Reporting cryptocurrency gains or losses on your taxes doesn’t have to be a murky process. The best crypto tax software platforms do the work of amalgamating all of your crypto transactions for the year, are easy to use and competitively priced.
Best crypto tax software
- TurboTax Crypto.
- CoinTracker.
- Koinly.
- Cointracking.
- Coinledger.
Why trust our banking experts
Our team of experts evaluates hundreds of banking and tax products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial decisions.
- 9 crypto tax software products reviewed.
- 24 data points analyzed.
- 4 levels of fact checking.
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TurboTax Deluxe
Federal filing fee
$69
State filing fee
$64
A full federal filing with crypto integration
TurboTax Crypto
Blueprint Rating
Price
$119 to $209 for a DIY or assisted federal tax return including crypto
Key feature
Live help from crypto tax experts
Why we picked it
A full-service tax preparation platform, Intuit’s TurboTax Online allows you to import your crypto information from your digital wallet or exchange platform and then does the math for you so that you’re not cross referencing tabs, downloading and uploading multiple forms or using the calculator tool on your phone. And, if you want to be extra sure that everything’s right, you can upgrade to get live help from crypto experts.
Even if you’re not a TurboTax customer, you can use its tools, including the crypto calculator and the crypto tax guide, which is available as an article and a podcast.
Pros and cons
Pros
- Pricing includes an entire federal tax return.
- Live help from crypto tax experts available.
- Free crypto tax information.
Cons
- The platform isn’t meant to help you track crypto outside of tax season.
- Live help requires a price upgrade to $209.
Reporting many types of crypto
CoinTracker
Blueprint Rating
Price
$59 to $599 per year
Key feature
Supports more than 10,000 crypto currencies
Why we picked it
CoinTracker allows you to track your crypto purchases, sales and performances over multiple platforms in one place (a useful perk even outside of tax season). It provides a tax report on your trades, which you can then upload into a tax preparation software, including TurboTax, and TaxAct.
If you’re already filing with one of those platforms, you may not need to pay anything extra. For other tax platforms or, if you’re filing with an accountant (or by hand yourself), you’ll need to purchase a subscription and be more hands-on with the data: You’ll need the IRS Form 8949, cost basis history and capital gains summary, which you’ll use for the Schedule D form.
If you had only 100 crypto transactions last year, you can go with the base price of $59 a year. Pricing shoots up after that, however. It’s $199 annually for up to $1,000 transactions and $599 for unlimited.
Pros and cons
Pros
- Interfaces with more than 500 crypto exchanges and wallets.
- Provides crypto tracking all year long.
- Rated 4.0 stars out of 5,600+ reviews on the Google Play Store.
Cons
- Subscriptions can get pricey.
- Only one review on the Apple App Store.
Working with many crypto exchanges and wallets
Koinly
Blueprint Rating
Price
$49 to $279 per year
Key feature
Syncs with more than 760 crypto platforms
Why we picked it
While Koinly directly integrates with only two tax preparation platforms — TurboTax and TaxAct — it auto-syncs with more than 760 crypto exchanges, wallets and blockchain addresses; plus, if you don’t use one of the two aforementioned tax softwares, it still provides all the data you need to file taxes in more than 20 countries.
Anyone can view Koinly’s article and video guide on crypto currency taxes and any user (including free users) has access to email support, live chat and its tax calculators. You will need to purchase a subscription to download tax reports, however.
The annual subscription costs are: $49 for 100 crypto transactions; $99 for 1,000; $179 for 3,000 and $279 for more than 10,000.
Pros and cons
Pros
- Rated 4.8 stars on Trustpilot.
- Free tax loss harvesting tips.
- Competitive subscription pricing.
Cons
- Integrates with only two tax preparation platforms.
- Limited customer service.
Multi-national crypto reporting
Cointracking
Blueprint Rating
Price
$0 to $69.99 a month
Key feature
Tax reports and expert crypto tax help available for more than 100 nations
Why we picked it
Not to be confused with its rival, CoinTracker, this more actively-named platform can provide tax reports for more than 100 nations — and professional help on crypto tax law is available as well — making it especially useful if you need to report income or loss from crypto in multiple countries. And, if you’re simply looking for resources, Cointracking has one of the simplest, easy-to-understand crypto tax guides that we saw.
Tax and capital gains reports are also free as long as you don’t have more than 100 entries. Otherwise, you’ll need a subscription plan: $12.99 a month for up to 3,500 crypto transactions; $19.99 for 20,000; $35.99 for 100,00; $69.99 for unlimited.
The drawbacks are that it integrates with fewer crypto exchanges and wallets than competitors (only about 300) and it doesn’t directly integrate with any tax software, meaning that you’ll have to download and upload tax forms.
Pros and cons
Pros
- Free tax reports for simplistic situations (up to 100 transactions).
- Provides multi-national tax reports.
- Easy-to-read guides.
Cons
- Integrates with fewer exchanges and wallets than competitors.
- You need an account to use the crypto calculator.
Working with the most crypto exchanges
Coinledger
Blueprint Rating
Price
$49 to $199 per year
Key feature
Track crypto transactions from more than 965 exchanges and wallets
Why we picked it
Coinledger integrates with nearly 1,000 crypto exchanges and wallets, which is an eye-popping amount. It’s also an official partner of TurboTax, though you’ll need to download reports from the platform before uploading them to a tax preparation software of your choice, such as TurboTax, H&R Block, TaxAct, TaxSlayer and others.
While there’s a free version, you’ll need to pay to access tax reports. If you have 100 or fewer crypto transactions, you can get the lowest-cost at $49; but you’ll need to pay $99 for transactions up to 1,000 and $199 for up to 3,000.
If you’re a fan of its platform, you can use its crypto portfolio tracking throughout the year and take advantage of automatic tax loss harvesting tips. Coinledger points out the cryptocurrencies with the largest tax sayings opportunities — and, unlike with some competitors — this feature isn’t behind a paywall.
Pros and cons
Pros
- Free tax loss harvesting tips.
- Customer support available by email and chat.
- 4.8 star rating with more than 1,000 reviews on Trustpilot.
Cons
- No free option for tax reporting.
- Not available as a mobile app.
Compare the winners
| STAR RATING | PRICING | |||||
|---|---|---|---|---|---|---|
| $119 to $209* | |||||
| ||||||
| $59 to $599 per year | |||||
| ||||||
| $49 to $279 per year | |||||
| ||||||
| $0 to $69.99 a month | |||||
| ||||||
| $49 to $199 per year | |||||
|
*For a DIY or assisted federal tax return including crypto.
Methodology
We researched 24 data points on eight crypto tax platforms: Fyn (formerly BearTax), CoinLedger, CoinTracker, CoinTracking, Koinly, TaxBit, TokenTax, TurboTax Crypto and ZenLedger.
For each platform, we created a score out of 100. If one scored perfectly, it earned a five-star rating; one that got a score of 80% earned a four-star rating and so on.
Here’s how we broke down the 24 data points and weighted them:
- Capabilities: 50%. There’s little sense in using a crypto tax platform if it can’t work with all of the types of crypto currencies you have. We considered the number of supported currencies, the amount of reports available, whether data import was automated, whether tax reporting was available for multiple jurisdictions and the number of cybersecurity and privacy measures.
- Interface: 20%. Crypto taxes are complicated enough — you shouldn’t need to put considerable brain power into figuring out how to navigate the platform. Here we considered ease of navigation, the presence of an FAQ section, the quality of tool tips, the ability to start a return before cracking open your wallet and the ability to connect with a CPA.
- Customer service options: 10%. Not everyone likes to receive assistance in the same way. We looked at whether a platform offered phone, chat and email support as well as whether there were tools that could prevent you from needing to reach out in the first place.
- Free options: 10%. We rewarded platforms with a free crypto tax option available for both federal and state, and what filing status qualifications there were (if any).
- Price: 10%. While “free” is preferred, it’s rather rare in this space, so we rewarded platforms with competitive pricing.
How does crypto tax software work?
The purpose of the crypto tax software is to generate a report that compiles all of your crypto transactions for the year. In many cases, this document can be generated even if you trade on multiple exchanges.
Once the crypto tax software collects the necessary data, it might offer an integration to send it directly to a tax service such as H&R Block, TaxAct, TurboTax or another platform. But, if there is no integration, you could likely download your transaction documentation and upload it to your tax preparation tool of choice or manually enter numbers.
Ideally, crypto tax software will help you tackle your taxes quickly so that you can file ahead of the deadline. Remember, the faster you file, the sooner you could receive your tax refund.
Choosing the best crypto tax software
As you explore the crypto tax software options, finding the right one can be easier said than done. Below are some features to keep in mind as you search for the best crypto tax software for your situation.
- User-friendly. A user-friendly platform can make your life easier. If one platform stands out as the easiest option to use for you, then it’s probably the right fit. Or if you are helping your parents file their taxes, you might look for a more basic interface.
- Compatibility with your wallet. It’s important to confirm that the crypto tax software you choose is compatible with your digital wallet.
- Integrations. Many crypto tax software have integrations with popular tax filing services, such as TurboTax or H&R Block. If you already use another tool to file your taxes, it’s helpful if the crypto tax software you choose can integrate into that platform seamlessly.
- Price. Of course, no one wants to pay more than they need to for tax filing. Make sure the price point suits your budget.
Cryptocurrency and taxes
Cryptocurrency has been around for awhile. But digital assets are becoming more popular, which means this might be the first time you are dealing with a mixture of cryptocurrency dealings in your tax return.
Whether this is your first time around the block or you need a little refresher, the following information should help get you up to speed on crypto tax basics.
How much is crypto taxed?
The profits you earn from selling crypto are taxed like most other capital gains. Depending on your situation and the circ*mstances of the sale, you may pay between 0% and 37% on the gain.
If you buy and sell a digital asset within a single year, that’s considered a short-term capital gain. Short-term capital gains are taxed at your regular income tax rate, which can range from 10% to 37% based on your income.
If you hold a digital asset for at least one year before selling it, that’s considered a long-term capital gain. The long-term capital gains tax rate ranges from 0% to 20% and varies based on your taxable income for the year.
Can I claim crypto losses on taxes?
“You can claim crypto losses on your taxes, which can be a silver lining in a downturn market,” said David Brillant, a lawyer specializing in taxation and estate planning in North California. “Losses on crypto assets can offset other capital gains and up to $3,000 of other types of income (for individuals) per year. If your losses exceed this, they can be carried forward into future tax years.”
If you are trying to minimize your tax bill during a recession, claiming crypto losses could be the right move. But consider consulting with a tax professional if you have questions about this strategy.
Can I avoid taxes on crypto?
If you sell your crypto assets for a gain, then you will be required to pay capital gains taxes. But the good news is that you aren’t required to sell your crypto assets.
In order to minimize your tax burden, you can “hold crypto assets for the long term can also be beneficial, as long-term capital gains are taxed at a lower rate than short-term gains,” said Johan Garcia, certified public accountant and principal of JG CPA & Advisory in Miami.
Another strategy to minimize your crypto taxes?
“Selling crypto during a low-income year can take advantage of lower tax brackets,” said Garcia, “potentially reducing the tax rate on capital gains.”
Frequently asked questions (FAQs)
The best crypto tax tool varies based on your unique situation. But some good options include TurboTax Premium, Koinly and CoinTracker.
If you bought and sold cryptocurrency in the last year — no matter which crypto tax tool you use — you’ll ultimately file Form 8949 and Form 1040 to record your capital gains and losses related to your crypto moves.
We think so — for one price, TurboTax makes it easy to handle crypto tax obligations because you can import data from the top 15 exchanges. With that data, TurboTax can incorporate your crypto tax information seamlessly in your tax return.
Both Koinly and CoinTracker are useful options for crypto taxes. Koinly is a bit cheaper than CoinTracker for the basic features, but Koinly’s expert review option could cost you hundreds. Both Koinly and CoinTracker have earned over 4.5 out of 5 stars on Trustpilot. Ultimately, the right choice boils down to which features you need more.
It could cost several hundred dollars for a tax accountant, especially one who is competent in the realm of crypto taxes. Although the upfront cost can be significant, a complex tax situation could justify the high price tag.
