The best cryptocurrency tax software complies with IRS guidelines, offering versions to meet US, UK, Swiss and Australian regulatory needs. It features an NFT support feature as well as a cryptocurrency tax calculator.
At the core of this crypto tax service lies an innovative portfolio tracker and tools for managing exchanges. Additionally, there is support for various cost accounting methods as well as an error handling system to reduce errors.
As part of trading cryptocurrency, it is essential that you are aware of your tax obligations. A reliable crypto tax software will save time by automatically calculating and filing your taxes automatically – plus many providers even offer free trials or low-cost plans so you can gain hands-on experience before making your final decision.
Accointing is a web and mobile application that connects directly with exchange accounts and wallets to track portfolio performance and values, compile tax forms, import data from multiple accounts at the same time and use either FIFO, HIFO, or LIFO methods of reporting. With 30-day money back guarantees for most crypto assets and exchanges supported and support for multiple reporting methods – Accointing makes accounting simple!
Kryptoskatt is an excellent crypto tax software, featuring an easy-to-use interface and support for over 200 exchanges and wallets as well as 1000 DeFi protocols and NFTs.
Koinly Tax Software provides an efficient method of filing crypto taxes. Users can generate an automatically filled-out Form 8949 which works seamlessly with other tax applications like Turbotax. Furthermore, it supports API connections and CSV uploads while automatically synching with blockchains, exchanges, wallets and services such as DeFi to track gains and losses as well as use FIFO, LIFO and average cost basis for transaction tracking as well as factor staking lending and DeFi income into calculations.
Koinly offers a free plan with basic functionality and integrations, while paid plans provide tax reports and support for more complex transactions, including NFT trades. Koinly supports various countries and boasts a good user base; its customer support can only be contacted through email; pricing may be slightly higher compared to alternatives; nevertheless it is worth trying due to its intuitive user experience and novice-friendliness; for more advanced crypto tax software solutions consider CoinTracking or CoinLedger instead.
TaxBit stands out from competing crypto tax software by automatically synching across exchanges and wallets to collect trading data, calculate capital gains/losses and produce final tax forms ready for filing. Furthermore, all personal information of its users is secured in compliance with GDPR policies.
TaxBit connects with over 500 crypto exchanges and wallets. It supports HIFO, LIFO, and FIFO reporting methods and exports transactions in CSV format to standard tax filing software for use by investors with fewer transactions. Furthermore, TaxBit also offers a free version for investors with less frequent trades.
TaxBit stands out from other crypto tax software by having no transaction limits and offering to download your completed IRS Form 8949 in either PDF or CSV formats. Furthermore, TaxBit’s system also gives an overview of all your trades so that you can view your total tax liability and investment return easily. Furthermore, its sync functionality supports most exchanges as well as DeFi applications, non-fungible tokens (NFTs), staking mining donations.
CoinTracking is a tax software for crypto traders that helps users calculate profits and losses, access a range of coins at any given moment in history and perform in-depth analyses on them. Available worldwide with user-friendly interface for novice traders; its pricing is competitive; audit assistance assistance also provided.
This program works by connecting to exchanges and wallets to access transaction data. Once extracted, it analyzes it to produce real-time reports on profit/loss analysis, realized/unrealized gains analysis, tax reports, tax loss harvesting functionality (a feature to reduce taxes by matching losses with gains), tax reports and more. It even has “tax loss harvesting,” helping users reduce taxes by matching losses with gains.
This software is intuitively designed, offering detailed trade summaries. Additionally, it automatically syncs across cryptocurrency exchanges and wallets, calculates capital gains/losses, generates reports for income/staking/mining operations, supports FIFO/LIFO methods of transaction tracking, as well as various payment options.