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Best Crypto Tax Software
Calculating your own crypto taxes can be complex! Tracking thousands of transactions across different platforms, calculating your gains and losses, and computing taxes for all of them can be unsettling. But cryptocurrency tax software simplifies the process for you.
Crypto tax software is third-party software used for calculating crypto taxes. They make it easier to file taxes by connecting to your exchange, blockchain, wallet, or protocol and putting together all of your cryptocurrency transactions. The software automatically sorts out your transactions into gains and losses, which can be used for tax filing. With that in mind, let’s review some of the best crypto tax software.
1. CoinLedger
CoinLedger, formerly known as CryptoTrader.Tax is an NFT and crypto tax software designed to calculate your taxes in three steps. Firstly, you import all your transactions from your wallets and crypto exchanges. Once you type in the address of your wallet, CoinLedger automatically pulls all of your transactions from the blockchain.
Secondly, preview your report and watch CoinLedger calculate your profits and losses for each transaction, including NFTs, trading, staking, or any other crypto transaction. It automatically puts each item in the transaction history into the right category, checks your return for mistakes, and handles any possible tax losses. And finally, generate the tax report and pay taxes. You'll receive an audit trail document and download your tax report, which you can export to other tax platforms of your choice like TurboTax, TaxAct, H&R Block, TaxSlayer, etc.
CoinLedger’s crypto tax report includes an audit trail, an auto-filled IRS Form 8949, a short- and long-term gains report, and a cryptocurrency income report. It also has a tax loss harvesting feature that can lower your capital gains taxes after you figure out your crypto profits and losses based on fair market value. Note that CoinLedger accommodates international crypto tax reporting, and you can generate your crypto gains, losses, and income reports in any currency.
CoinLedger Pricing
· Hobbyist: $49 per tax season for 100 transactions
· Day Trader: $99 per tax season for 1500 transactions
· High Volume: $199 per tax season for 5000 transactions
· Unlimited: $299 per tax season for unlimited transactions
CoinLedger Pros and Cons
Pros
· Audit trail showing every single taxable event
· Tax loss harvesting tool
· Has an NFT tax calculator
· 14-day money-back guarantee
· Supports more than 10,000 cryptocurrencies
Cons
· Other than Form 8949, you’ll need to create other tax forms manually
· Manual input for flash loans and other advanced DeFi products
2. TaxBit
TaxBit is a single system of record for digital asset tax and accounting. It provides a self-service solution for end-to-end tax compliance, including TIN verification, cost basis tracking, and IRS forms. Its crypto tax software connects consumer, enterprise, and government tax and accounting ecosystems.
For individuals, TaxBit crypto tax software offers year-round portfolio management and tax optimization. That means you can manage your portfolio across different exchanges or wallets on a single platform. TaxBit automatically integrates with over 500 cryptocurrency sources. More so, you can use tax loss harvesting data to offset capital gains using free tax forms. And with the NFT and DeFi suite, you can track your NFTs and DeFi trades across various chains.
TaxBit also offers a tax optimizer to users with the Plus+ and Pro plans. It allows you to see the tax impact of each trade before you make it. And with portfolio management, you can monitor the performance of your investments in real time. The same applies to NFTs and DeFi positions. Note that advanced features, including the NFT suite, portfolio performance, tax optimization, and tax loss harvesting tool, are only available to Plus+ and PRO users.
The TaxBit Network, which is made up of cryptocurrency and digital asset brokers, is one of the largest networks in the industry as a whole. If your cryptocurrency platforms are part of the TaxBit Network, you’ll be able to generate ready-to-file crypto tax forms for free. You’ll also receive Form 8949 and income reports ready to file with the tax returns. These forms will reconcile all Form 1099s issued.
TaxBit Pricing
· Network Plan: Free
· Basic: $50/year
· Plus+ plan: $175/year
· Pro: $500/year
TaxBit Pros and Cons
Pros
· Portfolio management
· NFT and DeFi tax suite
· Portfolio optimization
· CPAs double-check your tax details
· Free completed tax forms if your crypto exchange is in the TaxBit Network
Cons
· Elite features like NFT suite, portfolio optimizer, and management are only available for Plus+ and Pro plans
· CPA review and IRS audit support are only available for users with the PRO plan
3. ZenLedger
The cryptocurrency tax software ZenLedger works with more than 400 exchanges, including 100 DeFi protocols and 10 NFT marketplaces. You can import your transactions via a CSV, read-only API, or public receiving address. ZenLedger instantly generates your tax forms, which include IRS Form 8949, FinCEN 114/FBAR, Schedule 1, and Schedule D. The software will automatically calculate cost basis, fair market value, and gains and losses for your transaction history.
Other features included in the ZenLedger include tax loss harvesting, Grand Unified Accounting, premium support between 9 a.m. and 9 p.m. EST, and TurboTax direct integration. All these features are available to all users, including non-paying users.
ZenLedger Pricing
· Starter: $49 per year
· Premium: $149 per year
· Executive: $399 per year
· Platinum: $999 per year
On-demand personal product consulting: $150/hr.
Note that ZenLedger crypto tax software offers similar features for cryptocurrency tax returns in each level package, but the cost varies based on the number of transactions and capital value. The free plan is limited to only 25 transactions.
Tax Professional Prepared Plans
This plan is for those who’d like their taxes done for them and have their returns signed by a tax attorney, CPA, or enrolled agent.
· Consultation: $295 for 30 minutes
· Single-year tax report: $3500 per year
· Multi-year tax report: $6500 per two years
ZenLedger Pros and Cons
Pros
· Turbo Tax integration
· Tax-loss harvesting tool for all users
· Has a grand unified spreadsheet – easy for users to review their transactions
· Premium customer support for the free package
· Tax Professional Suite for users managing several clients
· 14-day refund policy on Tax Professional Prepared Plans
Cons
· Premium support from a dedicated customer service agent is only available to Platinum users
· Only available for US users
· DeFi, Staking, and NFTs aren’t available for Free, and Starter package users
4. CoinTracker
CoinTracker crypto tax software gives users a comprehensive breakdown of their crypto tax obligations by separating taxable items by airdrops, forks, mining, staking, payments, interest, etc. It also shows miscellaneous transactions such as margin fees, futures gains, donations, and gifts. And if you are computing crypto taxes from multiple sources, CoinTracker’s tax center shows the end-of-day balance, total gains, and transactions split by exchange, wallet, and crypto.
You can automatically import your crypto data by syncing your wallets and exchanges with the crypto tax software or manually import via CSV, and CoinTracker will generate your taxes instantly. It has mobile apps that automatically sync your holdings with exchanges and your crypto wallets—no more manual entry. It also allows you to track your portfolio’s performance on the go. For tax purposes, this automated portfolio tracking feature lets users check the market value of their assets, the allocation of their portfolio, and the performance of their investments in real time. CoinTracker supports over 300 exchanges and 10,000 cryptocurrencies with data from Nomics.
CoinTracker makes international crypto tax reports that are in line with tax laws in the US, India, the UK, Canada, and Australia. Other jurisdictions partially support crypto tax compliance. The tax forms generated include IRS Form 8489, Schedule D, Schedule 1, and IRS Form 1040. You can either download them and manually file them or have them automatically forward them for e-filing by CoinTracker’s tax partners, including Wolters Kluwer CCH, H&R Block Online, TurboTax, and TaxAct. Note that you can add the tax professional of your choice to your CoinTracker account so that they can file your crypto taxes for you.
You can also use CoinTracker to get an idea of how taxes will be affected by transactions you plan to make in the future. The tax calculator uses cost-basis accounting to show the expected capital gain or loss for every transaction. It also provides real-time guidance on potential tax-loss harvesting opportunities.
CoinTracker Pricing
· Free: $0 for 25 transactions
· Hobbyist: $59 per tax year for 100 transactions
· Premium: $199 per tax year for 1,000 transactions
· Unlimited: Based on transaction count ranging from $299 for 3,000 transactions to $2,999 for over a million transactions
CoinTracker Pros and Cons
Pros
· Automated portfolio tracking
· It has a mobile app and automatically syncs your portfolio
· Tax summary per wallet, exchange, and crypto
· 30-day money-back guarantee
· Tax-loss harvesting
· Allows users to preview the tax impact of future transactions
Cons
· Separate subscription for portfolio tracking
· Only Premium and Unlimited tax plans support DeFi taxes
· Users are charged per transaction
5. TokenTax
TokenTax isn’t just a crypto tax software; it’s also a full-service crypto tax accounting firm. It works with data from every blockchain, wallet, crypto exchange, and protocol, which you can automatically sync with an API or manually import as CSV files.
With TokenTax, you can see a preview of the taxes that apply to your crypto transactions and keep track of the taxes you owe in real time. It takes into account your average tax liability, LIFO, FIFO, and calculations to minimize your taxes when figuring out your crypto taxes. You can also use the tax loss harvesting tool to reduce your tax bill by offsetting your capital gains with the losses you might have. This is done by figuring out what losses you might have.
Furthermore, whether you pay taxes through TokenTax or a third-party provider, the software will generate all necessary tax forms. They include the FBAR, IRS Form 8949, Schedule D, and international tax forms.
TokenTax Pricing
· Basic: $65 per tax year
· Premium: $199 per tax year
· Pro: $799 per tax year
· VIP: $3,499 per tax year
Note that the pricing plans vary depending on the number of transactions. The basic plan covers up to 500 transactions per tax year, premium 5,000 transactions, pro 20,000 transactions, and VIP 30,000 transactions.
TokenTax Pros and Cons
Pros
· Tax loss harvesting dashboard
· TurboTax integration
· Supports data from all crypto exchanges, blockchains, protocols, and wallets
· DeFi and NFT support
· Supports margin and futures trading
· Available to international users
Cons
· Integration with every crypto exchange is only available for premium users
· Doesn’t have a free trial
· Limited features for the Basic plan
6. Koinly
The Koinly crypto tax software automatically connects to your wallets and finds the market prices at the time of your transactions so it can figure out how much you made or lost in crypto. It also matches any crypto transfers between your wallets and excludes them from taxation. Ideally, you can use an API to connect your wallets to Koinly, ormanually import your crypto transaction data using CSV files. Note that Koinly integrates with over 400 crypto exchanges, 170 blockchains, 100 crypto wallets, and 30 services. It also supports margin and futures trading, DeFi, staking, and lending.
Koinly crypto tax services not only calculate your taxes; it also helps you optimize them and reduce them for the next tax year. And with the portfolio tracking feature, you can preview your entire crypto holdings across multiple wallets, and review both released and unrealized capital gains. The tax documents generated by Koinly include filled-in IRS Form 8949 and Schedule D. It also supports international tax reporting for over 20 countries and is integrated with third-party tax services including TurboTax, H&R, and TaxAct.
Koinly Pricing
- Newbie: $49 per tax year
- Hodler: $99 per tax year
- Trader: $179 per tax year
Note that you cannot generate tax reports with the free plan.
Koinly Pros and Cons
Pros
· Supports international crypto tax reporting
· Supports DeFi, margin, and futures trades
· Portfolio tracking
· Generates filled IRS Form 8949 and Schedule D, HMRC, ATO, CRA Report
· Integration with third-party providers like TurboTax, H&R, and TaxAct
· Supports over 400 crypto exchanges, 100 wallets, 30 crypto services, and 170 blockchains
Cons
· Has no independent tax-loss harvesting tool.
· Tax reports are not included in the free plans.
The Bottom Line
The operating principle behind all best crypto tax software is the same. They are integrated with most crypto exchanges, wallets, DeFi protocols, and NFT marketplaces and allow you to import your cryptocurrency data manually by uploading CSV files, or automatically with an API. Afterward, you can review your wallet’s transaction history, and automatically or manually fix any errors, while the software generates your tax returns.
While they all have the same basic function, they are differentiated by some of the premium features they offer. We’ve discussed the pros and cons of some of the best crypto tax software to help choose the best one for you.
Also, if you're looking to save on crypto tax, have you considered moving to Portugal? It's tax-free when you hold for more than 12 months.
