No matter whether you are planning to invest in crypto or you are a successful crypto investor, you need to know the right way to file your crypto taxes. Unless you are an accountant with enough time to do your own taxes, going with some reliable crypto tax software is the right choice.
But which software is the most trustworthy? And how do you buy the right software for you? There are some free options as well, but are they good for you?
Scroll down to find out this and much more.
Best for: Trusted software for both beginners and experts
There is a reason why CoinLedger is at the top of the list: it is the best crypto tax software on the market. If you cannot trust our words, maybe the facts will help. CoinLedger has so far supported 400,000 crypto investors, Crypto Tax Software including Fintech Collective and CMT Digital. Also, it has attracted the attention of both conventional and crypto-native media, including Forbes and Bloomberg.
But why is that so? Mainly because it’s simple to use Crypto Tax Software. All you need to do is follow three easy steps, and you’ll be done reporting crypto taxes. First, import transactions via API. Next, Crypto Tax Software preview the report generated on your income and losses. Lastly, click the download button and download the tax report generated in minutes Crypto Tax Software.
And that’s not all. CoinLedger is a partner of platforms like TurboTax, H&R Block, TaxAct, and TaxSlayer. Once you have generated the report, you can import it to any of the platforms of your choice Crypto Tax Software.
|9 wallets, 100+ exchanges, and popular DeFi protocols like Ethereum and Ankr
|Free plan supports unlimited transactions without tax reporting. The paid plans range from $49 (100 transactions) to $199+ (3000+ transactions)
|14+ countries, including the UK, the US, Japan, and Ireland
- Trusted by 400,000+ customers
- Comprise three simple steps for tax reporting
- Supports DeFi and NFT integrations
- Affordable option
- A partner with key tax preparation platforms
- The $199 payment plan doesn’t support unlimited transactions
Best for: Understanding DeFi and NFT income tax reporting Crypto Tax Software
For those who have a DeFi portfolio: “ZenLedger is a lifesaver”. Since its inception, the software has been at the service of hundreds of thousands of crypto investors. Till now, Zenledger has served 100,00+ customers and tracked over 50B+ transactions.
Our personal favorite feature of Zenledger is Tax Loss Harvesting. By using this feature, users can realize losses on DeFi protocols and minimize tax liability. ZenLedger also allows the integration of 100+ DeFi platforms and 400+ exchanges so that users can have a single consolidated report showing capital gains and losses.
Though investing in crypto isn’t that complex, the process of keeping a record of your income is. The Crypto Income Report generated by Zenledger makes it simpler for you to oversee the returns, including those from DeFi or airdrops.
|100+ NFT and DFI protocols, 400+ exchanges, and 50+ blockchains
|Free plan supporting up to 25 transactions (without DeFi). The paid plans range from $49 (100 transactions) to $999 (unlimited transactions)
|Used globally to support almost all currencies
- The best option for DeFi tax reporting
- Supports more than 100 DeFi protocols and above 400 exchanges
- Global accessibility Crypto Tax Software
- Reports generated within minutes
- The premium plan allows unlimited access
- DeFi integration is not available for starter plan
Best for: New cryptocurrency investors
If you are a beginner wondering how accounting for the crypto world works, Koinly is hands down the best option. This software, founded just recently in 2018, makes tax reporting a cakewalk, even for those logging their transactions for the first time. There is a user-friendly interface, easy, breezy tooltips, Crypto Tax Software extensive compatibility, and much more to make it a must-have.
The best feature of Koinly is that it does most of the work by itself. You just have to link your exchange accounts via an API connection; the software will import the data automatically and club it so you can keep track of all trade activity in one place.
Moreover, the software allows you to Crypto Tax Software monitor your holdings and tax liabilities in a snap. Put simply, it’ll show you how much you’ve invested in bitcoins, how much you are making out of it, and which of your investments are offering the best returns.
|400+ exchanges, 10+ blockchains, and 100+ wallets
|A free plan with all essential features except tax reporting. Paid plans range from $49 (100 transactions) to $179 (10,000+ transactions), charged annually
|Supports 20+ countries, including the UK, the USA, Germany, Canada, and others
- Available in 20+ countries
- Generates tax reports within 20 minutes
- Supports hundreds of blockchains, wallets, and exchanges
- Offers a free plan
- The free plan doesn’t support tax reporting
Best for: Investors hunting cost-free options Crypto Tax Software
If you are in the early stages of crypto investment and you’ve made up to 25 transactions, the best free crypto tax calculator for you is CoinTracker. You must be wondering, “Every software company is offering a free plan; what’s unique about CoinTracker?” Well, the clincher here is that no one except them on this list allows unrestricted integrations as well as generating reports for free.
Other than that, the software allows you to monitor your investment performance and market value in real time. It frees you of the worry of making any errors in tax reporting by generating a tax report in minutes and allowing tax filing with your accountant.
|500+ integrations including 400+ exchanges, 20+ wallets, and 30+ blockchains
|A free plan for reporting 25 transactions. Paid plans range from $59 (100 transactions) to $599 (unlimited transactions), charged annually
|Fully supports four countries namely the UK, the USA, Australia, and Canada
- A free plan available for 25 transactions without any limitations
- Supports 500+ integrations
- Availability of error-reconciliation feature
- Available in only 4 countries
Best for: Investors looking for a fully automated reporting option
If you are someone who is not interested at all in crypto tax reporting, TokenTax will be your guardian angel. And we are not bluffing. Not only does the software extract data and generate reports automatically, but it also fills in the crypto tax forms and submits them to the IRS.
The software allows seamless data syncing, previewing tax liability, and, most importantly, reconciliation services for investors caught in messy data situations. However, one catch in their offerings is that only US-based clients can enjoy their services to the fullest. Though TokenTax is available worldwide, the software won’t support completing tax forms for non-US residents.
|100+ integrations including DeFi and NFT platforms, exchanges, and wallets
|$65 basic plan for Coinbase investors. Other plans range from $199 to $2,999 per tax year.
|Worldwide. Only US clients get form completion services
- Completes tax forms for US residents
- Compatible with 100+ integrations
- Available worldwide
- No free plan like other software
Best for: Tax Optimization to Reduce Liabilities
The main concern for an investor having a diversified portfolio is keeping a record of their investments Crypto Tax Software. The problem worsens when you have to report tax while ensuring that you haven’t missed out on any tax-saving opportunity. If you are someone troubled by all these issues, Accounting has a rescue plan for you Crypto Tax Software.
Accounting offers Crypto Portfolio tracking tools that let users have a look at their entire portfolio at a glance. Not only that, the insight tools make it easier for the investor to identify their best and least performing players, or in crypto terms, their most profitable tokens and the ones that are in loss. This way, investors can dispose of unprofitable investments, invest in profitable cryptocurrencies, and thereby, optimize their tax liabilities.
|27 exchanges with API support. The rest require XLSX or CSV file upload.
|Free plan for 25 transactions. Paid plans vary from $49 (100 transactions) to $499 (50,000 transactions) a year
|Support clients from the UK, the US, Switzerland, Germany, the Netherlands, Austria, and Australia
- Real-time tax optimization tools
- Free plan available
- Available on App Store and Google Play
- Limited API support
The 6 Best Crypto Tax Software – Which One to Choose?
Well, there is no absolute answer to this. All the crypto software mentioned in this blog are reliable and have a reputation to uphold.
However, which software suits you best is a subjective question. If you are a newbie, we suggest going with CoinLedger or Koinly. Whereas, if you have just started investing in crypto, a cost-effective option like Crypto Tax Software CoinTracker will suffice. The rest of the recommendations are best for investors with diversified and complex portfolios.
All in all, every software has the potential to deliver the best results. The key is to choose wisely and invest the right amount of money in it.