Crypto tax calculators to consider in 2024

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This text is a comparison and review of different crypto tax calculators. It covers the key features, pricing, pros, and cons of each option: CoinTracker, CoinLedger, ZenLedger, and Crypto.com Tax. The text also includes a brief FAQ section to address common questions about crypto taxes and calculators.

Discover the convenience of calculating your cryptocurrency taxes in the year 2024. Utilize user-friendly platforms such as CoinTracker, CoinLedger, TokenTax, and ZenLedger to determine your crypto tax obligations with ease.

Table of Contents

In the majority of nations, such as the United States, the United Kingdom, Canada, Australia, and India, tax agencies mandate reporting and payment of taxes for cryptocurrency deals. During tax season, it’s essential to document every detail related to your crypto transactions.

In contrast to standard stock brokerages, leading cryptocurrency exchanges may not issue annual tax summaries for your transactions. Consequently, determining your income and its tax implications based on your nation’s crypto tax regulations falls upon you.

As a crypto investor, I understand that manually filing taxes for every transaction can be quite time-consuming, especially when dealing with numerous buys and sells. This is where using a crypto tax calculator comes in handy. With this software, it automatically calculates my profits, losses, income, and tax liabilities based on my investing activity and data, retrieving information directly from my exchanges, wallets, and other crypto platforms. It simplifies the process and saves me valuable time and effort.

Regardless of your experience level in trading or investing in cryptocurrencies, having an accurate and dependable cryptocurrency tax calculator is indispensable for meeting tax obligations and simplifying the process of filing taxes. In this comprehensive guide, we’ll explore some top-notch options for crypto tax calculators worth considering in 2024.

CoinLedger

CoinLedger serves as a trusted solution for simplifying the process of reporting taxes on your cryptocurrency and NFT transactions. The platform has been utilized by over half a million crypto investors since its inception for calculating their tax obligations.

You can calculate crypto taxes using CoinLedger in three simple steps:

1. Import your crypto transactions from your wallets and exchanges.

2. Preview your report.

3. Generate your tax report.

As a crypto investor, I find it incredibly convenient when a platform seamlessly connects with other widely-used crypto tax tools. This feature enables me to effortlessly import all my past transactions, regardless of whether they stem from trading activities, earning interest, or purchasing Non-Fungible Tokens (NFTs).

Additionally, this platform enables you to obtain your finished tax forms for self-filing, transmitting them to your accountant, or integrating them with your chosen tax preparation tool.

Key features:

    Unlimited transactions: Import all your crypto transaction history for free.
    Wide integration: Directly integrates with TurboTax, TaxAct, and other crypto tax platforms.
    NFT and decentralized finance support: Handles transactions involving NFTs, decentralized finance (defi), and margin trading.
    Recalculate reports: Regenerate tax reports as many times as needed for free.

Pricing:

  • Free: $0 for unlimited transactions
  • Hobbyist: $49 for up to 100 transactions
  • Investor: $99 for up to 1,000 transactions
  • Pro: $199 for up to 3,000 transactions

Pros:

  • Free plan with unlimited transactions
  • Affordable paid plans
  • Easy integration with other tax software
  • Rerun and recalculate reports at no extra cost

Cons:

  • Full tax report download requires a paid plan
  • No mobile app is available

CoinTracker

With over 2 million users relying on it, CoinTracker is a versatile tool that works with over 500 different crypto wallets and exchanges. It caters to more than 10,000 distinct cryptocurrencies and provides support for over 20,000 decentralized finance (DeFi) smart contracts.

As a crypto investor, I find it incredibly convenient that my tax calculator seamlessly integrates all my crypto transactions from various exchanges, wallets, DeFi platforms, and even NFT marketplaces into one place. This way, I can easily keep track of my gains and losses, and accurately calculate my taxes without the need for manual data entry or cross-referencing between different platforms.

In terms of security, CoinTracker ensures the protection of your information through read-access only to your data, end-to-end data encryption, and token-based two-factor authentication for enhanced security. Additionally, the platform adheres to both SOC 1 and SOC 2 compliance standards.

Additionally, the application version offers convenience with its portable design, enabling you to monitor your investment progress and sort your trading records anytime and anywhere.

Track your portfolio with our improved mobile app experience:

— CoinTracker (@CoinTracker) July 2, 2024

As a crypto investor, I can tell you that CoinTracker extends its comprehensive support to users based in the United States, India, and the United Kingdom. Additionally, it offers limited assistance in other countries.

Key features:

    Comprehensive support: Syncs crypto activity across exchanges, wallets, defi, and NFTs.
    Security: Read-only data access, end-to-end encryption, and token-based 2FA.
    Mobile app: Monitor investment performance and transaction history anywhere.

Pricing:

  • Free: $0 for 25 transactions
  • Base: $59 for 100 transactions
  • Prime: $199 for 1,000 transactions
  • Ultra: $599 for up to 10,000 transactions

Pros:

  • Offers a free plan
  • Supports over 500 exchanges and wallets
  • Robust security features
  • Convenient mobile app

Cons:

  • Limited support for futures, swaps, and derivatives
  • Supports a limited number of tax jurisdictions

TokenTax

TokenTax is a crypto tax solution crafted by tax specialists in the field of cryptocurrencies. It caters to investors worldwide with accurate tax computations and comprehensive accounting features.

As a researcher studying tax software solutions, I would describe one option as follows: I can quickly and seamlessly bring in various types of data with its efficient universal import feature. With just a few clicks, I have instant access to the necessary tax forms. Furthermore, this tool offers real-time previews of my estimated tax liabilities, allowing me to make informed decisions on the spot. Best of all, it is accessible to taxpayers from anywhere in the world.

Using TokenTax is straightforward:

Sync and examine data: The software links up with your wallets and records, automating data input and maintaining precision.

Check out an advanced review of your potential tax obligation: Gaze at your crypto dealings and tax details combined, benefiting from real-time estimates of your projected tax liability.

As a data analyst, I would suggest paraphrasing “Export completed forms” as follows:

As a crypto investor, I can tell you that utilizing a crypto tax calculator is an essential tool for keeping track of my capital gains and losses. What’s great about this calculator is that it can import data from almost every exchange, blockchain, protocol, and wallet out there. However, if the platform I use isn’t automatically supported, I can still input the necessary data through its manual CSV template.

Key features:

  • Data import: Syncs with all wallets and accounts, with manual CSV templates for unsupported platforms.
  • Real-time estimates: Preview tax liabilities in real-time.
  • Comprehensive forms: Exports all necessary forms for filing taxes.

Pricing:

  • Basic: $65 for up to 100 transactions
  • Premium: $199 for up to 5,000 transactions
  • Pro: $1,599 for up to 20,000 transactions
  • VIP: $2,999 for up to 30,000 transactions

Pros:

  • Full-service tax filing
  • Customizable reports for various countries
  • Human customer support
  • Supports almost all wallets and exchanges

Cons:

  • No free plan
  • High cost for some plans

ZenLedger

ZenLedger is known for its specialized crypto tax software designed for decentralized finance (DeFi) portfolios. According to reports, it has processed and calculated taxes for over 10 billion transactions for over 100,000 users.

The crypto tax solution is compatible with more than a hundred decentralized apps, including 1Inch, Aave, Uniswap, and PancakeSwap.

This platform caters to over 400 cryptocurrency exchanges and more than 10 NFT marketplaces. With this expansive coverage, it enables users to import their transaction history, effortlessly compute tax obligations in real time, and produce an IRS Schedule D for seamless reporting.

How to Deal with an Unexpected Crypto Tax Bill #bitcoin #ethereum

— ZenLedger (@ZenLedgerIO) March 29, 2024

As a cryptocurrency analyst, I can confirm that by examining my transaction history with ZenLedger, it becomes effortless for me to generate the required IRS Form 8949. This form helps report any capital gains or losses incurred from buying and selling digital assets.

As a crypto investor, I find it incredibly convenient that the tax calculator for my digital assets effortlessly syncs up with widely used tax preparation platforms such as TurboTax and TaxAct. This means I can manage and report on my entire investment portfolio, including my crypto transactions, from a single location when it comes time to file my taxes.

As a financial analyst, I can share that ZenLedger offers the capability to calculate the entire gain derived from various sources such as airdrops, staking, mining, and more, in real-time.

Key features:

    Defi and NFT support: Integrates with major defi platforms and NFT exchanges.
    IRS compliance: Generates IRS Schedule D and Form 8949 for accurate crypto tax reporting.
    TurboTax integration: Seamlessly integrates with popular crypto tax tools.

Pricing:

  • Silver: $49 for up to 100 transactions
  • Gold: $199 for up to 5,000 transactions
  • Platinum: $399 for up to 15,000 transactions
  • Professional: From $275 for a consultation to $6,500 for multi-year plans

Pros:

  • Excellent customer support
  • Quick crypto tax report generation
  • Leading software for defi earnings
  • Extensive exchange and platform integration

Cons:

    No free plan
    Defi and NFTs are only supported in professional plans

Crypto.com Tax

As a researcher in the field of cryptocurrency taxes, I would highly recommend giving Crypto.com Tax a try if you’re looking for a free crypto tax calculator. Regardless of whether you’re just starting out or have extensive experience with crypto taxes, using Crypto.com Tax to generate your tax report is an uncomplicated process.

This platform seamlessly connects with four different wallets and 25 various exchanges, enabling support for over 10,000 distinct cryptocurrencies. The free crypto tax solution is currently available in 11 countries, among which are Australia, Canada, New Zealand, the United Kingdom, and the United States.

Starting from June 25, Crypto.com Tax will no longer function independently. Instead, they will collaborate with Koinly and TokenTax to provide their users with free crypto tax services.

Key features:

  • API and CSV support for easy data import.
  • Calculates capital gains and losses.
  • Allows for the generation of multiple tax reports.
  • Completely free for unlimited transactions.

Pricing:

  • Free: $0 for unlimited transactions

Pros:

  • Currently absolutely free
  • Easy-to-use interface
  • Supports thousands of cryptocurrencies

Cons:

  • Limited mobile functionality
  • Smaller number of supported exchanges and wallets

Final thoughts

Selecting an appropriate crypto tax calculator suited to your requirements will facilitate a more seamless tax filing experience while ensuring adherence to tax laws.

Each option in our guide provides distinct features catering to various kinds of crypto investors. Choose the one that aligns most closely with your trading strategies and reporting preferences.

As an analyst, I would describe it this way: Both CoinTracker and CoinLedger come with rich features and extensive compatibility, making them go-to options for the majority of users. In contrast, ZenLedger particularly shines when it comes to managing decentralized finance (DeFi) portfolios. For those in need of more tailored assistance, TokenTax offers a comprehensive suite of services.

If you’re looking for a completely free alternative, consider giving Crypto.com Tax a try. This option is particularly beneficial for those new to crypto trading. Assess your specific needs and select the most suitable tool based on your cryptocurrency trading activities and tax reporting obligations.

FAQ

How do I calculate my crypto taxes?

To determine your cryptocurrency taxes for the tax year, it’s essential to add up every buy, sell, trade, and other related transactions you engaged in. A crypto tax calculator streamlines this task by scrutinizing your transaction history and then applying appropriate tax rates to compute your taxable profits or losses.

Why do I need a crypto tax calculator?

A crypto tax calculator streamlines the intricate task of determining taxes on cryptocurrency deals. Unlike conventional investments, crypto transactions aren’t typically documented for tax purposes by most exchanges. By collecting all your transaction data, a tax calculator calculates profits, losses, income, and tax obligations, ensuring precise reporting and adherence to tax regulations.

What is the best crypto tax calculator?

As a crypto investor, I understand that each one of us has unique needs when it comes to calculating taxes on our digital asset investments. While various tools like CoinTracker, CoinLedger, TokenTax, and ZenLedger cater to different types of investors, the best choice for me would depend on my specific trading activities.

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2024-07-10 22:26