If you plan to file cryptocurrency taxes online, make sure that any software used integrates seamlessly with exchanges and wallets you use for easier and more accurate filing. This will make the process quicker and simpler.
Good crypto tax tools integrate seamlessly with tax forms, making it simple and painless to file. A stockbroker might send you a form listing your equity sales; with crypto tax tools this task is taken care of automatically.
ZenLedger
ZenLedger offers an intuitive user interface, making it simple to organize transaction data and generate reports. Perfect for novice crypto tax filers. Furthermore, its exceptional customer support representatives are available seven days a week with typical response times under 10 minutes.
This software connects with all major cryptocurrency exchanges and wallets to track transactions, then compiles your data into one report suitable for tax professionals. TurboTax users may find TurboClear useful, while supporting HIFO, FIFO and LIFO methods of cost basis calculation is also supported by this platform.
Other features include mining, donation and airdrop reporting as well as support for foreign financial assets. Furthermore, it helps users determine whether they need to file Form 8949; reports can be exported into PDF or CSV formats and there’s also a one year refund policy; however localized tax forms are only available to US users.
Koinly
Koinly is an industry-recognized crypto tax software, offering easy tracking of transactions and detailed tax reports from wallets, exchanges, and DeFi services via read-only API connections. Furthermore, this tool serves as a portfolio tracker, analysing transaction histories to calculate cost basis, fair market values, capital gains as well as cost basis and capital gains calculations. Best of all? Koinly’s free usage enables it to import your entire crypto history within minutes while it also features tax loss harvesting/reporting functionality to minimize taxes further.
Koinly gathers transaction records from your cryptocurrency exchange accounts and wallets, and automatically computes your tax obligations according to the rules in your jurisdiction. It supports FIFO, LIFO, HIFO cost basis calculations as well as advanced average cost basis methods. Furthermore, you can export complete ready-to-file crypto tax reports for USA (8949 and Schedule D), UK Australia Sweden Germany (Anlage KAP/SO) as well as 20+ other countries; integration is possible with existing tax software as well as error reconciliation tools like cost analysis.
CoinTracker
CoinTracker is one of the premier crypto tax tools, providing an effective means for tracking cryptocurrencies and calculating how much profit or loss has occurred on trades. Furthermore, CoinTracker helps manage compliance by making sure all your transactions are reported appropriately to the IRS.
This tool integrates seamlessly with major exchanges and wallets, allowing you to monitor your portfolio in real-time. With its centralized view of holdings, making informed investment decisions and optimizing asset allocation becomes simple – an experience both novices and veteran investors will appreciate. Its user-friendly interface also makes this an accessible tool.
As well as supporting multiple currencies and offering daily portfolio updates, its centralized database automatically syncs transaction records from connected exchanges and wallets for easier calculation of gains and losses. Plus, CSV export options that work with leading tax software applications like H&R Block and TurboTax make for flexible export options as well. Plus, tracking Non-Fungible Token purchases and sales ensure accurate reporting.
