Cryptocurrencies like Bitcoin and Ethereum have exploded in popularity in recent years. As more people invest in digital assets, properly reporting crypto transactions on your taxes has become increasingly important. The IRS treats cryptocurrencies like property, which means they are subject to capital gains taxes.
Finding the right crypto tax software can simplify the reporting process and ensure you remain compliant. In this guide, we’ll compare the top options and help you choose the best platform for your needs.
How Crypto Tax Software Works
Crypto tax software connects to your wallets and exchanges to automatically import your transaction history. It calculates your capital gains, losses, and income. Then, it generates the required tax forms like Form 8949 and Schedule D.
Most platforms offer a few key features:
- Transaction importing: Connect API keys to automatically sync data. Some also support manual CSV uploads.
- Gain/loss calculations: The software calculates capital gains and losses on each transaction.
- Tax form preparation: It auto-fills tax forms like 8949, Schedule D, FBAR, etc. and downloads them for filing.
- Portfolio tracking: View overall profit/loss and historical performance across wallets.
- Audit defense: Get a full audit trail in case of an IRS inquiry.
- Reporting: Generate tax reports, income reports, audits reports, and more.
Using crypto tax software eliminates the need to manually track and calculate capital gains taxes. And it provides verifiable reports in case of an audit.
The 7 Best Crypto Tax Software Platforms
Here are the top platforms to consider for cryptocurrency tax reporting:
CoinTracker is the best overall crypto tax software. It connects to over 300 exchanges and wallets. The platform covers 2,500+ coins with automated reporting for Bitcoin, Ethereum, stablecoins, NFTs, DeFi, and more.
Key features include:
- Imports from all major exchanges, wallets, and blockchains.
- Accurate capital gains/loss calculations.
- Auto-generated 8949, Schedule D, FBAR, etc.
- Portfolio tracking with performance metrics.
- Tax loss harvesting tools.
- Free tax forms and expert support.
CoinTracker works with TurboTax and CPAs to seamlessly file your cryptocurrency taxes. Pricing starts at $49 for 100 transactions.
ZenLedger offers automated crypto tax reporting with easy-to-use tools for portfolio tracking and tax loss harvesting. It connects to most major exchanges and supports 3000+ coins.
- Imports transactions from wallets, exchanges, blockchains, and NFT platforms.
- Auto-generates capital gains, income and mining reports.
- Creates 8949, Schedule D, FBAR, and other forms.
- Tax planning tools, including for tax loss harvesting.
- Free live customer support.
ZenLedger integrates with TurboTax. Pricing starts at $149 per year.
CryptoTrader.Tax automates cryptocurrency tax reporting with robust tools for traders. Key features include:
- Integrations with 30+ exchanges and wallets.
- Short-term/long term capital gains tracking.
- Automated 8949 and other tax forms.
- Tax loss harvesting and reporting.
- Trader tax tools and multi-user support.
It partners directly with TurboTax and CPAs for tax filing. Plans start at $49 for 100 transactions.
TokenTax offers automated crypto tax solutions for individuals and accountants. Features include:
- Imports for 6,000+ exchanges, wallets, DeFi and NFTs.
- Auto-generated tax forms and filings.
- Dedicated specialist support.
- DIY plans and CPA services available.
- Tax loss harvesting tools.
Pricing starts at $65 for individual filers covering up to 20 transactions.
Koinly supports over 300 coins and integrations with leading exchanges. It offers:
- Automated capital gains/loss calculations.
- Auto-generated 8949, Schedule D, FBAR and other forms.
- CPA support and audit assistance.
- Portfolio tracking.
- Cryptocurrency invoicing.
Koinly integrates with TurboTax. Pricing starts at $79.
Accointing offers portfolio tracking and tax tools for 3000+ cryptocurrencies. Features include:
- Support for DeFi, NFTs, and staking transactions.
- Automated tax reporting for capital gains and income.
- Tax diagnostics and planning tools.
- Performance/profit tracking across wallets.
- Tax-loss harvesting tools.
Pricing starts at $129 per year for the tax plan.
TaxBit delivers cryptocurrency-specific tax automation for individuals and accountants. Key features:
- Covers 5,500+ coins.
- Auto-generates 8949, Schedule D, FBAR, etc.
- DIY and CPA tax filing integrations.
- Audit guarantee and dedicated specialist support.
- Portfolio tracking and analytics.
Pricing starts at $150 for tax prep services.
How to Choose the Right Crypto Tax Software
Here are a few key factors to consider when selecting cryptocurrency tax software:
- Number of transactions – Choose a plan with coverage for your trade volume.
- Supported integrations – Ensure it connects to your exchanges, wallets, and blockchains.
- Coins supported – Pick a platform with coverage for the coins you own.
- Tax form preparation – Look for auto-generated 8949, Schedule D, FBAR, etc.
- CPA services – See if they offer partnerships with CPAs for expert tax prep and filing.
- Audit support – Select a provider that can help with audit defense.
- Pricing – Compare costs for your estimated transaction volume.
|CoinTracker||Starts at $49 for 100 transactions||Overall best for most users|
|ZenLedger||Starts at $149 per year||Easy to use tax tools|
|CryptoTrader.Tax||Starts at $49 for 100 transactions||Active traders|
|TokenTax||Starts at $65 for 20 transactions||Great CPA integration|
|Koinly||Starts at $79 per year||Wide exchange support|
|Accointing||Starts at $129 per year||Portfolio tracking|
|TaxBit||Starts at $150 per year||Full tax services|
Generate Accurate Tax Reports with Crypto Tax Software
Properly reporting your cryptocurrency transactions is crucial for staying compliant and avoiding penalties. Crypto tax software automates the tax reporting process by integrating directly with exchanges, wallets, and blockchains.
Leading platforms like CoinTracker can import your full transaction history, calculate capital gains and losses across assets, and auto-generate the necessary tax forms. This eliminates manual work while providing you with an audit trail.
Be sure to evaluate the top crypto tax software options based on your trading volume, assets, and need for CPAs or tax professionals. With the right platform, you can simplify cryptocurrency tax reporting each year.