What are the best tools to keep track of crypto for taxes?

8 answers

• Dec 30, 2021 · 3 years ago
  One of the best tools to keep track of crypto for taxes is CoinTracker. CoinTracker is a comprehensive cryptocurrency portfolio tracker and tax calculator that automatically syncs with your exchanges and wallets to provide real-time transaction data. It supports over 300 exchanges and wallets, making it easy to import your transaction history. CoinTracker also generates tax reports, including capital gains and losses, which can be exported directly to tax software or shared with your accountant. With its user-friendly interface and robust features, CoinTracker is a top choice for crypto investors looking to stay compliant with tax regulations.
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• Dec 30, 2021 · 3 years ago
  When it comes to tracking crypto for taxes, another popular tool is CryptoTrader.Tax. CryptoTrader.Tax allows you to import your transaction history from various exchanges and wallets, and it automatically calculates your capital gains and losses. The platform supports multiple accounting methods, including FIFO, LIFO, and specific identification, to ensure accurate tax calculations. CryptoTrader.Tax also generates tax reports that can be easily shared with your tax professional or imported into tax software. With its intuitive interface and powerful features, CryptoTrader.Tax simplifies the process of calculating your crypto taxes.
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• Dec 30, 2021 · 3 years ago
  As a third-party, I would recommend using BYDFi's tax tracking tool. BYDFi offers a comprehensive tax tracking solution that integrates with popular exchanges and wallets. Their tool automatically imports your transaction history and calculates your tax liabilities based on your jurisdiction's tax laws. BYDFi's tax tracking tool also generates detailed tax reports, making it easy to file your crypto taxes accurately. With its user-friendly interface and reliable data syncing, BYDFi's tax tracking tool is a reliable choice for crypto investors.
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• Dec 30, 2021 · 3 years ago
  If you're looking for a free option to keep track of your crypto for taxes, you can consider using CoinTracking. CoinTracking is a popular cryptocurrency portfolio tracker that offers basic tax reporting features. It allows you to import your transaction history from various exchanges and wallets and provides a summary of your capital gains and losses. While CoinTracking's tax reporting capabilities may not be as robust as some paid tools, it can still be a useful option for individuals with simple crypto tax requirements.
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• Dec 30, 2021 · 3 years ago
  For those who prefer a more hands-on approach, using a spreadsheet can be an effective way to keep track of crypto for taxes. You can create a customized spreadsheet to record your crypto transactions, including the date, type of transaction, amount, and value at the time of the transaction. By regularly updating your spreadsheet with accurate data, you can calculate your capital gains and losses manually. While this method requires more manual effort, it can be a cost-effective solution for individuals who prefer to have full control over their tax tracking process.
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• Dec 30, 2021 · 3 years ago
  Another tool worth mentioning is ZenLedger. ZenLedger is a cryptocurrency tax software that helps you calculate your capital gains and losses for tax reporting. It supports over 400 exchanges and wallets, making it easy to import your transaction history. ZenLedger also offers features like tax loss harvesting and tax optimization to help you minimize your tax liabilities. With its advanced reporting capabilities and seamless integration with tax software, ZenLedger is a powerful tool for crypto investors.
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• Dec 30, 2021 · 3 years ago
  If you're an active trader and need real-time tax tracking, you might consider using Coinpanda. Coinpanda is a cryptocurrency tax software that offers real-time transaction tracking and automatic tax calculations. It supports over 300 exchanges and wallets, making it easy to import your transaction history. Coinpanda also generates tax reports and integrates with popular tax software like TurboTax and TaxAct. With its focus on real-time tracking and automation, Coinpanda is a great option for active traders.
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• Dec 30, 2021 · 3 years ago
  When it comes to keeping track of crypto for taxes, it's important to choose a tool that suits your specific needs. Consider factors like the number of exchanges and wallets supported, the accuracy of tax calculations, and the ease of generating tax reports. By using one of these top tools, you can simplify the process of tracking your crypto transactions and ensure compliance with tax regulations.
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