The pleasure of making money on fluctuations of the crypto market can be shut off by the task of reporting taxes, which is technically exhausting. Down below, you’ll find the list of crypto tax software providers helping you automate the process in the U.S.

What is crypto tax software?

Crypto Tax Software is a software that connects to crypto wallets and exchanges to sync up with them and generate tax reports, in most cases, Form 8949, Schedule D, and in some cases, Schedule 1 and others. After generating, checking and downloading reports, you can send them to your accountant or submit them with the Internal Revenue Service (IRS): electronically or by mail.

Before even choosing the right tool for cryptocurrency taxes, you should probably decide if you need it at all. You only need to pay taxes on your income when you sell, trade, or dispose of cryptocurrency in any way and recognize a gain. If you hold your crypto and do nothing with it, there’s nothing to tax. But if you dispose of cryptocurrency and recognize a loss, you should show it and deduct that on your taxes.

That said, crypto tax software providers offer a lineup of extra reports and services depending on your needs and paid plans. For example, they might offer you a crypto tax calculator, a portfolio tracker that helps you keep your eyes on your savings. Or, you can also get a tax loss harvesting report that can be used to reduce your cryptocurrency taxes when you sell investments for less than you paid. 

Lost in translation? The task of filing your taxes is an important part of every trader’s routine, so maybe learn all the important details from this compact read first and, then, don’t hesitate to go back here and choose the best crypto tax software from the list down below.

How does crypto tax software work? 

Just like with traditional tax software, TurboTax or H&R Block Tax Software helping you file federal and state income tax returns, crypto tax software tools were developed to make your life easier. That said, generally, they work in a very similar way.

First, you connect your crypto tax software to the crypto platforms you have accounts with, then, scrape the information about your revenue from staking activities, NFT trades, DeFi apps, airdrops, as well as  transactions from all the wallets and exchanges. Second, they aggregate all the data in the dashboard where you review all the information and check the accuracy of the generated income and loss results. And, last but not least, they offer you to download a ready-to-file form or forms.

4 things to consider when choosing crypto tax software

  • Check if the crypto tax software of your choice connects directly with all the wallets and crypto exchanges that you use. Normally, every platform has a public list  on their website with exchanges and wallets connected, but sometimes you need to log in to see the list.
  • If you already use specific software to file federal and state income tax returns, make sure the crypto platform of your choice is connected with it. TurboTax is often connected with the crypto software tools, but other products may not, so check in advance.
  • How many transactions are available on each of their subscription plans? Maybe you’re about to buy a plan with a large number of transactions while you only sell twice a year. Make sure the subscription package has all you need and nothing more.
  • Do you want to tax income from NFT trades, DeFi exchanges, staking, lending, etc? This is where things get trickier. Not all crypto tax tools support that, so read on that, too. 

Top 8 crypto tax software solutions

We at TradeSanta love automation and have compiled a list of top eight crypto tax software solutions to help you automate the process of paying crypto taxes, too. If you want to save time and reduce the chance of miscalculating while manually filling out all the forms, definitely check out these solutions!

Say, you’ve decided on a certain crypto tax software solution. The first thing to do at this stage is to add your crypto exchanges and wallets to the dashboard of the crypto tax software. There are three ways to do so. You can either upload a file with transactions from the exchange/wallet (1), you can connect your software to all of your wallets directly from the dashboard (if such an opportunity is provided) (2), or you can do it via API keys (3). In this case, all the transactions will be imported, and from now on, will be sent automatically to the crypto tax software dashboard. 

Then, using the crypto tax software’s dashboard, you might want to review the imported information and view tax liability for every transaction. 

Once you have ensured that everything is correct, it’s time you generated the tax reports and filed them.

ZenLedger

ZenLedger - Which crypto tax software is the best
ZenLedger Homepage

Key Features

  • Generates IRS Form 8949, Schedule 1, Schedule D, Fincen 114/FBAR etc. 
  • Covers HIFO, FIFO, LIFO methods of calculation 
  • Allows to calculate taxes DeFi, NFT, Staking
  • A possibility to get a tax professional’s help and advice. The Consultation Plan including a 30-min consultation costs $295. The Single-Year Tax Report, where a professional prepares a crypto tax report for you, costs $3,500 per year. The Multi-Year Tax Report, where a professional prepares a crypto tax report for you for two years in a row, costs $6,500 per year.  

Pricing

Free

 

Starter $49

per year

 

Premium $149

per year

Executive $399

per year

Platinum $999

per year

Up to 25 transactions per year

 

No DeFi,

No Staking,

No NFT

Up to 100 transactions

per year

 

No DeFi,

No Staking,

No NFT

 

Up to 5000 transactions

per year

 

DeFi,

Staking,

NFT

 

Up to 15,000 transactions

per year

 

DeFi,

Staking,

NFT

 

Unlimited transactions

per year

 

DeFi,

Staking,

NFT

 

2 hours of premium support from a dedicated customer service agent

Pros

  • Connects to 500+ crypto exchanges and wallets

Cons

  • Only taxing in the USA is supported
  • You cannot use crypto to pay for ZenLedger’s services 

Koinly 

Koinly Homepage 1024x563 - Which crypto tax software is the best
Koinly Homepage

Key Features

  • Generates Form 8949, Schedule D etc.
  • Covers FIFO, LIFO, HIFO calculation methods
  • Allows to tax DeFi, Margin Trades, Futures
  • Smart transfer matching. Koinly uses AI to detect transfers between your own wallets and keep track of your original cost. Which is a pretty nifty feature to have.

Pricing

FreeNewbie $49 per yearHodler $99per yearTrader $179per year
Up to 10 transactions per year
Up to 100 transactionsper year
Form 8949, Schedule D International tax reports
Comprehensive audit report
Export to TurboTax, TaxACT
FIFO, LIFO 
Up to 1000 transactions per year
Form 8949, Schedule D International tax reports
Comprehensive audit report
Export to TurboTax, TaxACT
FIFO, LIFO
Unlimitedtransactions per year
Form 8949, Schedule D International tax reports
Comprehensive audit report
Export to TurboTax, TaxACT
FIFO, LIFO

Pros

  • Connects to 300+ crypto exchanges and wallets
  • Supports 20+ countries

Cons

  • You cannot use crypto to pay for Koinly’s services 

Accointing.com

Accointing Homepage 1024x545 - Which crypto tax software is the best
Accointing.com Homepage

Key Features

  • Generates Form 8949
  • Covers FIFO, LIFO, HIFO calculation methods

Pricing

FreeHobbyist $79 per yearTrader $199per yearPro $299per year
Up to 25 transactions per year
Portfolio tracking dashboard
Track your whole portfolio
Tax-loss Harvesting tool
Crypto tracker app

Up to 500 transactionsper year
Portfolio tracking dashboard
Track your whole portfolio
Tax-loss Harvesting tool
Crypto tracker app
Up to 5000 transactions per year
Portfolio tracking dashboard
Track your whole portfolio
Tax-loss Harvesting tool
Crypto tracker app
Up to 50,000transactions per year
Portfolio tracking dashboard
Track your whole portfolio
Tax-loss Harvesting tool
Crypto tracker app

Pros

  • Connects to 300+ crypto exchanges and wallets
  • Supports the countries where FIFO, LIFO and LOT accounting methods are supported
  • A comprehensive mobile app 

Cons

  • You cannot use crypto to pay for Accointing’s services

CoinLedger (former CryptoTrader.Tax) 

CoinLedger Homepage 1024x563 - Which crypto tax software is the best
CoinLedger Homepage

KeyFeatures

  • Generates Form 8949, Short & Long Term Gains Report, Tax Loss Harvesting Report, Cryptocurrency Income Report, TurboTax & TaxAct Direct Import, Audit Trail Report
  • Covers FIFO, LIFO, HIFO
  • Allows to tax DeFi, NFT, Staking

Pricing

Hobbyist $49 per yearDay Trader $99per yearHigh Volume $199per yearUnlimited $299per year
Up to 100 transactionsper year
Form 8949, Income Report, Capital Gains Report, End of Year Positions, Audit Trail Report,Tax Loss Harvesting
FIFO, LIFO, HIFO 
Up to 1,500 transactions per year
Form 8949, Income Report, Capital Gains Report, End of Year Positions, Audit Trail Report,Tax Loss Harvesting
FIFO, LIFO, HIFO 
5,000transactions per year
Form 8949, Income Report, Capital Gains Report, End of Year Positions, Audit Trail Report,Tax Loss Harvesting
FIFO, LIFO, HIFO  
Unlimitedtransactions per year
Form 8949, Income Report, Capital Gains Report, End of Year Positions, Audit Trail Report,Tax Loss Harvesting
FIFO, LIFO, HIFO 

Pros

  • Connects to 400+ crypto exchanges 
  • Your reports can be directly imported into TurboTax Online, TurboTax Desktop, TaxAct, and many other tax platforms.

Cons

  • Not for beginners

Cointracker.io 

Cointracker Homepage 1024x522 - Which crypto tax software is the best
Cointracker.io Homepage

Key Features

  • Generates IRS Form 8949, Schedule 1, Schedule D, etc. 
  • Covers FIFO, LIFO, HIFO, ACB (Canada), Sharepool (UK)

Pricing

FreeHobbyist $59 per yearPremium $199per yearExecutive $399per year
Up to 25 transactions per year
Cost basis & capital gains
Error reconciliation
Forum Support
Up to 100 transactionsper year
Cost basis & capital gains
Error reconciliation
Forum Support
Up to 1,000 transactions per year
Cost basis & capital gains
Error reconciliation
Forum Support
DeFi functionality Tax summary by wallet Email support
Unlimited transactions per year Cost basis & capital gains Error reconciliation Margin trading DeFi functionality Tax summary by wallet Concierge support Custom features

Pros

  • Connects to 300+ crypto exchanges and wallets
  • TurboTax, TaxAct integrated

Cons

  • Minor bugs when uploading a CSV file, connecting to exchanges, topping up the balance

Bear.Tax 

Bear.Tax Homepage 1024x562 - Which crypto tax software is the best
Bear.Tax Homepage

Key Features

  • Generates IRS Form 8949, Schedule 1, Schedule D, etc. 
  • Smart Matching Algorithm, helping you avoid taxable events that were not actually taxable events
  • Income classification, such as Gifts, Staking rewards, Airdrops, Hard forks, Referrals, Mining, Voting Rewards etc.

Pricing

Basic $49 per yearPlus $149per yearPro $499per year
Up to 200 lifetime transactions
All supported exchanges
Automated IRS 8949 
8949 Aggregated Document
Export to TurboTax 
Up to 25,000 lifetime transactions 
All supported exchanges
Automated IRS 8949 
8949 Aggregated Document
Export to TurboTax
1 million lifetime transactions  All supported exchanges
Automated IRS 8949 
8949 Aggregated Document
Export to TurboTax

Pros

  • Connects to 200+ crypto exchanges 
  • TurboTax, TaxAct integrated
  • Australia, Canada, India, United States supported

Cons

  • No support for advanced crypto use cases like margin trading and decentralized finance (DeFi)

Cointelli

Cointelli Homepage 1024x561 - Which crypto tax software is the best
Cointelli Homepage

Key Features

  • Generates Form 8949, Schedule D, Audit Trail, etc
  • You can review your data in either Manual or Auto Mode

Pricing

FreeFor everyone $49For entreprise (customized price)
Free import & reviewPay only at downloadPortfolio trackerCapital gain reportOrdinary income reportGift/Donation report
Yearly trading volume over 100K

Pros

  • Supports 110+ exchanges and wallets
  • TurboTax, TaxAct integrated 
  • DeFi, staking, NFTs

Cons

  • Only works for the users from the USA

TaxBit 

TaxBit Homepage 1024x450 - Which crypto tax software is the best
TaxBit Homepage

Key Features

  • Generates Form 8949, Tax Optimization and Tax-Loss Harvesting, etc
  • CPA Review and IRS Audit Support

Pricing

FreeBasic $50Plus+ $175Pro+ $500
Unlimited Transactions +Connected Wallet Addresses
Data Ingestion Across 500+ Platforms

Current-Year Tax Forms for All Supported TaxBit Network Companies
DeFi and NFT Tax Engine
Unlimited Transactions +Connected Wallet Addresses
Data Ingestion Across 500+ Platforms
Current-Year Tax Forms for All Supported TaxBit Network Companies
DeFi and NFT Tax Engine
Current-Year Tax Forms for All Other Platforms
Historical Tax Forms
Unlimited Transactions +Connected Wallet Addresses
Data Ingestion Across 500+ Platforms
Current-Year Tax Forms for All Supported TaxBit Network Companies
DeFi and NFT Tax Engine
Current-Year Tax Forms for All Other Platforms
Historical Tax Forms
Custom Support for CSV Uploads
NFT Suite
Tax Optimization and Tax-Loss Harvesting
Unlimited Transactions +Connected Wallet Addresses
Data Ingestion Across 500+ Platforms
Current-Year Tax Forms for All Supported TaxBit Network Companies
DeFi and NFT Tax Engine
Current-Year Tax Forms for All Other Platforms
Historical Tax Forms
Custom Support for CSV Uploads
NFT Suite
Tax Optimization and Tax-Loss Harvesting
Portfolio Performance Suite
CPA Review and IRS Audit Support

Pros

  • Supports 500+ blockchain platforms 
  • DeFi, NFTs Tax Engine

Cons

  • The CSV file parsing is manual formatting only
  • Looks like the system is unstable at times, as the author couldn’t log in to the platform due to a 403 error bug.

Which crypto tax software is the best 

Is there such a thing as the best cryptocurrency tax software? It’s fair to say that almost every tax filing software provider on the list tends to generate an IRS Form 8949, Schedule 1, and Schedule D – say, Koinly, Cointracker and TaxBit.

However, not all platforms allow covering DeFi, NFT, or Staking gains. For example, Koinly allows to tax only DeFi, Margin Trades, and Futures. FIFO, LIFO, HIFO accounting methods are also an often-case and offered by almost every platform, but as to supported countries, a lot of solutions are normally working with only a few countries. That said, it’s clear that  most of the crypto tax software platforms are designed with the U.S. tax system in mind. But if you live in Europe, you’ll definitely have a chance to learn to love Koinly.

Filing taxes and a tax calculation process is a challenging task to accomplish. So, if you’re interested in having one more cutting-edge automation tool in your arsenal, go for it it and don’t forget to enrich your toolkit with the TradeSanta platform to take advantage of the crypto market volatility without manual hassle of the trading routine – buy and sell easily, using crypto trading robots. 

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