies, altcoins, and meme coins.
- Track your cryptocurrency holdings: You can track your cryptocurrency holdings, including total holdings, mining, staking, lending other crypto income, and portfolio growth. It also shows you the current market value of your portfolio at any given moment.
Multiple wallets: Simply click on the + Add wallet/exchange button on the top-right corner of your Koinly window. Koinly will allow you to select your wallet from the list of 701 services.
source: Koinly Help Center
- Centralized view of your transactions: You get a centralized idea of your transactions, including a complete overview of your DeFi, Margin trades & Futures, etc.
- Tax reports: You can download these reports in CSV, Excel, or PDF format. It allows you to pick from several tax reports in its dropdown menu.
source: Koinly Help Center
- Koinly comes with a user-friendly UI.
- It allows free portfolio tracking.
- You’ll get practical tips on reducing crypto taxes.
- It enables you to connect an extension number of exchanges and wallets.
- The import and export of data are straightforward.
- It also helps with international taxes.
- Free plans don’t include tax reports.
- There’s no FBAR support.
- You only get email support, and that too with the highest-tier plan.
Koinly offers four pricing plans, including:
- Free - 10,000 transactions, unlimited wallets & exchange accounts, portfolio tracking, Defi, Margin trades, Futures, etc.
- Newbie ($49 per tax year) - everything in the free plan + 100 transactions, form 8949, international tax reports, comprehensive audit reports, export to TurboTax, TaxACT, etc.
- Hodler ($99 per tax year) - everything in the Newbie plan + 1000 transactions
- Trader ($179 per tax year) - everything in the Hodler plan + 3000 transactions and email support
💡 Is Koinly Worth It?
Koinly is a straightforward solution that makes your crypto tax calculation easy through seamless integrations and tax reports. It also helps you lower your crypto tax with the use of AI.
ZenLedger crypto tax software enables cryptocurrency investors to manage their portfolios, produce profit-loss statements, and file their crypto taxes.
It works in 3 easy steps:
- Connect your crypto exchanges and wallets: You can connect to 500+ exchanges and wallets and import your transactions.
- Review transactions: Its resolution center helps you successfully import your data and review your information. You can check your cryptocurrency transactions such as mining, staking, lending, gifts, or even exchange rewards like airdrops and forks.
- Reports: You can generate and download your tax reports with a few clicks.
The dashboard also gives you an overview of the current market, your crypto holdings, import history, etc.
- Seamless integration of wallets and exchanges: You can connect 400+ exchanges, 40+ blockchains, and 20+ DeFi protocols via API or CSV import. It supports many popular services such as Coinbase, Gemini, Crypto.com, Exodus, etc. If you don’t find your service in the list, ZenLedger provides support for uploading your data.
- Tax-loss harvesting tool: ZenLedger provides a tax-loss harvesting tool to maintain your portfolio composition. It examines your trade history automatically and provides you with a list of tax-saving opportunities.
- Unified accounting: You can get your entire transaction history across your wallets and exchanges in one easy-to-read spreadsheet.
- TurboTax integration: Allows easy integration of your transaction data with TurboTax Desktop and online, making your tax filing process even more accessible.
- ZenLedger provides exceptional support to all users regardless of their membership. You can also access FAQ articles from the help center.
- It integrates with over 20 DeFi protocols.
- Free users can also access full customer support and download tax reports.
- Tax-loss harvesting can help you save money while filing crypto taxes.
- Lower pricing tiers don’t provide access to tools calculating taxes on more advanced crypto trading activities such as DeFi, staking, and margin trading.
ZenLedger comes with five pricing plans:
- Free ($0 per year) - up to 25 transactions, all detailed reports, and premium support.
- Starter ($49 per year) - everything in the free plan + up to 100 transactions.
- Premium ($149 per year) - everything in the Starter plan + up to 5,000 transactions, DeFi / Staking / NFTs.
- Executive ($399 per year) - everything in the Premium plan + 15,000 transactions.
- Platinum ($999 per year) - everything in the Executive plan + unlimited transactions and 2 hours of premium support.
💡 Is ZenLedger Worth It?
ZenLedger is costlier compared to its fellow tax software. However, it provides stellar customer support and constantly adds new exchanges & wallets and features like “done for you tax.”
Crypto Tax Calculator displays your transactions in an easy-to-understand and chronological manner across all accounts, wallets, and blockchains. Its algorithm is especially effective for CRA Tax rules.
source: Crypto Tax Calculator App
It also works in three easy steps:
- Adding data from your source
- Categorizing transitions
- Generating tax reports
- NFT tax support: The Crypto Tax Calculator tracks NFT trades ranging from Ethereum to Solana to Avalanche and L2s. Wrapped and burned NFTs, bulk mints, airdrops, and even bridging for the multi-chain elite can all be classified.
- Sort your NFT taxes: The program allows you to quickly sort your taxes, including categorizing sale money and royalties from your NFT sales. It also integrates with OpenSea, LooksRare, and other major NFT marketplaces.
- DeFi and DEX support: Crypto Tax Calculator supports most DEXs (decentralized exchange), including Uniswap, Pancakeswap, Sushiswap, Quickswap, TraderJoe, Pangolin, Serum, and others. It supports many DeFi (decentralized finance) chains, including L2s and alt-L1s.
- Review complicated DeFi transactions: You can also review and categorize your more complicated DeFi transactions, such as staking, bonding, etc. You enter your stacking wallet address, and Crypto Tax Calculator records the value of the rewards obtained at the moment of receipt. The software is programmed to identify taxable and non-taxable events if you're utilizing centralized or decentralized lending or borrowing protocols.
- In-depth tax reporting: The Crypto Tax Calculator lets you generate detailed tax reports with a breakdown of realized capital gains and income. These reports can be easily shared with your accountant or filed via your tax software. You may also create and download reports for a particular year or set of dates.
source: Crypto Tax Calculator
- There is no additional price for downloading more than one year's tax report.
- It supports tax formats for multiple countries, including the US, Australia, Canada, the UK, etc.
- Unlike most other crypto tax software, Crypto Tax Calculator follows the Subscription model, which means you may calculate taxes for one year or multiple years in the past.
- You can try it for 30 days, and if it doesn’t fit your requirement, you can get a refund.
- You can export your tax reports to tax filing software such as TurboTax.
- To continue accessing your data and reports, you must upgrade your plan after 30 days of the free trial.
- Your transaction limit gets calculated using the Crypto Tax Calculator for all tax years. As you get closer to your annual transaction barrier, you'll need to upgrade your account regularly.
- The billing method is limited to credit cards.
- No tax-loss harvesting.
- Rookie ($49 per year) - up to 100 transactions
- Hobbyist ($99 per year) - supports storing assets in wallets and up to 1,000 transactions
- Investor ($189 per year) - up to 10,000 transactions and covers DeFi, DEXs, derivatives, and staking
- Trader ($299 per year) - everything in the investor plan + 100,000 transactions
💡 Is Crypto Tax Calculator Worth It?
While customers praise their responsive customer support, Crypto Tax Software takes a back seat because of its limited free plan.
Cointelli, like many other crypto tax software options, lets you track every transaction you have made and calculate your capital gains or losses from each one.
You can also use Cointelli for other purposes, such as monitoring your portfolio and getting alerts about potential problems. In addition, Cointelli integrates with over 100 wallets, exchanges, and blockchains.
Cointelli also provides users with an easy-to-use interface that makes tracking cryptoc taxes simple enough for anyone to do it.
source: Cointelli App
Specializing in DeFi and NFT tax reports, Cointelli is also a SourceForge Winter 2022 Category Leader award winner.
- Extensive Integration with crypto wallets and services: Cointelli can integrate with over 41 exchanges, 49 crypto wallets, 14 blockchains, and four crypto services. It supports many significant wallets and exchanges such as Binance, Kraken, Coinbase, etc. It also supports Blockchains, such as Bitcoin, Polygon, Ethereum, and Crypto Service Platforms such as BlockFi, Celsius, etc.
- Support for advanced transactions: Cointelli provides excellent support for DeFi, staking, NFTs, etc.
- Crypto tax reporting: Cointelli provides several tax reports such as Schedule D, Audit Trail, and Income – many of which are compliant with US law. You can download and send your report directly to your account or other tax platforms.
- Referral program: You can join their referral program and earn 20% back for each person you invite to Cointelli.
- Cointelli provides customer support via email, chat, and 24/7 live customer support.
- Every plan costs $49 per tax year, where you can access all features.
- Compatible with most domestic and foreign exchanges.
- Tax report generation is swift and allows sharing it directly with other accounting software.
- It doesn’t charge you an additional fee if your annual trading volume increases.
- It doesn’t allow you to track holdings and growth.
💡 Is Cointelli Worth It?
The entire process is easier to manage and fast in terms of sharing reports to accountants or other accounting platforms. It also allows you to manually or automatically review your transactions.
CoinTracker has significant features like automated portfolio tracking, tax-loss harvesting, native TurboTax integration, etc.
Furthermore, the dashboard displays data about your crypto assets, including real-time pricing, historical statistics, deposits, withdrawals, market caps, and performance details.
- Integration with over 300 exchanges: CoinTracker supports 300+ wallets and exchanges, including Binance, Kraken, and Coinbase Pro, with data from Nomics. You can either directly connect your exchange accounts or import CSV.
- Tax-loss harvesting: CoinTracker optimizes cost basis accounting procedures for tax-loss harvesting. Visibility into tax lots helps make better trades to reduce your tax liabilities.
- Crypto tax reports: CoinTracker offers five different accounting methods to create tax forms: First In First Out (FIFO), Highest In First Out (HIFO), Last In First Out (LIFO), Share Pooling (AS), and Adjusted Cost Base (ACB). Users can also generate capital gains tax reports and IRS form 8949.
- Security: To protect the app from any threats, Cointracker employs SSL certification and various encryption layers.
- Customer Service: Customers can get help from Cointracker via a live chat window. Apart from this, you can access their crypto tax guide and FAQs.
- The free plan covers all your basic portfolio tracking requirements.
- The mobile app is available, allowing you to manage your portfolio and pay taxes on the go.
- It supports over 8000 cryptocurrencies.
- You can add unlimited crypto wallets.
- All the plans have a 30-day money-back guarantee.
- The cryptocurrency tax software does not support margin trading and DeFi.
CoinTracker offers four pricing plans:
- Free ($0) - 25 transactions, cost basis & capital gains, error reconciliation, forum support
- Hobbyist (Starts at $59 per tax year) - everything in the Free plan + 100 transactions
- Premium (Starts at $199 per tax year) - everything in the Hobbyist plan + 1,000 transactions, margin trading, DeFi functionality, tax summary by wallet, and email support.
- Unlimited (quote-based plans) - everything in the Premium plan + unlimited transactions, concierge support, custom features
💡 Is CoinTracker Worth it?
CoinTracker is a valuable cryptocurrency tax software tool, supporting a wide range of integrations for all sizes of investors. It offers some advanced features at very competitive prices. The only downside is that it does not support margin trading and DeFi protocols.
6. CoinLedger (formerly CryptoTrader.tax)
CoinLedger is another crypto tax platform that helps you prepare Form 8949 for cryptocurrency and offers TaxAct and TurboTax bespoke connections.
The software works in four simple steps; simply import your transactions, add historical crypto income, such as mining, staking, gifts, or airdrops, review data, and generate reports – and you’re ready to file your crypto tax.
- Extensive Integration: CoinLedger supports most exchanges and platforms and allows easy integration through a simple CSV import template and auto import via read-only API. It also supports all major exchanges, including Coinbase, Binance, Kraken, and DeFi protocols, such as Ethereum, Uniswap, OpenSea, etc.
- Tax Reports: It lets you generate Short & Long Term Gains Report, Tax Loss Harvesting Report, IRS Form 8949, Cryptocurrency Income Report, TurboTax & TaxAct Direct Import, and Audit Trail Report.
- NFT Tax Software: You can also import your NFT transactions – just enter your wallet address; no manual import is required.
- Tax-loss Harvesting: It offers built-in tax-loss harvesting tools to help you offset and reduce your capital gains.
- TurboTax Integration: Once you generate your report, CoinLedger creates a CSV file featuring your capital gains and losses that you can directly upload into TurboTax.
- It provides International tax support.
- You get access to several how-to guides to get started without any hassle.
- The 2-week money-back guarantee lets you decide if CoinLedger is the right fit for you.
- You can invite your tax professional to view your account.
- It supports only credit card payments.
- Comparatively expensive than other software.
CoinLedger comes with four pricing plans:
- Hobbyist ($49 per year) - 100 transactions, free portfolio tracking, free data import, 10,000+ cryptocurrencies, sync unlimited, unlimited revisions, DeFi Support, Error reconciliation.
- Day Trader ($99 per year) - everything in the Hobbyist plan + 1,500 transactions
- High Volume ($199 per year) - 5,000 transactions
- Unlimited ($299 per year) - unlimited transactions
💡 Is CoinLedger Worth It?
Overall, CryptoTrader.tax is easy-to-use, its live customer support helps you in everything regarding filing your tax, and it integrates with all the major Tax filing software. Depending on your requirements, it also has multiple plans to suit your tax filing needs.
Accointing is a crypto and Bitcoin tax platform that lets you maintain your portfolio and record your crypto taxes by yourself, with TurboTax, or with Accointing crypto tax advisors.
Most of the platform's free services are available to anyone, but tax report generation is only available through subscription tiers.
- Integration with major exchanges: Accointing supports over 400+ integrations, including popular exchanges, wallets, and blockchains such as Binance, Bitcoin, Coinbase, Ethereum, etc.
- Portfolio Tracking: Accointing offers portfolio tracking and insight tools, apart from tax calculation. It comes with an intuitive dashboard that summarizes your token’s buy and the sell date, net profit, overall crypto gains, etc.
- Tax-loss harvesting: Its Trading Tax Optimizer allows you to optimize your transactions by determining which tokens did you keep for more than a year and which have not. It will aid in the harvesting of losses.
- Tax reports: You can get your report from the Tax report section; just select the type of report and follow the prompts to generate and download your reports. You can use the resulting tax report to fill out your tax forms quickly or submit it to a tax accountant to do it for you.
- Privacy and security: Apart from securing client/server or inter-service communication with SSL, it encrypts data before storing it. If you opt to delete your account, it will remove all your information from its databases.
- It comes with a user-friendly interface and step-by-step guides.
- You can access it on your desktop as well as on your mobile.
- It supports DeFi protocols and margin tradings, along with portfolio tracking.
- The free plan does not let you generate tax reports.
💡 Is Accointing Worth It?
Accointing is one of the most affordable and easy-to-use portfolio trackers and tax software. The best part? The free plan includes most of its features.
CoinTracking is a portfolio manager that keeps track of all digital currency trades. It gives you vital information on trades, prices, volume, profit, loss, and the worth of all your coins.
It also directly imports your transactions from exchanges like Binance, Bittrex, Cakedefi, and more, so there is no need to enter data manually.
- Personal Analysis: CoinTracking offers 25 customizable crypto reports, including Trade Statistics, Daily Balance, Trade Analysis, Realized and unrealized gains, Profit/loss & Audit reports, etc. It also offers interactive charts for trades and coins, making analysis easier.
- Trade Imports: You can automatically import your data from 110+ exchanges via APIs. It also allows direct sync with the blockchain.
- Tax Declaration: It supports 100+ countries for tax report generation and uses 13 tax methods, including FIFO, LIFO, AVCO, etc. You can generate your Capital gains, income, and mining reports.
- Coin Charts & Trends: It provides chart history for all 19,861 coins. You can also analyze coin trends and statistics.
- Professional Help: It integrates with the laws of 100+ countries. You can share your data with their advisor to get support. It also provides detailed tutorials and FAQs on the website.
- Security & Encryption: CoinTracking won’t seek access to your exchange accounts and requires only read-only access while importing your data via API. All of your data is encrypted before saving. You can also use 2-factor authentication for an extra layer of security.
- CoinTracking regularly updates its software to align with the changes implemented by crypto exchanges.
- It’s the only crypto tax software offering portfolio management features.
- Excellent NFT transaction tracking.
- The free plan doesn’t include the API import feature.
- It becomes expensive for a larger transaction volume.
CoinTracking comes with four plans:
- Free - 200 transactions, tracking of coins, reporting area, etc.
- Pro ($10.99 per month billed yearly) - Everything in the free plan + 3,500 transactions, API access to your portfolio, linking multiple accounts, etc.
- Expert ($16.99 per month billed yearly) - Everything in the Pro plan + 20,000 transactions, prioritized calculations, priority customer support.
- Unlimited ($50.99 per month billed yearly) - Everything in the Expert plan + unlimited transactions, 200 MB per CSV file, etc.
💡 Is CoinTracking Worth It?
Instead of charging by tax year, it charges an annual subscription fee. CoinTracking is a solid alternative for calculating taxes for prior years because of the cumulative transaction limit.
Still, it may not be a cost-effective solution in the long term because you'll need to pay more every year to keep your historical data.
Bear.tax is a crypto tax calculator with a Cryptocurrency Gain/Loss Calculator to eliminate spreadsheets or manual computations. Its powerful technology helps process millions of transactions per minute for High-Frequency Traders and Accounting Professionals.
- Smart Matching Algorithms: It lets you match transactions between exchanges regardless of fees and block time delays, allowing you to avoid a slew of taxable activities that weren't taxable.
- Historical Pricing: This helps you obtain the correct purchase price for transactions conducted on any exchange on any date.
- Autogenerated tax documents: You can download your reports and easily import them into software like TurboTax and TaxAct. It also generates IRS Form 8949, Short & Long Term Sales Report, Audit Trail Report, TurboTax Direct Import, and TaxAct Direct Import documents.
- Exper support: You can avail yourself of a private session with professional accountants to understand crypto taxes.
- You can get professional support at $200 a year.
- It provides a discount for purchasing two years of crypto tax assistance at a time.
- You get native integration with TurboTax and TaxAct.
- You won’t get any mobile app with this software.
- No support for margin trading and DeFi.
- There’s no profile tracking either.
Bear.tax offers three pricing plans:
- Basic ($49 per year) - up to 200 transactions, all supported exchanges, automated IRS 8949 documents, export to TurboTax, and the ability to share documents with an accountant.
- Plus ($149 per year) - everything in the Basic plan + 25,000 transactions
- Pro ($499 per year) - everything in the Plus plan + 1 million lifetime transactions
💡 Is Bear.tax Worth it?
Bear.tax offers a very competitive price compared to other tax software. Given its ease of use and intuitive interface, it’s a yes. If you’re looking for support for margin trading and DeFi and features like profile tracking, then it’s not the crypto tax platform for you.
TokenTax is another intuitive crypto tax software with crypto accounting and reconciliation teams, deep crypto, DeFi, NFT knowledge, and more. It also provides full-service tax filing and standalone tax calculations for cryptocurrency transactions.
- Seamless integration: TokenTax supports data from any cryptocurrency exchange, blockchain, protocol, or wallet. Simply use the API to sync your transactions or submit them in CSV format.
- Margin Trading support: TokenTax offers margin trading and has API integrations with most margin trading platforms. Users can access some margin trading assistance at the Premium level, but they may need to upgrade to Pro depending on the exchanges they use.
- Full-service tax filing: TokenTax can serve as your complete tax accounting software. It offers an expanded account for customers who want to use the site as a single platform for all of their tax needs rather than focusing solely on the crypto niche.
- Tax-Loss Harvesting: TokenTax provides tax-loss harvesting tools that examine your crypto translation history to determine how many assets you own and which ones are losing money. It can help you determine if you have any tax-loss harvesting opportunities in your portfolio.
- Security: TokenTax keeps user information secure by using encryption and read-only access.
- It supports every country and exchange platform.
- TokenTax also supports margin trading, DeFi, and NFT protocols
- It fulfills all your tax reporting needs.
- You can make payments through cryptocurrencies as well.
- There’s o free trial, so you need to make the payment right away.
- API integration is not fully unlocked. Some standard APIs are available at the premium tier, while the other popular APIs are accessible only in the VIP tier.
- You need to pay with crypto to get customer support assistance.
TokenTax comes with four pricing plans:
- Basic ($65/tax year) - 500 transactions, Coinbase & Coinbase Pro API only, IRS audit trail transaction report, IRS Form 8949 or relevant international report, income report, FIFO, LIFO, specific ID accounting, and more.
- Premium ($199/tax year) - Everything in the Basic plan + 5,000 transactions, support for every centralized exchange, DeFi and NFT support, tax-loss harvesting, etc.
- Pro ($799/tax year) - Everything in the Premium plan + 20,000 transactions, Margin/options PnL calculations, FBAR, Priority chat support.
- VIP ($3,499/tax year) - Everything in the Pro plan + Up to 30,000 CEX transactions, advanced crypto reconciliation, support for every DeFi & NFT platform, consultations with tax expert, review of IRS inquiries.
💡 Is TokenTax Worth it?
Tokentax is a good product overall. It’s the only tax software that supports every exchange and country. However, other tax software offers the same features at competitive prices.
Coinpanda allows you to generate cryptocurrency tax reports and track your balances across several exchange accounts and wallets. It supports all cryptocurrencies, DeFi, and NFTs and claims to help you file your tax return in under 20 minutes.
- Accurate & complete tax reports: Coinpanda generates tax reports and forms compliant with local tax laws.
- Capital gains report: You can get a PDF of your whole capital gains tax report to see your profit or loss for any coin you've ever held.
- Mining, staking & income: You can keep track of your earnings, including mining, staking, forks, airdrops, and gifting. It also accepts donations as well as lost or stolen coins.
- Futures & margin trading: Coinpanda calculates profit and loss for your futures and margin trades, including BitMEX, Bybit, Deribit, and FTX, among other exchanges.
- DeFi, NFTs & metaverse: Coinpanda supports DeFi on all blockchains like Ethereum, Avalanche, Polygon, and Elrond. You can also import all of your NFT transactions from OpenSea with a single click.
- Tax forms: Coinpanda covers over 65 nations and provides tax forms like Form 8949 and Schedule D.
- Integration with major exchanges and wallets: For tracking trades and calculating cryptocurrency taxes, Coinpanda supports all major exchanges, wallets, and services – almost 500 exchanges, 75 wallets, 125 blockchains, and 38 services. You can also use API keys or CSV files to import all of your historical transactions quickly.
- It supports Defi, NFTs, and even metaverse.
- You get access to features like the portfolio tracker and tax-loss harvesting.
- You only have to pay to download your reports.
- Crypto payments are not available.
- The mobile app is not available.
- The cost increases exponentially for a large volume of transactions.
Coinpanda offers four plans:
- Free (free forever) - 25 transactions, unlimited exchanges, error reconciliation, margin trading, NFTs & DeFi, tax reports, and email support.
- Hodler ($49 per tax year) - everything in the Free plan + 100 transactions
- Trader ($99 per tax year) - everything in the Hodler plan + 1,000 transactions and live chat support
- Pro ($189 per tax year) - everything in the Trader plan + 3,000+ transactions and custom imports
💡 Is Coinpanda Worth It?
Coinpanda provides almost every feature you might need to file your crypto-based taxes. However, the only downside is that prices increase drastically with the number of transactions exceeding 20,000.
12. Crypto.com Tax
Crypto.com Tax offers a user-friendly interface and connectivity with popular exchanges and wallets. It’s also completely free and assists in Australia, Austria, Canada, Denmark, Finland, Germany, Norway, the United Kingdom, and the United States.
- Completely free: Anyone who needs to prepare their crypto taxes can use Crypto.com Tax. It handles your calculations at no cost.
- Simple and intuitive UI: It provides the best user experience and is transparent enough for evaluation before final results get generated.
- Crypto Tax reports: Crypto.com Tax helps you generate a large variety of tax reports, including:
- The number of Proceeds, Cost basis, Selling expense, and Capital gain/loss are all included in this CSV file.
- CSV file with transaction history for keeping books and records
- Keep track of your cryptocurrency earnings with an income report.
- Report on gifts, donations, and payments to keep track of all the cryptocurrencies you've sent.
- Expense report for tracking specific fee expenses, such as petrol fees from failed transactions.
- It’s entirely free of cost.
- The platform supports all major cryptocurrency exchanges.
- The support for third-party wallets is limited.
- It does not support staking, mining, or liquidity mining.
Crypto.com Tax Pricing Plans
It’s entirely free of cost.
💡 Is Crypto.com Tax Worth It?
Crypto.com Tax is easy to use, and it’s entirely free. However, it offers fewer features compared to other paid tax software.
TurboTax is one of the most expensive crypto tax software tools. That said, the features, accuracy, and high-quality user interfaces suit its price. It offers both online and desktop versions of its software, with costs varying depending on your tax filing requirements.
TurboTax works by asking you a series of questions about your household, income, and tax deductions and credits. You'll also need to include information from your employment and other sources of income, including 1099, 1098, W-2, and other tax papers.
- Step-by-step guidance: TurboTax will tell you what you need to enter to complete your taxes based on your specific circumstances.
- Easy Import: You can directly import most tax forms from banks and investment firms – just take a picture and upload supporting documents using the mobile app. TurboTax also makes it easy to import prior returns via PDF for users who used other tax preparation software the previous year.
- Security Layers: They constantly monitor the site and perform regular internal and external checks. The site also encrypts data before storing it and supports multi-factor authentication and Touch ID. You can even review logins and devices logged into your account.
- Help resources: It frequently asks you questions while providing brief and straightforward explanations on tax topics. Many hyperlinked terms and phrases open new windows with more information.
- You can get live support by paying a little extra – the professionals will be at your service in just a few clicks.
- Its interview-style questions make tax filing easy.
- It has an easy-to-use user interface.
- Uploading W-2 or 1099 automatically fills in the fields.
- It’s a bit more expensive than its counterparts.
- They’ll charge you extra for expert assistance from tax professionals.
💡 Is Turbotax Worth It?
You will learn enough through the entire process to save the cost of expert help. While it is more expensive than other solutions, the product options and easy process make it worthwhile.
That’s A Wrap!
There you have it – some of the best cryptocurrency tax software to pay taxes and monitor crypto transactions. The best part? You won’t have to shell out money for tax attorneys anymore.
And while you can use more crypto tax software options for your tax calculation process and pay crypto taxes, we reviewed the top crypto tax software to help you with tax obligations.
We looked at many factors, including cost, features, user interface/usability, and integrations. And while they're not perfect, they can be valuable tools for savvy investors and crypto traders.
Hopefully, the information has helped you find the platform that most effectively suits your needs!
Which crypto tax services do you plan to use to monitor your tax liability and calculate crypto taxes? Let us know by commenting below!