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This part of the post will take you through 5 cryptocurrency tax software that you can use to import and manage your trading data from crypto exchanges, calculate and report taxes on your crypto activities, all by yourself. Plus some bonus tools. TokenTax is one of the most extensive tax calculation and reporting software out there for any crypto trader. The platform has made the entire process hassle-free by integrating with almost every crypto exchange out there. This feature will recommend the coins that you should sell in order to minimize the tax you pay your crypto activities and helps you make optimum use of both your portfolio and the tax system.
Koinly is another great tool for crypto traders and miners looking to do their taxes. It provides support for traders, investors, and miners in over countries. In calculating taxes, Koinly considers the accounting system of all supported countries. Even if your country is not listed, Koinly is ready to support you when you need help calculating your taxes.
When it comes to exchanges, traders have many options to choose from. It also makes integrating with an exchange or wallet simple for any trader using secure read-only API connections. In total, Koinly supports 68 wallets such as Exodus, Trezor, Ledgers etc, over exchanges, and more than cryptocurrencies.
Koinly can import such files without having to make manual changes to them. Tracking your trades and calculating taxes on Koinly is really very simple and easy. CoinTracking is another great and long-standing tool for all your crypto tax calculation and reporting. It is a crypto portfolio management platform that also provides great tax tools, giving you access to a comprehensive set of data in one dashboard.
It tracks your crypto balances and trading milestones to help you make better decisions. It supports many exchanges, crypto assets, and fiat currencies. CoinTracker is another great tool for any crypto trader looking for simple and intuitive crypto tax software. Apart from its tax tools, CoinTracker also has great crypto investment analysis tools to help you make better trading decisions. Crypto taxation is not that complicated. After this, you need to transfer your total gains to your Schedule D form same procedure for stocks.
As the cryptocurrencies are becoming mainstream and governments have started classifying Bitcoin and crypto earnings for tax purposes, it is important to become mindful of your crypto earnings. Also, if you are aware of crypto tax rules for your country, do share that as well in the comment section below.
Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He has a background in both finance and technology and holds professional qualifications in Information technology. After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
Amninder Indians can use Bear tax software. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Notify me of new posts by email. This site uses Akismet to reduce spam. Learn how your comment data is processed. CoinSutra was founded in with the mission to educate the world about Bitcoin and Blockchain applications. Table Source: Crypto Research Report. Calculate tax on crypto earnings. Check out TokenTax.
Signup For Free at Koinly. Visit CoinTracking. Check out Zenledger. Check out CoinTracker. The options available can easily become overwhelming. Koinly is an app that makes it easy to import your data and download capital gains tax forms like the , Schedule D and export to Turbotax. Check the website for supported countries. CryptoTrader offers an easy way to calculate all your crypto taxes, and has integration with TurboTax.
Accointing allows you to track your crypto portfolio while keeping a record of all your transactions in order for you to be able to print a tax report at any point in time. Once you have imported your trade history, the crypto tax software will compile this and give you a rundown of total capital gains or losses. You can now export your data.
When filling out your financial picture, be sure to select I sold or traded cryptocurrency. Here, you can link the third-party service you used to prepare your trade history, or choose to enter information manually. Crypto tax software makes it easy to properly file taxes on your cryptocurrency trading and protects you in the case of an audit. Unfortunately, in most countries, the laws and regulations around crypto are murky at best.
This is especially true in the Unites States. Different parts of the government disagree about what kind of asset virtual currencies like Bitcoin are. The SEC does not consider Bitcoin a security. Instead it is a commodity. The IRS considers Bitcoin property. Virtual currency is treated as property and general tax principles applicable to property transactions apply to transactions using virtual currency. That means you are expected to keep track of not only every trade but every transaction.
This makes trading and using Bitcoin and other coins with different legal definitions very cumbersome come tax season. On top of that, the IRS has warned many holders of crypto that they are very serious about citizens who skirt the laws or try to use crypto to evade taxes… and they will find out. You could spend countless hours tracking all of your trades and purchases and trying to make sense of capital gains.
This is amplified by the fact that individual states have their own laws. Sure, each of them cost a few bucks, but for the time you save and the protection this software gives you if you are ever audited is worth every satoshi. Short of moving to Puerto Rico or El Salvador, if you are taking profits on crypto, there is no way to get out of paying taxes on it. If you are actually willing to move to Puerto Rico, there are some great services out there that make the process pretty seamless, such as relocatepuertorico.
Crypto tax software is pretty simple - instead of having to calculate all the taxes you owe on all your trades or crypto income, you can input your data into crypto tax software and it will generate what you owe. If you make lots of trades, most crypto tax software will connect to your exchange accounts and import the data for you.
If you have ever paid taxes on real estate or any other hard asset, then crypto works the same way. Any profits are taxed as capital gains. That means you pay taxes on the difference between the price you bought the coins and and the price you sell them at. You must report both profits AND losses. However, if you report losses, you may actually be entitled to reduce your crypto taxes in the future so its actually in your interest to report these losses.
Yes, anytime you trade one cryptocurrency for another, you are effectively selling the first currency and buying the second one. This creates either a profit or a loss of the first cryptocurrency and a new cost-basis for reporting the second. Make sure to keep track of all crypto to crypto trades. On March 20, , the Treasury Secretary Steve Mnuchin announced on twitter that all income taxes would now be due no later than July 15, as opposed to the normal April 15 due date.
Bitcoin and other crypto holdings are no exception. Whatever crypto sales gains you would have reported for your taxes should have been included in your tax return due July 15, Even in , most jurisdictions will not allow you to pay any taxes in crypto of any kind. There are a few places, such as the Swiss canton of Zug and the US state of Ohio, among others, to allow residents to pay their taxes directly in Bitcoin. The state of Colorado is also looking into accepting Bitcoin for tax payments.
That said, these are not technically the same documents that you will have to turn in to the IRS. Some exchanges will not even produce documents like these at all. Unfortunately, it is on you to make sure your taxes are paid and properly documented on the correct forms. FIFO means your earliest buys will be the ones considered for capital gains when you sell. LIFO means your most recent buys will go first when considering which coins were sold for capital gains.
FIFO is the most common method used, since it usually sets you up to pay less in taxes due to sales being long term gains rather than short term. If you have deposited coins in interest accounts such as those found at Ledn or Blockfi, you may be wondering how that interest will be treated at tax time.
All interest in a crypto savings account is treated the same way normal fiat interest accounts are treated - as income! In October, PayPal made it possible to buy, hold, and sell digital currency directly on its platform.
Tax integrates directly with your favorite cryptocurrency platforms to make it easy to import your historical transactions. Download your completed tax forms to file yourself, send to your accountant, or import into your preferred filing software. Partnered with the largest tax preparation platform to make it easy for you to E-File your crypto gains and losses with your full tax return.
Generate your crypto gains , losses , and income reports in any currency. These reports can be used to complete the relevant tax forms for your country. This guide breaks down everything you need to know about cryptocurrency taxes, from the high level tax implications to the actual crypto tax forms you need to fill out. In this guide, we walk through the step-by-step process for crypto and bitcoin tax reporting within TurboTax—both online and desktop versions. In this article, we dive into these questions and share the fundamentals of DeFi taxes as they relate to lending, borrowing, yield farming, liquidity pools, and earning.
Used CryptoTrader. Tax software imported transactions easier and the reconciliation resulted in just a few warnings to be resolved. The team the quickly help me navigate through resolving those warnings! Used this service this tax season and loved it! Everything went smoothly and was easy to understand, only took a few minutes to sign up and had everything in a nice format.
Definitely using this again next year. I have told Friends and Co-workers about this service and highly recommend it to everyone! Just wanted to leave a quick review. I have used Cryptotrader for the last three years now. In my opinion, one of the best in what they do. I feel like this site is very user friendly and the support via chat is great as well.
Would recommend to others. Love CryptoTrader. Fabulous platform for quickly calculating the tax impact of your crypto trading. Thank you so much for this service. Have used it for clients and my own trading. Great reports and even completes the forms for you. Works like a charm. Tax made a difficult and confusing task very simple and manageable. I had a question during the process in which I reached out to customer service - they were very friendly and helped me resolve my issue within minutes.
I was able to generate my tax documents in no time at all! Very happy with my experience and will use again next year. Incredibly helpful. The user interface is good, the explanations and directions are good, and their customer service is exceptional. It really is. The software also lets you customise your personal tax rate.
Using the demographic information that you provide, TaxBit calculates your individual tax rate by taking into account the state and federal levels. This can give you the most accurate picture of your liability or refund. And finally, when it comes to submitting your forms to the IRS, you can easily download IRS form with all of your trades.
You can either download this in a simple pdf form to be sent to your accountant or you can download it for use in tax filing software such as TurboTax, TaxAct et al. When it comes to pricing, TaxBit has three tiers. Below are what each of the pricing options entail:. CoinTracking calls itself the leader in cryptocurrency reporting and tracking, and with over , clients, including more than corporate clients, they might not be wrong.
CoinTracking is particularly detailed, and users will know exactly how their portfolio is performing, how diversified they are, and what their tax burden is going to be all throughout the year. This allows CoinTracking to display the complete trading history of a user, and determine profits, losses, and taxes owed. The platform aggregates all of the transactions made through the connected accounts, showing exactly what was sent or received, and the exact trades made over the course of the year.
The platform also shows the historical coin prices at the time the trades were made, and has over 11 years of data on more than 7, altcoins. Over 70 exchanges are supported, including more than a dozen that are closed. CoinTracking begins with a free tier that can be used for up to transactions, although the tax reporting and linked accounts are limited.
To fully unlock the features a Pro account is needed. Accointing is one of the newer tax accounting solutions, having been launched in It also claims to be an all-in-one solution that covers everything crypto and tax related. One of the most powerful features is the portfolio management tool that comes with Accointing.
You can even drill down to view the state of your portfolio at a specific timeframe. Related to this is the Holding Period Assistant dashboard, which will look at when you added cryptocurrencies to your portfolio and then make tax-strategy recommendations such as a tax-loss harvesting strategy, based on your holdings and holding period. So much power with the click of a mouse. Image via Accointing. When it comes to crypto taxes, Accointing has you covered.
The Tax Review feature automatically goes through all the steps required to accurately calculate your tax burden. It will even generate reports based on different cost accounting methods, giving you the ability to easily choose the best for your situation.
And it allows you to mark off transactions as airdrop, hard fork, gift, or payment. All of this is made possible by the import function of Accointing. The data import software included in the Accointing package makes it super easy to upload everything from wallets and exchanges via CSV or API.
In fact, if you have 25 transactions or less Accointing is free to use. That includes all the features of the software, not some watered down version. If you have more transactions you do have to pay for the software. Considering the amount of time Accointing will save you this is a real bargain. Overall Accointing is a very powerful and user friendly tool for tracking your portfolio and generating tax reports. Both features will save you time and quite possibly a good bit of money.
BitcoinTaxes is another popular crypto tax solution. Launched in , it is a web-based solution which offers users a group of excellent tools for tracking annual tax obligations. It includes the ability to generate detailed tax reports including all the transactions carried out throughout the year.
These reports include transaction data pulled from many popular exchanges such as Coinbase Pro , Bittrex , and others. The platform also supports importing any mined cryptocurrencies that may have been received throughout the year.
The platform will generate your capital gains for the year, which can then be input into the tax software of your choice, or can simply be printed out to share with your tax accountant, or to attach to your tax return. One huge downside to this platform is the need to manually enter the coin price for each separate time-frame. This could create quite a bit of work for active traders. The platform is available to residents of the U.
LukkaTax was previously called LibraTax, and the original version has been around since This is another popular crypto tax platform frequently recommended by crypto enthusiasts who are also interested in keeping up to speed with their taxes.
The LukkaTax website claims you can collect your data from any source, including both exchanges and wallets. The platform will calculate based on crypto-crypto trasactions, crypto-fiat transactions, and mining transactions. The platform supports over 3, different cryptocurrencies. The platform generates a number of different reports, including the IRS Form needed to file taxes in the U.
In addition to tracking crypto activity for the current tax year LukkaTax has the ability to look back in time and calculate tax obligations for prior years for those interested in filing an amended return. The platform integrates with over two dozen popular cryptocurrency exchanges, and has support for a large majority of fiat and cryptocurrencies.
ZenLedger will quickly import transaction history from supported exchanges, and will use the data to automatically fill in the required information in tax documents. This includes capital gains, donations, closing statements, and income from cryptocurrencies. The platform also generates a profit and loss statement.
That means they can all be submitted directly or used in conjunction with other tax reporting solutions. ZenLedger works perfectly for all levels of crypto enthusiasts. While no one enjoys doing taxes, these solutions make finishing the crypto-portion of taxes easier and less stressful.
Best of all, with the landscape surrounding cryptocurrency taxation continually changing, these platforms will keep in front of those changes and help their users remain compliant with the latest tax laws in their respective countries. Using one of the seven solutions provided above will ensure the correct information is being collected and reported to tax agencies, and could help users avoid any penalties or fines. Keeping track of tax information for digital assets can be a challenge, but these crypto tax tools make it far easier.
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ZenLedger is the leading software focused on cryptocurrency tax management and accounting. ZenLedger's platform helps both crypto investors and tax. Best-in-class cryptocurrency tax software platform and accounting firm enabling widespread adoption with real-time tax | Designed by CPAs and Tax Attorneys. Koinly is a tax solution for cryptocurrency investors and accountants. Alternatively, import our report into a tax filing software like TurboTax.