An effective crypto tax software will keep track of your transaction data and compile it into a report you can give your accountant. This tool is both user-friendly and competitively priced; additionally it may provide features like automation technology and customer support.
IRS 8949 forms will also help you file your taxes efficiently and comply with current regulations. Many will offer pre-filled paperwork tailored specifically to you and meet all necessary standards.
CoinTracker
CoinTracker is an impressive cryptocurrency tax partner, providing a holistic overview of assets, accurate tracking of gains/losses, reporting on those gains/losses accurately, prefilling IRS forms with ease, as well as supporting an array of exchanges and wallets (along with most DeFi apps such as wrapping/unwrapping), staking transactions, liquidity pools lending. Furthermore, gas fees are taken into account and users can set rules which identify non-taxable staking/lending transactions.
Users benefit from read-only access to their wallets, which helps to protect private keys and prevent loss or theft of assets. They can utilize several cost basis methods – First In First Out (FIFO), Last In First Out (LIFO), Share Pooling – with this software as well as previews of future crypto taxes that come due. Furthermore, it has useful tools like cryptocurrency tax calculator and real-time loss harvesting which help manage and forecast taxes more accurately than before. Although available at an expense-prone premium price point, its convenience makes the investment worth its cost.
CoinLedger
CoinLedger makes tax filing easy for cryptocurrency traders and other cryptocurrency-denominated income, enabling you to import trades and income into its platform and generate tax forms for filing. Once completed reports have been generated you can download them yourself or send to a tax professional, as well as import into any preferred tax filing software platform – plus there’s even a 14-day money-back guarantee! CoinLedger supports all major trading platforms.
Service plans vary based on transaction volume; for up to 100 transactions, pricing starts at $49. For high volume users, an Unlimited plan costs $299 – all prices will be invoiced once annually during tax season.
CoinLedger offers an intuitive user experience with multiple tax reporting methods and custom reconciliation features that enable seamless reconciliations, as well as data import via APIs, CSV files or wallet scans. Furthermore, this service supports taxation for most countries such as Australia and New Zealand; however the US and Australia seem notably absent. Finally, CoinLedger also comes equipped with free accounts that offer 14-day money back guarantees!
Koinly
Koinly is one of the premier crypto tax software providers, boasting support for over 300 exchanges and wallets – making it a must for cryptocurrency traders and investors. Furthermore, its jurisdiction-specific reports simplify tax calculations and portfolio management.
Koinily allows users to connect their accounts with various cryptocurrency exchanges, wallets, and DeFi services and automatically imports transaction data for them. This can be accomplished using read-only API connections ensuring Koinly does not gain any access to your private keys or holdings.
Koinly provides both free and paid account options, and their free account option can be used to track transactions and generate capital gains tax previews. More advanced users may choose from one of two paid plans which provide more in-depth data analysis and reporting features, with regional tax guides as well as helpful blogs available on Koinly as additional resources. Moreover, its intuitive user interface makes Koinly ideal even for novice users.
