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CryptoTax review
A crypto tax software that includes up to six IRS tax forms.
CryptoTax from Blockpit is an Austrian-based crypto tax software that supports tax rules in six countries, including the US. CryptoTax generates up to six tax forms that US taxpayers need when filing their crypto taxes. But getting started might be a bit clunky since its website defaults to German and its pricing is in Euros.
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Details
| Federal starting price | $39 |
|---|---|
| Transaction limit | Unlimited |
| Automatic generated tax forms | Schedule 1, IRS Form 8949, Schedule D, Schedule C, Schedule SE, Form 1040 |
| Payment options | Debit, Pay with your tax refund |
At a glance
- Supports unlimited transactions
- Supports 29 exchanges and wallets
- Includes a portfolio tracker and mobile app
What we think
CryptoTax offers the most tax forms required for your crypto activity of any crypto tax software we’ve seen so far. While most platforms only generate Form 8949, the CryptoTax tax report includes five additional forms you may need when filing your taxes and depending on your crypto activity. The software also comes with valuable features, including a portfolio tracker and an unrealized-gains report.But signing up is a bit confusing because its website often defaults to German, and you’ll pay for an account in Euros. That means the actual cost is subject to currency exchange rates, and you might also pay a foreign transaction fee depending on your payment method.
CryptoTax supports 29 exchanges and wallets
CryptoTax offers direct integrations to the following:- Binance
- BitBox
- Bitcoin
- Bitcoin Cash
- Bitcoin.de
- Bitfinex
- Bitpanda
- Bitpanda Pro
- Bitstamp
- Bittrex
- Bybit
- Celsius
- Coinbase
- Coinbase Pro
- Coinfinity
- Dogecoin
- Electrum
- Ethereum
- Exodus
- FTX
- HitBTC
- Kraken
- KuCoin
- Ledger
- Litecoin
- Metamask
- MyEtherWallet
- Poloniex
- Trezor
For unsupported exchanges, CryptoTax allows you to import data manually or by uploading your transactions using its CSV and XLS template.
How much does CryptoTax cost?
CryptoTax offers three pricing tiers based on the number of transactions you have in one tax year.| Account | Annual cost | Transaction limit | Features |
|---|---|---|---|
| Free | 0€ | 25 |
|
| Advanced | 199€ | 25,000 | Everything in the free plan, plus:
|
| Professional | 599€ | Unlimited | Everything in the Advanced plan. |
When you surpass 25 transactions, you can upgrade your account by paying with a credit card or initiating a bank transfer.
How to sign up for CryptoTax
Register for a Blockpit CryptoTax account in six steps.
- Go to the provider’s website and select Get started.
- Fill in your email address and password.
- Read and accept the terms and conditions. Select Register now.
- Verify your email address by selecting the link in your email.
- Enter your name, country, language and time zone.
- Select a theme.
Eligibility
Although anyone can sign up for a CryptoTax account, it currently uses tax guidelines for six countries:
- Austria
- France
- Germany
- Spain
- Switzerland
- US
Required information
The signup process only requires an email address and password. Once you create an account, you must input your name and details about your location and language.
5 benefits of CryptoTax
- Includes multiple tax forms. CryptoTax generates the most crypto tax forms of any crypto tax software we’ve seen for US taxpayers. On top of the standard Form 8949, your CryptoTax tax report also includes Schedule C, Schedule SE, Schedule D, Schedule 1 and Form 1040.
- Portfolio tracker. CryptoTax gives you a complete history of your crypto portfolio, as well as up-to-date details, including market data.
- Holdings period displays. Advanced and Professional plans can see how long you’ve owned an unrealized asset, so you know if it has short-term or long-term capital gains implications.
- Convenient mobile app. Unlike competitors ZenLedger and Taxbit, which are computer-bound, CryptoTax gives you an overview of where your crypto portfolio stands right from your smartphone. You can also enter transactions and add exchanges from the app as well as in the web application.
- Unrealized-gains feature. CryptoTax lets you see current potential positive and negative gains to help you optimize your crypto tax bill.
4 drawbacks of CryptoTax
- Pricing is in Euros. CryptoTax uses Euros to process your payment, so the cost is subject to fluxes in currency exchange, and you might pay a foreign transaction fee depending on your payment method.
- No built-in tax-loss harvesting. While the Unrealized Gains feature helps identify sales that could enable profits or losses, it doesn’t have a built-in tax-loss harvesting tool that explicitly identifies trades that can reduce your capital gains. Instead, you must sift through all of your potential gains — positives and negatives — to find tax-saving opportunities.
- No crypto payment. You can only pay with a credit card or by bank transfer. To pay with cryptocurrency, consider Koinly or BitcoinTaxes.
- Website often defaults to German. If you want the website text to display in English, you must manually switch the language by finding the country icon or looking for a language dropdown menu. During signup, you can’t change the display language until you set your language preferences, which are all shown in German. But the platform is smooth sailing once you’ve set your language settings.
Is CryptoTax safe to use?
CryptoTax, under the Blockpit parent company, treats all your data confidentially. It only shares your information with third-party service providers that require it to perform specific tasks, such as your payment information to its payment processor, Stripe.Once you delete your account, all your personal registration data is deactivated and your user data becomes anonymous or deleted entirely.
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Customer service
The only way to get in touch with CryptoTax customer service is by emailing support@blockpit.io or by filling out a form by selecting the Support button on its website.
Disclosure: The writer owns BAT cryptocurrency as of the publishing date.