7 Best Crypto Tax Software 2024 (Ranked & Reviewed)

If you’re a crypto investor or trader, you’re probably wondering how you’ll be taxed on your virtual currency income and whether there will be a tax liability. The good news is that several crypto accounting software solutions are available to help make the process easier. This blog post will rank and review some of the market’s best crypto tax software tools. Finding the right tax professional to manage all your crypto activity is essential, and we will base our rankings on features, pros, cons, and pricing. So whether you’re looking for a solution to help with income tax or want to calculate your taxes yourself so you can have a compliant tax filing, we have you covered!

 

What Are The Best Crypto Tax Software Solutions?

 

1) Coin Ledger

Coin Ledger was founded in Kansas City, Missouri, in 2018. It was formerly known as CryptoTrader.Tax. Their three founders have a background in automated trading systems, which led them to discover the difficulty in crypto transaction reporting. They have 300,000 users and processed $70B in transactions. In addition, they have saved $50M through tax-loss harvesting. Some of their main features are:

• Tax Loss Harvesting – Able to locate areas within your crypto holdings to save the most significant amount of taxes.
• Tax Reporting – You can export your tax report to other specialists, such as TurboTax, H&R Block, and many more.
• NFT Tax Software – Calculate cost basis, crypto gains, and other tax calculations on your NFTs.
• Tax Professional Suite – This creates a seamless process to file taxes and process completed tax forms.
• Crypto Tax Calculator – To plan appropriately, you can calculate how much you may owe in crypto taxes for the year.

How Does Coin Ledger Work?

• Import Your Wallets and Exchanges

• Classification of Your Transactions

• Identify Cost Basis and Historical Prices

• View Your Capital Gains & Losses

• Download Your Tax Report

Pricing: They have various plans and also provide a 14-day money-back guarantee. Their website states you can get started for free.

• Hobbyist – $49
• Day Trader – $99
• High Volume – $199
• Unlimited – $299

You can sign up for Coinledger here.

2) ZenLedger

Zenledger is located in Bellevue, Washington, and was founded in 2017. Their founders have a bit of technology, finance, and accounting expertise. Their mission was to provide a method to have easy crypto taxes. They have 50,000 users, $2.5B in transactions, and have tracked $25B worth of holdings. Some of their main features are:

• Tax Loss Harvesting Tool – This can help identify your tax obligations through their analysis of your trade history.
• Grand Unified Accounting – This is specific to ZenLedger, where you can see the total number of transactions across multiple exchanges and wallets. They also have a crypto tax calculator like other competitors.
• TurboTax Direct Integration – ZenLedger integrates with this large provider, so this is a positive if you are familiar with them.

How Does ZenLedger Work?

• Import all your crypto tax reports from various exchanges and wallets.

• Review transactions from all your digital assets

• Download and file your crypto tax forms

Pricing: They have various plans, and their website states you can get started for free.

• Free – $0
• Starter – $49 per tax year
• Premium – $149 per tax year
• Executive – $399 per tax year
• Platinum – $999 per tax year

You can sign up for ZenLedger here.

3)Koinly

Koinly is located in London and was founded in 2018 and has filed 11,000 tax reports and tracked $250M in funds since then. They use crypto tax software and combine it with the expertise of tax professionals to provide the highest quality of crypto tax reporting. Some of their main features are:

• You can track your crypto assets and taxes in an easy-to-follow manner. Portfolio tracking and transaction history are critical here.
• All your transactions are in a single location. They can import data. Rather than going to different exchanges and wallets, data can be synced easily through their solution. This helps reduce the risk of missing transactions.
• Support 17000+ cryptocurrencies.
• 6+ years of prices.
• Auto synching of transactions from 170+ blockchains.
• Compatibility with 400+ crypto exchanges.
• Compatibility with 100+ wallet providers.
• Compatibility with 30+ services like Nexo, Paxful, etc.
• Quickly can identify and resolve issues with your transaction data.
• Their cryptocurrency tax reporting is reliable and thorough. You can download tax forms when you are ready.

How Does Koinly Work?

• Add Your Crypto Exchange Accounts and Wallets

• Import Your Digital Asset Trades

• Check Out Your Capital Gains or Losses

• Download Your Tax Documents

Pricing: They have different plans that provide various levels of premium support.

• Free – $0
• Newbie – $49 per tax year
• Hodler – $99 per tax year
• Trader – $179 per tax year
• Pro – $279 per tax year

You can sign up for Koinly here.

4)Token Tax

Token Tax is located in New York and was founded in 2017. Their initial product data was from Coinbase Pro, and in 2019 they acquired another cryptocurrency tax accounting firm called Crypto CPAs. Some of their main features are:

• Seamless data sync through their data import.
• You can see what you will pay taxes on in real time through their tax reports.
• The software generates all types of tax documents to complete filings.
• Their crypto tax professionals will handle all the reconciliation and discuss their findings with you to ensure peace of mind. If you have additional crypto tax questions, make sure to ask.

How Does Token Tax Work?

• Import data through CSV files.

• Tax reports will generate your profit and loss.

• Tax form generation to appropriately file.

• Reconciliation.

Pricing: They have different plans that provide various levels of premium support.

• Basic – $65 per tax year
• Premium – $199 per tax year
• Pro – $799 per tax year
• VIP – $3,499 per tax year

You can sign up for TokenTax here.

5)TaxBit

TaxBit is located in Salt Lake City, Utah, and was founded in 2018. Their initial product data was from Coinbase, and in 2019 they acquired another cryptocurrency tax accounting firm called Crypto CPAs. Some of their main features are:

• Complaint Tax Filings – You can download IRS form 8949 at no charge.
• Data feeds are automated.
• Tax Optimizer – A tool that can find ways to save money when trading crypto.
• Real-Time Analysis of Investment Performance
• 500+ supported companies

How Does Token Tax Work?

• Add all your transactions to the platform

• Check for any discrepancies on cost basis

• Check Tax Optimizer balances

Pricing: They mention on their website that you can try them for free and provide a 30-day money-back guarantee.

• Network – Free
• Basic – $50 per year
• Plus – $175 per year
• Pro – $500 per year

You can sign up for TaxBit here.

6)CoinTracker

CoinTracker was founded in San Francisco, California, in 2017. They have tracked $50B of assets and 3% of the crypto market cap. There are 1 million+ users that are utilizing their platform. A few of their partners are Coinbase, OpenSea, TurboTax, and H&R Block. Some of the main features are:

• Automated portfolio tracking
• Support for 300+ exchanges
• Support for 10,000+ crypto coins
• Year-Round optimization to identify tax savings.
• Seamless compliance from a tax perspective.

How Does CoinTracker Work?

• Connect exchanges and wallets
• Review your transaction data
• Obtain tax reports and portfolio analysis

Pricing: They mention on their website that you can try them for free and provide a 30-day money-back guarantee.

• Free – $0
• Hobbyist – $59
• Premium – $199 per tax year
• Unlimited – Priced individually

You can sign up for Cointracker here.

7)CoinPanda

CoinPanda is located in Scandinavia and was founded in 2019. They have tracked $50B of assets and 3% of the crypto market cap. They have 40,000 customers and have made a strong mark in the industry for their robust and easy-to-use software platform. Their main features are:

• Support for 500+ exchanges
• Support for 75 wallet providers
• Support for 125 blockchains
• Support for 38 service providers as Bitcoin.Tax, and Nexo
• Available in 65+ countries
• On their website, it says you can calculate your taxes in under 20 minutes

How Does CoinTracker Work?

• Add your wallets and exchanges.

• Data import

• Tax calculation to see if you have to pay capital gains taxes

• Download tax reports

Pricing: They mention on their website that you can try them for free.

• Free – $0
• Hodler – $49
• Trader – $99 per tax year
• Pro – $189

You can sign up for CoinPanda here.

What is Crypto Tax Software?

Crypto tax software is a tool that helps you calculate your crypto taxes, and it can also help you track your crypto portfolio and transactions. There are several different crypto tax software solutions on the market, each with features and use cases. You can also use this software to help reconcile your Crypto IRA accounts.

What to Look for in Crypto Tax Software?

When choosing crypto tax software, there are a few things you should keep in mind:

• Ease of Use: Crypto tax software should be easy to use and understand. It should have a user-friendly interface.
• Accuracy: The crypto tax software should be accurate in its calculations.
• Transaction Tracking: The crypto tax software should be able to track all your crypto transactions.
• Price: The crypto tax software should be affordable and be able to help you save money where it is possible. Some cryptocurrency tax software may offer a free plan or possibly unlimited transactions.

Who Is the Best Crypto Tax Software?

The best crypto tax software is the one that fits your needs the best. Free or low-cost crypto tax software may be all you need if you are a casual crypto investor. In this case, that may be Koinly, Cointrader, or CoinPanda. If you are a serious crypto trader or investor, you may need a more robust and feature-rich crypto tax software solution. Token Tax has a VIP solution for $3,499. Most crypto tax software solutions offer tiered pricing plans, so you can choose the best plan that fits your needs and budget. No matter what your needs are, there is a crypto tax software solution out there for you.

FAQ:

What happens if you don’t report cryptocurrency on taxes?

This can have dangerous consequences as it can lead to an audit from the IRS. It is vital to keep track of all your crypto profits and make sure you are paying taxes appropriately.

How do I keep track of cryptocurrency taxes?

It is crucial to download a crypto tax report from all exchanges and keep track of crypto asset profits and losses on a spreadsheet. Include your cost basis, the date you bought and sold, and other pertinent details. This will protect you and help your tax professionals file and report accurately.

Wrap Up

Several crypto tax software solutions are on the market, each with features and use cases. Remember ease of use, accuracy, transaction tracking, and price when choosing crypto tax software. Also, be sure to consult with your tax attorney for additional feedback regarding tax preparation.