Cryptocurrency is a hot topic these days. With adoption on the rise, crypto is on everyone’s mind despite price volatility. Like with any other investment, when you trade cryptocurrencies, you need to pay taxes on your profits, and if you don’t do it correctly, you could end up owing a lot of money to the Internal Revenue Service (IRS).
There are a few different ways to calculate your taxes owed on cryptocurrency trades, but the best way is to use crypto tax software. This software can automatically sync with your exchanges and wallets, calculate your capital gains and losses, and give you final tax reports that you can use for filing.
However, not all crypto tax software is created equal, and their features differ too. This article will look at the ten best crypto tax software options.
What Is Crypto Tax Software and How Does It Work?
Crypto tax software is a program that helps you calculate your taxes on cryptocurrency investments. It considers your transactions, such as buying, selling, trading, and spending, and determines how much tax you owe on each type. The software then generates a report you can use to file your taxes.
Crypto tax software tracks your cryptocurrency transactions and then calculates the taxes owed on those transactions. The software typically integrates with your cryptocurrency exchange accounts and wallets.
The software will also consider the different taxes on your cryptocurrency investments. For example, if you buy a cryptocurrency and then sell it shortly after for a profit, you will owe a capital gains tax on that transaction.
However, if you hold onto the cryptocurrency for more than a year before selling it, you may be eligible for a lower long-term capital gains tax rate. The software considers all of this to help you calculate the taxes you owe.
Reviews of the Best Crypto Tax Software
Overall Best Crypto Tax Software
Koinly is the leading provider of tax software for cryptocurrencies, offering users an easy way to calculate the taxes owed on their digital assets. With support for over 6,000 types of cryptocurrency, Koinly is the most comprehensive crypto tax software on the market. Its user-friendly interface, Koinly, makes it easy for even novice users to calculate their taxes.
- Accurate and comprehensive tax reports for over 20 countries
- Offers various data sources, including exchanges, wallets, and transaction history CSV files
- Supports most significant exchanges & wallets
- Gain/loss calculations in USD or FIAT currency of your choice
- Easy to use and intuitive interface
- Accepts crypto payment for services
- Tax forms cannot be generated with the free plan
- Free version: The free version includes all the features of the entire product but is limited to 10,000 transactions
- Newbies plan: 100 transactions for $49 per tax year
- Hodler plan: 1,000 transactions for $99 per tax year
- Trader plan: 3,000 transactions for $179 per tax year
- Pro plan: 10,000+ transactions for $279 per tax year
Best for Tracking Crypto Portfolio
Accointing is a top crypto tax software solution that offers tools to help users manage their cryptocurrency taxes. The platform provides a simple, easy-to-use interface that allows users to easily track their crypto transactions, calculate their taxes, and file their returns.
Seamless integrations will enable you to import all your transactions straightforwardly. You can also benefit from the well-organized cryptocurrency tax blog, with informative step-by-step platform guides.
- Tracking of all your crypto transactions
- The ability to connect to all major exchanges and wallets
- A comprehensive and easy-to-use tax calculator
- Automatic generation of tax reports
- Supports several exchanges and wallets
- Allows you to import your transaction history
- Automatically generates reports for tax purposes
- Some features are only available in the paid plans
- No phone or live chat support, only email support
- Free plan: Covers only 25 taxable transactions per year
- Hobbyist: 500 taxable transactions for $79 per year
- Trader: 5,000 taxable transactions for $199 per year
- Pro: 50,000 taxable transactions for $299 per year
Best for Beginners
CPAs and tax attorneys found TaxBit. It is one of the best tax software platforms that help crypto and digital assets exchanges, NFT marketplaces, and DeFi platforms to achieve regulatory compliance.
TaxBit provides a single record system for end-to-end tax information reporting, cost-basis tracking, and sharing across the ecosystem. With TaxBit, you can achieve compliance and accuracy at scale and offer enterprise-grade features, including W9 & TIN verification and real-time end-user data.
- Automates tax calculations and reporting on cryptocurrency transactions
- Free-forever plan for individual customers that enables unlimited transactions
- Tax optimizer to realize capital gains and losses before any transaction
- Tax-loss harvesting
- Best integration/selection of exchange/wallet API support
- Great customer service
- No mobile app yet
- The software is only available in the U.S
- Free plan: Unlimited transactions
- Basic plan: $50 per year
- Plus+ plan: $175 per year
- Pro plan: $500 per year
Best for Tax-loss Harvesting
CoinLedger (formally Cryptotrader.Tax) is an excellent tool for those looking to maximize their tax-loss harvesting. With its suite of products, any cryptocurrency user can easily understand their crypto portfolio and generate the necessary tax forms in minutes.
The app is straightforward to use and offers very accurate data. It supports the Ethereum blockchain and NFT transactions.
- Easily calculate your crypto taxes and create reports for the IRS
- Supports US, Australian, and international users
- Integrates with TurboTax and TaxDirect
- Offers tax-loss harvesting
- Clean user interface with plenty of help to get started
- Intuitive system to use
- Can import data from exchanges
- Gets capital gains/losses in seconds
- Need to add more blockchains
- Not enough DeFi support
- Hobbyist plan: $49 per tax year
- Day Trader plan: $99 per tax year
- High Volume plan: $199 per tax year
- Unlimited plan: $299 per tax year
Best for Multiple Exchanges Integration
TokenTax is a web-based application that allows users to calculate their capital gains and losses from cryptocurrency trading. The platform connects to major exchanges and wallets and imports transaction data automatically.
This makes it a convenient option for those who want to avoid manually tracking their transactions. The software is easy to use and comes with various features that make tax time less stressful.
- Supports every major exchange
- Gives you audit assistance
- Integrates automatically with exchanges to gather your data
- Helps you calculate and file your taxes
- Offers excellent customer support
- Most wallets and exchanges can easily connect with TokenTax via API or CSV files
- No free trial
- There are no refunds available if you are not satisfied with the product
- Basic plan: $65 per tax year for up to 500 transactions
- Premium plan: $199 per tax year for up to 5,000 transactions
- Pro plan: $799 per tax year for up to 20,000 transactions
- VIP: $3,499 per tax year for up to 30,000 transactions
Best for Beginners
Zenledger is a startup that simplifies cryptocurrency taxes, helping investors and tax professionals in portfolio management. With direct integration support for over 400+ exchanges, 40+ blockchains, 20+ DeFi protocols, and all wallets, Zenledger is the go-to choice for quality crypto tax software.
- Automatic tax-loss harvesting
- Grand unified accounting
- Direct integration with TurboTax
- Support for multiple wallets and exchanges
- Comprehensive tax calculations
- Simplifies DeFi, NFT, and Crypto taxes for investors and tax professionals
- Easily review your trades, see your gains, generate cryptocurrency tax reports, and track your crypto portfolio
- Not available in all countries
- It can take months to get answers to questions
- Don’t support the format of CSV files for certain exchanges
- Free plan: $0 per year for 25 transactions
- Starter: $49 per year for 100 transactions
- Premium: $149 per year for 5,000 transactions
- Executive: $399 per year for 5,000 transactions
- Platinum: $999 per year for unlimited transactions
Best for Large Crypto Investors
Fyn (Formally BearTax) helps you maximize your gains over time without worrying about taxes. It fetches your trades, analyzes them, and generates the needed documents while focusing on your portfolio.
It works internationally, supporting the USA, Canada, Australia, Japan, and India. Choose a country, and all tax rules are auto-assigned to your account. Import from any platform or exchange.
- Connects to multiple exchanges and digital asset platforms
- In-depth insights and intelligence to help users grow their investments
- Global, decentralized, democratic, and private economy focused
- Incredible speed of innovation
- Allows businesses and projects to manage their taxes at any scale easily
- Crypto investors and traders can easily use the software to keep track of their investments
- Fyn may be difficult to use for those without experience in accounting or tax law
- The software is still new and may have some glitches that need to be ironed out
- Free plan
- Basic plan: $49 per year
- Plus plan: $149 per year
- Pro plan: $499 per year
Best for Tax Reports via Mobile
CoinTracker is a tax software that helps you comply with cryptocurrency tax rules and optimizes your cost-basis accounting methods. It also enables you to tax-loss harvest your portfolio.
This software lets you download your tax reports in minutes and file them with TurboTax or your accountant. The CoinTracker mobile app lets you keep track of your portfolio and crypto prices while on the go.
- Automatically generate Form 8949 for capital gains and losses
- Maximize your cost basis accounting methods for tax purposes
- Supports over 300+ cryptocurrency exchanges
- Sync your transactions from all major exchanges via API or CSV
- Excellent mobile app
- Connects to coinbase and Kraken accounts
- Downloadable CSV file with transaction details
- Free plan
- Hobbyist plan: $59 per year
- Premium plan: $199 per year
- Unlimited plan: custom costs
Best for Comprehensive Tax Services
BitcoinTaxes is an established crypto tax software that helps you calculate your capital gains and losses from cryptocurrency transactions and provides the data and forms you need to file your taxes.
It offers a complete tax preparation service in partnership with tax attorneys, CPAs, and enrolled agents in the US and Canada. BitcoinTaxes also provides an audit defense service in case of an IRS audit for one or more tax years.
- Imports trade histories from Coinbase, Gemini, Binance, Bitstamp, Kraken, Bitfinex, KuCoin, Crypto.com, and more
- Reviews and monitors individual addresses
- Downloads IRS Form 8949 PDF or 8949 attachable statement
- Import into tax preparation services such as TurboTax and TaxACT
- Reports balances and remaining cost basis
- Calculate tax years for the US, Canada, Australia, Germany, and United Kingdom
- Imports income from Coinbase, BitPay, CEX.IO, or CSV
- Calculates capital gains
- The free version allows just 100 transactions
- No tax-loss harvesting
- Free plan
- Premium plan: $44.95 per tax year
- Premium extra plan: $54.95 per tax year
- Deluxe plan: $64.95 per tax year
- Trader (50k): $139 per tax year
- Trader (100k): $199 per tax year
- Trader (250k): $264 per tax year
- Trader (500k): $399 per tax year
- Trader (1M): $529 per tax year
- Trader (unlimited): Quote
Best for Generating Real-Time Tax Reports
CoinTracking is a portfolio monitoring tool that offers investors of digital currencies an overview of their portfolios. The tool analyzes the price history of over 4,000 cryptocurrencies and your trades, profits, and losses from the exchanges.
In addition, it also provides a time-saving and helpful service that creates a tax report for the traded crypto currencies, assets, and tokens.
- The ability to track transactions from multiple exchanges in one place
- Real-time tracking of all transactions
- Automatic generation of tax reports
- Visualization of portfolios across all accounts
- Support for multiple languages
- Provides detailed information on each coin, including price history and market cap
- Offers a useful mobile app that lets you track your portfolio on the go
- ICOs are not supported
- Free plan
- Pro plan: $10.99 per year
- Expert plan: $16.99 per year
- Unlimited plan: $54.99 per year
Buyer’s Guide for the Best Crypto Tax Software
When it comes to cryptocurrency taxes, there are a few things that you should look for to find the best software for your needs.
Transaction Tracking and Tax Reports Generation:
The first thing you should look for in crypto tax software is its features. Koinly, our choice of software, offers transaction tracking and tax reports. This means that you can use it to keep track of your cryptocurrency transactions and then generate a report for tax purposes.
Ease of Use
Another vital factor to consider is how easy the software is to use. Some software can be complicated, while others are straightforward to use. For example, TaxBit will be very easy to use for beginners.
On the other hand, software like TokenTax can be complicated for beginners but offers more features for experienced users.
Another vital thing to look for in crypto tax software is compatibility. You want to ensure that the software you choose is compatible with the exchanges and wallets you use. This way, you can be sure that all of your transactions will be accounted for when it comes time to file your taxes.
You will also want to consider the price of the crypto tax software. While you don’t want to skimp on quality, you also don’t want to overspend on your tax software. Look for reasonably priced software that offers all the features and functionality you need.
Finally, customer support is an essential factor to consider when choosing crypto tax software. Some software providers offer excellent customer support, while others may not offer any support at all.
Zenledger offers excellent customer support through its live chat feature. They offer 24/7 live chat support to answer your questions quickly and easily. There is also a robust FAQ section on the website that covers a wide range of topics.
FAQs on Best Crypto Tax Software
Koinly holds several advantages over CoinTracker, including cheaper per-transaction rates, a generous free plan that allows you to import 10,000 transactions, and support for 100+ countries with compliant tax reports.
Yes, Koinly is a legitimate crypto tax software company. They have been in business since 2018 and are headquartered in London.
Doing your crypto taxes is possible but can be complex and time-consuming. If you are uncomfortable with doing your taxes, you can use tax software or the services of tax professionals listed on Koinly.
The cryptocurrency tax software market is still in its early stages and is constantly evolving. As the industry matures, we expect to see more competition and better products as the industry develops.
Our top pick for the best crypto tax software is Koinly. It is a solution that supports a wide range of cryptocurrencies and exchanges. It is also very user-friendly, making it ideal for both beginners and experienced crypto investors.
If you’re looking for a more straightforward solution, CoinTracking is a good option. CoinTracking does not have all the bells and whistles of Koinly, but it’s much cheaper and still gets the job done.
Stay up-to-date on the latest crypto tax laws, no matter which solution you choose, as the landscape is constantly changing.