Estimates of the difference between crypto taxes paid and taxes owed on capital gains were roughly $11.5 billion in 2017.
Given the massive rise of the cryptocurrency market cap since then, it’s reasonable to believe that number is much higher now, some even suggesting crypto taxes owed could be over $1 trillion today.
As the crypto market matures, it’s more important than ever to make sure you’re using the best crypto tax software to help minimize your tax liability.
In this article, I will list and review the 7 best crypto tax software programs of 2022. I will rank each tax software based on a variety of factors, such as features, pricing, and pros/cons.
The crypto tax software programs I will be reviewing include:
I hope that the information here helps you find the best crypto tax software for your needs.
Let’s get started.
What is the Best Crypto Tax Software?
Here are my top picks for the best crypto tax software programs of 2022.
1. Koinly
Koinly is one of the best crypto tax software programs available. It is an excellent choice for anyone looking for the best solution for handling crypto taxes.
Key features
- Cross-platform compatibility – Connect to a wide range of cryptocurrency exchanges, wallets, and blockchain addresses.
- Easily import your trades – Synchronize all your data automatically.
- Reliable crypto tax reports – Export transaction data to other tax software like TurboTax, TaxAct, and more.
- Easily track your assets – Track your portfolio across multiple wallets and accounts, and get real-time information on profit and loss as well as tax obligations.
Pros
- Wide range of features
- User-friendly interface
- Excellent customer support
- Robust reporting tools
Cons
- Limited help center resources for troubleshooting
Pricing
Koinly offers a free plan. The premium plans start at $49 per tax year.
2. Accointing
Accointing is an excellent choice for anyone looking for a crypto tax software that comes with a wide range of features and a user interface that is easy to navigate.
Key features
- Easily import your data – Import trades and transactions from a variety of sources, including exchanges, wallets, and blockchain addresses.
- Asset tracking – Track your portfolio across multiple accounts and receive real-time updates on profit/loss and tax obligations.
- Robust reporting tools – Generate detailed tax reports on your cryptocurrency transactions and holdings.
Pros
- Very comprehensive features
- Easy to use interface
- Good customer support
- Tax-loss harvesting options are available
Cons
- Can be expensive for some users
Pricing
Accointing offers a free plan that includes basic features. The paid plans start at $79.99 per year.
3. CryptoTrader.Tax
CryptoTrader.Tax is a good choice for anyone looking for comprehensive crypto tax software that is also budget-friendly.
Key features
- Import data from exchanges – Connect directly to major cryptocurrency platforms to easily import your historical transactions.
- Detailed transaction reports – Track your trading activity across multiple exchanges as well as historical data for smooth tax reporting.
- Flexible tools – Generate real-time profit/loss information to ensure accurate cryptocurrency capital gains calculations.
Pros
- Good customer support
- Robust reporting tools
- Excellent integration opportunities
Cons
- Does not support NFT transactions
Pricing
CryptoTrader.Tax offers a free plan that includes limited features. The paid plans start at $49.
4. ZenLedger
ZenLedger is a good choice for anyone looking for crypto tax software that gives you access to a tax professional.
Key features
- Get help from tax professionals – Connect with ZenLedger tax professionals to get assistance with your taxes.
- Import data from exchanges – Sync your data automatically from major cryptocurrency platforms.
- Detailed reports – Generate detailed tax reports on your crypto transactions, capital gains tax, and holdings.
Pros
- Very comprehensive features
- Access to tax professionals
- Tax-loss harvesting tool
Cons
- Can be difficult to use for some users
Pricing
ZenLedger offers a free plan that includes basic features. The paid plans start at $49 per year.
5. TokenTax
TokenTax is an excellent choice for anyone looking for a crypto tax software solution that connects with every exchange.
Key features
- Gives you audit assistance – Get help from a professional auditor to ensure your tax filings are correct.
- Supports every exchange – Connect with all major cryptocurrency exchanges.
- Calculates and can file your taxes – Use the best-in-class tax calculation engine to determine your profit/loss.
Pros
- Very comprehensive features
- Supports every exchange
- Supports any country, in any currency
Cons
- No instant chat support during business hours
- No free trials are available
Pricing
TokenTax does not offer a free plan. The paid plans start at $65 per year.
6. BearTax
BearTax is a good choice for anyone looking for crypto tax software that is affordable.
Key features
- Autogenerated tax documents – Download your completed tax documents yourself, send them to your accountant, or export them to your favorite tax software.
- Identify transfers & reduce taxes – Track when coins are sent from one exchange or wallet to another and reduce force sells.
- Track trade history & cost-basis – Keep track of your complete trade history and calculate your cost-basis for each coin.
Pros
- Budget-friendly crypto tax option
- Integrates with traditional tax software
- Option to communicate with an actual tax professional
Cons
- Only available in a handful of markets
Pricing
BearTax does not offer a free plan, but paid plans with basic features start at $10 per year.
7. CoinTracker
CoinTracker is a good choice for anyone looking for crypto tax software that helps you track your portfolio.
Key features
- Intuitive mobile app – Easily track your portfolio on the go with their comprehensive mobile app.
- Real-time pricing & portfolio tracking – Get real-time prices and market data directly from major exchanges, helping to ensure all your transactions are recorded accurately.
- Detailed transaction reporting – Generate detailed tax reports on your cryptocurrency investments including capital gains, realized losses, unrealized gains, total profit/loss etc.
Pros
- Most simple and intuitive user interface
- Supports more than 8,000 cryptocurrencies
- Tax-loss harvesting options are available
Cons
- There are reports of slow customer service
Pricing
CoinTracker offers a free plan that includes limited features. The paid plans start at $59 per year.
What is Crypto Tax Software?
Crypto tax software helps you report and manage your cryptocurrency investments, ensuring that you receive all the benefits to which you are entitled. This can include calculating your capital gains/losses for each transaction as well as generating reports on those transactions for submission with your tax returns.
Crypto Tax Software – FAQ
Do I have to pay taxes on my crypto?
Yes, anyone who is trading, investing, or mining cryptocurrency must pay taxes on their profits. Capital gains tax must be paid on any profits made from the sale of cryptocurrency, and income tax must be paid on any wages earned from crypto mining or trading.
How does cryptocurrency taxes work?
Cryptocurrency is considered property for tax purposes. This means that every transaction made with cryptocurrency, including buying and selling on exchanges or converting to fiat currency, can incur capital gains taxes (or losses).
Do I have to pay tax if I transfer crypto from wallet to wallet?
No. If you are transferring crypto between wallets that belongs to you, it is not considered a taxable event. Capital gains taxes only come into play when you sell, trade, or exchange your crypto for fiat currency.
Can I pay my taxes with coins I hold?
No. You can generally only pay taxes in fiat currency at this time.
Summary
There you have it – some of the best crypto tax software platforms to consider this year.
While selecting the right tax software, there are a few basic points that you should keep in mind, including:
- The crypto tax software should be comprehensive and support all your transactions, across all exchanges and currencies.
- It should offer real-time tracking of prices and portfolios to ensure accuracy.
- There should be detailed tax reporting options to help you understand your gains/losses in detail.
- The crypto tax software should be easy to use, with a user-friendly interface.
- It should offer tax-loss harvesting.
The best crypto tax software can help you stay compliant and maximize your profits.
Ensure that you carefully review each option before making a decision on which one best fits your needs for this year’s crypto taxes.
Which cryptocurrency tax software do you prefer? Are any not included on the list? Reach out and let me know how you prefer to manage your crypto taxes.
Recommended reading on MoneyPeoples.com: If you’re looking to start earning more money this year, check out my guide on the 73 Best Ways To Make Extra Money Online.
