The best crypto tax software should be able to integrate with all of the popular exchanges and wallets to allow for automatic data input. If you are a professional trader, manually keeping track of all your transactions can be troublesome.
You need to keep track not only of prices but also dates, the amount of coins or tokens you traded, and the length of time you kept those in your wallet.
It is also important that the software you choose can be used in your country, as the taxes differ depending on where you live. The app you choose should follow taxation standards in your country.
Even if you are not a professional trader and have a smaller amount of transactions per year, these tools can save you hours in adding all of your trades manually.
Here are top the 4 best Crypto Tax software solutions for Newbies and Advanced investors.
1. Koinly
Koinly is a Bitcoin and cryptocurrency tax calculator that makes generating tax reports super easy. Koinly connects easily with all your wallets, exchanges, blockchain addresses and services so as to give you a clear picture of your invested money across various platforms. Koinly integrates with over 350 exchanges and wallets, automatically create tax reports and have extensive international support.
You can preview your capital gains and taxes for free. Generate tax documents when you are ready.
If you are filing in the US, Koinly can generate filled-in IRS tax forms (Form 8949, Schedule D) for you. It easily integrated with TurboTax, TaxAct, H&R and easily export your transactions to these tax software.
FEATURES:
* Portfolio
tracking
* Capital
gains preview
* Defi,
Margin trades, Futures
* Avalanche
trades
* CSV
file import
* FIFO, LIFO, Average Cost & more
PRICING:
Best For: Beginners, investors and accountants.
2. TokenTax
TokenTax is another excellent piece of crypto tax software you can entrust with handling your taxes. This tool offers to take a solid selection of crypto tax reports off your plate, including IRS Form 8949.
It can also help you with crypto income tax; generate a cryptocurrency audit trail, and international gain/loss reports.
FEATURES:
* IRS
audit trail transaction report
* Income
report
* IRS
Form 8949 or relevant international report
* TurboTax
online integration
* FIFO, LIFO, specific ID accounting
* DeFi and NFT support view
* Tax loss harvesting dashboard
* Automatic CSV imports for all exchanges
PRICING:
Best For: Accountants, Experts and Experienced Traders.
3. ZenLedger
ZenLedger is excellent solution for Crypto Traders and Accountants to calculate Crypto Taxes. This solution can help you cover all types of reports you might encounter. You can get your DeFi, NFT, & Crypto Taxes done in minutes with ZenLedger. It is easily integrated with 400+ exchanges, 40+ blockchains and 20+ DeFi protocols.
It is an excellent choice for professionals looking to provide crypto tax services to their clients.
FEATURES:
* DeFi
/ Staking / NFTs
* HIFO/FIFO/LIFO
* Crypto
as Income
* Tax
Loss Harvesting
* FinCen/FBAR
Alert
* TurboTax Integration
PRICING:
Best For: DeFi, NFT, & Crypto Taxes for Investors and Tax Professionals.
4. CoinLedger
CoinLedger is an excellent crypto tax calculator that can help you crunch all the numbers for your crypto dues and turn them into reports you can file with the IRS.
CoinLedger makes tax reporting for cryptocurrency easy. The platform automates the entire tax reporting process for crypto investors and users. You can also effortlessly create the IRS 8949 form, short and long-term sales reports, crypto income reports, international gain/loss reports, and much more.
Simply import all of your historical cryptocurrency transactions into the app. CoinLedger integrates with all major cryptocurrency exchanges and platforms to make this process quick and easy. Once your transactions are in, generate your necessary tax reports with the click of a button.
Works with 45+ exchanges and wallets, integrates with TurboTax and TaxAct for easy tax filing.
FEATURES:
* DeFi
Support
* Error
Reconciliation
* Current
Profit & Loss
* FIFO,
LIFO, HIFO
* IRS
Form 8949
* Income
Report
* Capital
Gains Report
* Tax Loss Harvesting
PRICING:
Best For: Expert Traders and Accountants.
