Discovering the best crypto tax calculator in 2024 will simplify your tax journey, especially if you’re navigating the dynamic world of crypto as a trader or investor. They act as your financial sidekick, meticulously recording capital gains and losses across various crypto exchanges. In this crypto taxes guide, we aim to make your tax journey effortless.
We’ll help you compare features, pros & cons, supported currencies and exchanges, pricing plans, and more for the best crypto tax solutions.
Note: Here’s a calculator comparison for your convenience.
Top 10 Crypto Tax Calculators and Software Compared
| Tool Name | Free Trial | Pricing/Yearly | USP |
|---|---|---|---|
| CoinLedger | Yes | Basic: Free Paid: $49 onwards |
Effortless importing of your past crypto transactions |
| Koinly | Yes | Basic: Free
Paid: $49 onwards |
User-friendliness and available customer support choices |
| CoinTracker | Yes | Basic: Free
Paid: $59 onwards |
Available customer support choices and professional pay taxes |
| TokenTax | No | Basic: Free
Paid: $65 onwards |
Calculate the unrealized losses for each token. |
| ZenLedger | Yes | Basic: Free Paid: $49 Onwards |
Offers compatibility with hardware wallets like Trezor! |
| Blockpit | Yes | Basic- Free
Paid: $49 Onwards |
User-friendly cryptocurrency tax platform |
| CoinTracking | Yes | Basic: Free
Paid: $12.99 Onwards |
Professional tax guidance. |
| Coinpanda | Yes | Basic: Free
Paid: $49 Onwards |
Calculate a crypto tax report for free. |
| TaxBit | Yes | Free | No-cost cryptocurrency tax reporting |
| BitcoinTaxes | Yes | Basic: Free
Paid: $49.95 Onwards |
Offer flash loans, enabling users to access instant, unverified, and small loans. |
Before we dive into the details, a question comes up.
What is Cryptocurrency Tax Calculator?
- Cryptocurrency tax calculator facilitates precise tax calculations for taxpayers.
- It applies current income tax regulations and rules to determine tax amounts.
- These tools factor in the latest tax provisions for accurate assessments of crypto transactions.
- Simplifying the process, they generate detailed tax reports using sale prices and acquisition costs.
- Traders can swiftly calculate their tax obligations, gaining clarity on their crypto-related taxes.
- It aids in understanding government tax liabilities when dealing with cryptocurrency tokens.
Why Do You Need Crypto Tax Calculators?
Crypto trading can earn you money, but keeping track of taxes can be tricky. It does the math and generates reports for you. Like regular money, you must file taxes when selling crypto; rates vary by location. Choose calculators for taxation that align with your local rules. It’s a time- and money-saver compared to hiring tax accountants.
Now, you can explore the best tax calculators available in the crypto market in 2024.
CoinLedger
CoinLedger Features
CoinLedger is your DeFi tax calculator, packed with top-notch features. Its user-friendly design is perfect for everyone, especially beginners. You can easily track all your crypto transactions in minutes and receive detailed reports for free. Reports are available from 2010 – 2023, and all are one-time purchases per tax season. CoinLedger has plans ranging from $49 to $199 if you require advanced features customized to meet your specific crypto needs. It’s your quick and easy way to manage your taxes hassle-free!
- Base Price: A Free or Paid account starts at $49
- Popular for: Easy design, free tax tool, and over 10,000 plus cryptocurrencies-supported
Pros
- Frequent traders can use the paid Unlimited CoinLedger plan.
- Preview tax reports with a free plan.
- Generate short and long term reports, as well as crypto income tax reports and tax loss harvesting reports, to minimize tax obligations.
- Get easy access to tax experts and accountants.
- Several crypto exchanges and wallet integrations
Cons
- Unpaid users cannot use the calculator to generate reports.
- You cannot use crypto to pay taxes.
Koinly
Koinly Features
Koinly is the best crypto tax calculator for investors aiming to streamline their financial reporting. It simplifies calculations and enables easy result export compared to other options. The free plan covers up to 10,000 transactions; beginners can access it for Rs490 annually in India and $49 in the US. Koinly supports 23,000+ cryptocurrencies, 170+ blockchains, 400+ exchanges, and 100+ wallets, offering tools to address trader challenges.
- Base Price: A free or paid account costs $49 per tax year.
- Popular for: TurboTax and TaxAct, free crypto tax report to preview
Pros
- Generates localized tax reports for more than 20 countries
- Integrates with 400 crypto exchanges and 100 wallets
- Automated data exporting, extraction, portfolio tracking, and export to other calculator
- Accountants and experts to handle tax filing
- The basic tier supports more than 10,000 transactions.
Cons
- Costly for high-volume investors and traders
- Slow syncing after API integration
CoinTracker
CoinTracker Features
CoinTracker, a top-notch cryptocurrency tax calculator, instantly connects to 500+ exchanges and wallets. Trusted by over 1 million users, it swiftly generates accurate crypto and NFT financial data. The free version allows 25 transactions, with a $59 paid plan for up to 100 transactions. Unlimited crypto transactions for the tax year can be accessed with a one-time payment of $599. The platform features a leading crypto financial tracker for fair market value, portfolio allocation, and investment performance.
- Base Price: The Free/Paid plan starts at $59
- Popular for: free reports, automated portfolio tracking, and tax apps
Pros
- Free tax reporting for up to 100 transactions
- Generates 25 personalized reports, including realized and unrealized profits and losses and more
- Offers quick customer response via mail and live chat
- It supports over 500 crypto exchanges and wallets instantly
- A free portfolio tracker with regular updates
Cons
- Expensive tax-loss harvesting analysis
- Lacks a user-friendly interface
TokenTax
TokenTax Features
Introduced in 2017, TokenTax is a leading cryptocurrency tax tool that directly imports data from the popular exchange Coinbase. Utilizing its free US-based software, it calculates users’ financial liabilities. TokenTax uniquely blends human expertise with crypto taxes to manage complex cases. Unlike some competitors, TokenTax doesn’t offer a free basic tier. The Basic plan, priced at $65 per tax year, caters to casual users with up to 500 transactions.
- Base Price: No free plan. Paid plan starts at $65
- Popular for seamless data syncing, tax bill previewing, and effective tax service.
Pros
- Supports over 120 crypto exchanges and wallets
- Supports NFT and DeFi protocols and marketplaces
- Tax loss harvesting for Premium and Pro plans
- Advanced reconciliation services with complex accounting requirements
- Eliminates manual data entry by syncing all accounts and wallets in one place
Cons
- It is more expensive than other tax tool
- It focuses more on in-house accountants than the tax platform
ZenLedger
ZenLedger Features
ZenLedger is a top crypto tax software for simplifying accounting in decentralized finance. Designed for DeFi, it integrates with multiple crypto networks and exchanges, serving over 100,000 customers across 400 exchanges, 185 protocols, and 10 NFT platforms. Starting at $49 per year, its pricing offers free reports for up to 25 transactions, covering capital gains, profits, and losses.
- Base Price: The free/paid plan starts at $49 per year.
- Popular for: seamless and free tax reports, easily downloadable tax documents, tax tracking, and loss-analysis tools
Pros
- Tax-loss harvesting helps save money
- DeFi, NFT, and staking support
- Allows users to import reports into TurboTax
- Paid tax filing consultations and support are available
- Supports over 400 exchanges, 185 protocols, and 10 NFT platforms
Cons
- The free basic tier offers only 25 transactions
- DeFi support is available only in Premium plans
Blockpit
Blockpit Features
Blockpit offers a detailed way to help crypto fans. It helps optimize crypto taxes and gives strong tax reports. Blockpit connects to over 250,000 crypto assets. This includes NFTs, DeFi tokens, derivatives, and commodities. It tracks accurately through APIs, Public Keys, or CSV uploads. The platform classifies transactions automatically and recognizes blockchain protocols in an advanced way. It lets you track portfolios where you can handle transactions easily. It handles transaction fees properly which gives clear views of gains and losses.
Blockpit offers tax-saving tips and supports tax-loss harvesting. This helps users optimize taxes and lower liabilities. Its pricing is transparent. It has different licenses based on transaction volumes.
- Base Price: The Paid plan starts at $49 per year
- Popular for: Feature-rich crypto portfolio tracker. It enables advanced insights, profit/loss analysis, historical price feeds, and real-time tracking. This lets you optimize crypto tax management professionally.
Pros
- Blockpit allows you to monitor your investments and observe their performance effortlessly.
- Blockchain technology keeps transactions secure and private.
- Blockpit cuts costs for international payments.
- If the value of crypto rises, it can grow wealth when you get paid.
- You can access Blockpit from anywhere; it is helpful in unstable economies or with limited banking
Cons
- Crypto values are volatile, and your money could lose value.
- There is less oversight and consumer protection.
- Using Blockpit cryptos requires tech know-how.
- Crypto income has complex tax implications.
- Many features require a paid plan, limiting free usage.
CoinTracking
CoinTracking is a tax calculator for DeFi tracking crypto investments, providing reports for over 1.4 million users worldwide. Users access personal analysis, tax declarations, professional assistance, and relevant cryptocurrency charts. The free trial covers 200 transactions for new investors, with an option to switch to the PRO account, which supports 3,500 transactions.
- Base Price: The free/paid plan starts at $12.99 monthly, billed yearly.
- Popular for: Free basic tier, diversified traders and investors
Pros
- Free reports for up to 100 transactions
- A wide variety of tax forms, including tax forms 8949 and 1099.
- Provides important tools to study trends and patterns in crypto trading
- Supports data import from more than 110 exchanges
- A free tax tool determines unrealized capital gains and losses
Cons
- Complicated, confusing, and cluttered user interface
- No automatic imports for free account users
Coinpanda
Coinpanda Features
Coinpanda is an excellent tax solution that offers a tax calculator and guidance on calculating taxes. Available in over 65 countries, it provides free reports for DeFi and NFT users. The platform includes a robust portfolio tracker for capital gains and trade insights. Beginners can explore Coinpanda for free with up to 25 transactions and opt for the paid plan at $49.
- Base Price: The free/paid plan starts at $49.
- Popular for: Many integrated crypto exchanges and wallets; quick and accurate tax reporting
Pros
- Warns traders about the negative impact of tax return
- Calculate taxes for airdrops, DeFi, staking in, NFTs, and more
- Support more than 350 exchanges and wallets
- Professional professionals and CPAs
- User-friendly and easily navigable user interface
Cons
- No dedicated mobile app
- Expensive for regular traders
TaxBit
Taxbit Features
Taxbit is a user-friendly free crypto tax calculator offering real-time profit tracking and helpful reports for individual and enterprise-level traders in the cryptocurrency space. It efficiently generates IRS Form 1099 and 8949 for cryptocurrency traders. Users can seamlessly import forms into mainstream financial software programs like TaxAct and TurboTax.
- Base Price: Free
- Popular for: free services, suitable for beginners with unlimited free tier, upfront tax preparation and planning
Pros
- Integrated with more than 500 exchanges
- Suitable for both individual and institutional traders
- Comprehensive tax calculations are available on Plus and Pro plans
- It does not charge fees for processing tax forms for unlimited crypto transactions
- Support for NFT and DeFi transactions
Cons
- Crypto Tax USA is unavailable
- Does not have data mutability
BitcoinTaxes
Bitcoin Taxes Features
Bitcoin Taxes is a top-notch cryptocurrency tax calculator for tax reporting. It provides cost-effective solutions and swiftly generates Form 8949 and Schedule D. While it lacks fancy features such as a comprehensive crypto portfolio dashboard or tax-loss harvesting tools, it offers one of the best packages for filing taxes, accommodating up to 100,000 transactions.
- Base Price: The free/paid plan starts at $49.95 annually.
- Popular for up to 100,000 transactions, comprehensive tax filing, and reporting.
Pros
- A competitive pricing structure
- Offers professional services for taxes
- Provide reports at no cost.
- Suitable for both beginners and professional traders
- Calculates capital gains and losses
Cons
- Limited features for non-premium users
- The free version allows only 20 transactions
How Do You Choose the Crypto Tax Calculators for Taxes?
Before venturing into the crypto world, it’s crucial to grasp cryptocurrency tax brackets. When selecting a calculator, consider the following factors:
- Available Integrations:Opt for apps that seamlessly integrate with major crypto exchanges and wallets, enabling automatic data input to track crypto transactions easily.
- Automatic Import:Save time by choosing a calculator that automatically imports transactions from preferred exchanges and wallets, eliminating the need for manual entry.
- Software:Choose a platform with efficient tax calculators to streamline the process of determining tax liabilities, minimize efforts, and maximize profitability
- Security:Prioritize platforms with robust security measures, including employee vetting, two-factor authentication, and 256-bit encryption protocols, ensuring the safety of your financial information.
Some of the Key Features of Crypto Tax Calculators
Here are some important features you should remember while choosing a tax calculator:
Ease of Use – Tax seasons are pretty stressful. You should choose platforms that help simplify tax calculation and give you peace of mind.
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Easy tracking – You can view your total holdings, crypto portfolio growth across all accounts and wallets, and tax liabilities.
Automatic Import – Crypto transactions can be imported from crypto wallets and exchange integrations.
Free Tax Calculation – Tax calculators evaluate crypto profits for various investments, from staking to sales and margin trades to mining.
Conclusion
Trading cryptocurrencies demands attention to your tax obligations, and it’s essential to ensure you accurately calculate your capital gains or losses. To make this process more efficient, consider using a cryptocurrency tax calculator. It syncs data from various exchanges and wallets, allowing you to generate tax reports easily.
Among the top options available, CoinLedger and Koinly stand out. They also offer portfolio management features, ensuring your reporting is accurate and tailored to your needs.
These platforms are designed for traders like you, whether you’re just starting out or an experienced professional. This crypto guide will help you explore these solutions and decide which best suits your requirements.
Methodology
This guide is here to help you fully grasp trustworthy tax calculators and equip investors with the insights necessary for informed decisions.
We’ve assessed several tax solutions for crypto gains and losses in a market flooded with choices, considering cost, asset coverage, security, speed, user interface, synchronization, and integration factors.
FAQs
What is the most effective method for handling cryptocurrency taxes?
The optimal approach to handling cryptocurrency taxes involves maintaining precise records of all transactions and seeking guidance from a tax professional well-versed in crypto taxation laws applicable in your jurisdiction.
How can I generate a tax report for my crypto transactions?
You may want to explore specialized cryptocurrency tax software to generate a tax report for your cryptocurrency transactions. Alternatively, consulting with a tax professional can be helpful, as they can assist in preparing the necessary documentation.
What is the preferred approach for reporting taxes on cryptocurrency?
The top approach for reporting taxes on cryptocurrency is to follow the guidelines provided by tax authorities in your region and seek professional advice to ensure compliance.
What is the best software for crypto taxes?
The top-rated cryptocurrency tax software in 2024 includes Koinly, CoinLedger, CoinTracker, and Coinpanda.
Can TurboTax assist with the preparation of cryptocurrency taxes?
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TurboTax does indeed support reporting cryptocurrency taxes. However, it is recommended that you thoroughly review the software’s specific features and capabilities to ensure they align with your specific requirements.
Is it possible for the IRS to track cryptocurrency taxes?
Yes, the IRS has methods to track cryptocurrency taxes, and it’s crucial to report all crypto transactions to comply with tax regulations accurately.
How to reduce crypto taxes?
To reduce crypto taxes, explore strategies such as tax-loss harvesting, holding onto investments for more than a year for potential capital gains benefits, and staying informed about any tax incentives or credits related to cryptocurrency in your jurisdiction.