Best Crypto Tax Software, Rated and Reviewed for 2022

To calculate your crypto taxes, there are two pieces of information to track:

• The date and starting price of every crypto asset you’ve bought
• The date and ending price of every crypto asset you’ve sold

With these two pieces of information, you can pay appropriate taxes to the government. (U.S. readers can see frequently asked questions from the IRS here.)

As you can imagine, tracking this information can be complicated, especially if you’re making hundreds or thousands of trades a year.

Luckily, there are crypto tax software programs that can help you track this data. These programs automatically sync across exchanges and wallets to calculate your gains and losses and give you a final tax report for the year. You can use this report for filing your taxes.

Here are our picks for the best crypto tax tools for 2022.

TaxBit

TaxBit stands out from other software programs in that it’s the only one created by tax attorneys and CPAs, working alongside software developers. The software comes with an extensive electronic paper trail that will back you up in the event of an audit. TaxBit offers an extremely intuitive layout that’s fit for everyone, from novice investors to industry regulators.

Features:

• Supports over 480 exchanges and over 2000 currencies
• Partnered with BlockFi to make crypto taxes easy for BlockFi users
• A robust dashboard that shows your asset balances, unrealized profits/losses, and tax positions
• Compatible with TurboTax
• Rated 4.3 on TrustPilot

Price:

• Basic: $50/ year
• Plus: $175/year
• Pro: $500/year

What customers have to say:

• “The TaxBit app is extremely convenient and easy to set up. It’s so great to have one place to track crypto accounts. Everything from cost basis to unrealized profits to taxable gains are there at a click of the mouse. Highly recommend this product.” (Keith, TrustPilot)
• “Although I wish there was more transparency regarding the escalation team’s progress, I can’t complain about the overall experience I’ve had with TaxBit so far.” (Kennedy Shaun, TrustPilot)
• “Great user interface, and easy to understand and filter through data. Great online support. Easy integration with tax filing and third-party platforms.” (Christ, TrustPilot)

Verdict:

We give TaxBit an overall score of 4.2. The software supports most crypto exchanges, provides you with an immutable audit trail, and offers responsive customer support agents. However, some users find there are limited options for auto-syncing and reporting functionalities.

 

BearTax

BearTax’s clean user interface makes it easy for you to calculate your crypto taxes. The software supports over 50 exchanges, and it has a dedicated section for accountants handling taxes on behalf of their clients. In addition, BearTax has a smart-matching algorithm that matches your withdrawals and deposits across exchanges, preventing you from accidentally hitting a negative balance due to mismatches.

Features:

• Access to an accounting professional for only $200 per year
• Integrates with traditional tax reporting software such as TurboTax
• Tools for accountants handling clients’ taxes
• Access to sales reports, audit trail reports, and more
• ​​Integrate directly via API or CSV with over 50 prominent exchanges across the world and supports users to import from almost every exchange in the world
• Rated 3.9 on Trust Pilot

Price:

• Basic: $10/year
• Intermediate: $45/year
• Expert: $85/year
• Professional: $200/year

What customers have to say:

• “BearTax was able to customize their offering to my needs, and they’re much more cost-efficient on my finances. Thank you BearTax, looks like compliance isn’t a problem anymore again!” (Kunal Dubey, TrustPilot)
• “Fast and amazing support. It doesn’t feel like you are talking to a robot.” (Danilo, TrustPilot)

Verdict:

We give BearTax an overall rating of 4.0. BearTax is one of the most affordable crypto tax software programs out there, and they even offer a free trial. However, the software’s CSV file parsing could improve, and there are few online reviews for the software.

 

Accointing

Accointing is a crypto tax reporting and tracking software that offers tools to analyze your portfolio, track the market, and produce tax reports so you can file your taxes easily. Accounting comes with an intuitive interface that’s easy to use for both novice and professional crypto traders. The software supports over 300 exchanges, and it allows you to automatically import all of your crypto transactions via your wallet address.

Features:

• Supports more than 300 wallets and exchanges and over 7,500 currencies
• Print an unlimited number of reports
• Allows you to track your cryptocurrency portfolio
• Tools available to analyze your portfolio so you can make more informed decisions in the future
• Compatible with TurboTax
• Rated 4.3 on TrustPilot

Price:

• Free Tax: $0
• Hobbyist: $79
• Trader: $199
• Pro: $299

What customers have to say:

• “​​Amazing Portfolio Analytics to combine all your wallets and exchanges in one place! Awesome crypto tax service too!” (Matt, TrustPilot)
• “The best platform to keep track of crypto assets across wallets and exchanges. Simple to use and quick to set up. Additionally, they have great content to stay on top of news in the crypto market.” (Daniel Kohlsdorf, TrustPilot)
• “I used Accointing for my German Tax Report, the import works well (with some manual adjustments), and the tax report is perfect with all the explanations and paragraphs. Very professional.” (Lukas P, TrustPilot)

Verdict:

We give Accointing an overall rating of 4.1. Accointing comes with an easy-to-use interface that allows you to check your portfolio in just a few clicks. This affordable software provides you with an automatically generated tax report in minutes.

 

ZenLedger

Zenledger allows you to manage your crypto taxes and keep records of all of your crypto investments in one place. In addition, the software gives you access to CPAs and tax accountants, and it includes a tax-loss harvesting tool that helps you save money on crypto taxes.

Features:

• Supports over 400 exchanges
• Compatible with DeFi applications
• Integrates with TurboTax
• Calculates crypto profits and losses with the help of your transaction history
• Rated 4.2 on TrustPilot

Price:

• Free: $0/year
• Starter: $49/year
• Premium: $149/year
• Executive: $399/year
• Prepared: $750-$2500/year

What customers have to say:

• “Zenledger has been invaluable in helping me accurately track crypto transactions – very user-friendly. Their customer support (both with the free chat and appointments for a fee) made all the difference in working through some tracking issues I had. Can’t say enough good things.” (SC, TrustPilot)
• “ZenLedger is accurate, powerful, fast and cost-effective. It saves a lot of effort to get things right on crypto tax.” (Jason W., TrustPilot)
• “Zenledger makes getting ready for crypto tax time so easy. It really is so much easier than trying to sift through all your transactions by hand.” (John Harvey, TrustPilot)

Verdict:

We give Zenledger an overall rating of 4.2. ZenLedger is an excellent crypto software for calculating profits/losses, organizing taxes, and tracking trades. It offers robust professional tax support and quality customer support. However, it comes with localized tax forms that are only available in the United States.

 

TokenTax

TokenTax is a robust software that makes calculated complicated crypto taxes simple with its automated features. TokenTax provides margin trading tax calculations, professional tools for CPAs, tax reports, and a tax-harvesting option.

Features:

• Support available from crypto accountants
• Supports every exchange and integrates automatically to collect your data
• Audit assistance
• Calculate and file your taxes seamlessly
• Compatible with TurboTax
• Rated 4.7 on TrustPilot

Price:

• Basic: $65/year
• Premium: $199/year
• Pro: $799/year
• VIP: $2,500/year

What customers have to say:

• “UI is easy to understand and instructions are clear. Massive time saver using these guys. Their customer support was also quick to respond and super helpful.” (Ben, TrustPilot)
• “They went above and beyond to help me sort through some transaction issues and caught and fixed a user error issue. Extraordinary service from Elle, Oat, Daniel, Isaac, and co-founder Scott followed up as well.” (Jeff Clark, TrustPilot)
• “I have been using Token Tax for about 3 years now. I have spoke with the team on numerous occasions over complex tax issues. I feel that they have been very helpful in solving my problems and keeping my records in order. I would highly recommend Token Tax!” (CA, TrustPilot)

Verdict:

We give TokenTax an overall rating of 4.5. This all-in-one crypto software makes it easy for you to calculate and file your taxes. TokenTax provides automation in every step of the filing process, and you can export tax forms in any format you need.

 

 

How Do I Do Taxes With Crypto?

In short: pay your taxes.

According to the IRS, virtual currencies are taxable by law. So if you don’t report crypto on your year-end taxes, you’ll likely face an audit from the IRS. This failure could lead to criminal prosecution, resulting in a fine of up to $250,000 or up to five years in prison.

There’s no doubt that tax law is miles behind the rapid pace of blockchain innovation. In the U.S., for example, just buying a cup of coffee with bitcoin is a “taxable event,” meaning that it doesn’t function like currency, it functions like an investment (i.e., you pay tax on the gain of your bitcoin when spending it).

Crypto tax software is an essential tool, as it functions as a third-party aggregator for collecting data. After purchasing a subscription plan, the software will connect to all your crypto exchanges, wallets, and addresses. Then, it’ll reconcile the transactions and produce a detailed gain and loss report that’s compatible with the IRS guidelines.

Typically, these reports include a Form 8949, Schedule D. In some cases, the reports may also include a Schedule 1. To the untrained eye, all of these software solutions may look like a good solution for your tax needs. However, each platform comes with its strengths and weaknesses, which we’ll discuss below.

 

Do They Make Free Crypto Tax Software?

While there are some free software programs available, keep in mind that they don’t come with all of the features and functionalities that the paid programs have. Some of the top free options include:

• Koinly: Koinly claims to generate a free crypto tax report in under 20 minutes. However, you only get a free report preview. Access to the full report will cost money, with plans starting at $79/year. Koinly is available in over 20 countries, and it’s compatible with TurboTax.
• Crypto.com Tax Tool: This software program will calculate how much you owe in taxes at no cost, regardless of how many transactions you’ve had in the past years. However, the software is only available in the US, Canada, Australia, and the UK.
• Coinpanda: Available in over 65 countries, Coinpanda offers free tax report previews with no credit card required. Access to your full tax report will be charged based on the number of transactions per year.

 

Overall Winner: TokenTax

While the above crypto software programs are great, TokenTax came out with the highest score. With live chat support, unlimited tax form revisions, and TurboTax integration, TokenTax makes filing crypto taxes easy and straightforward.

 

Related Articles:

• Ultimate Crypto Tax Guide (Bankless)
• How to Handle Cryptocurrency Losses and Gains This Tax Year
• Top 7 Most Tax-Friendly Jurisdictions for Bitcoin Investors

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