CryptoTax is a program that automatically generates tax documents for your cryptocurrency transactions and holdings.
It works by allowing you to directly import your trading history from supported exchanges. You can also upload documents to the CryptoTax program if you trade on unsupported exchanges.
It also has support for other crypto-related systems, such as if you operate a masternode or have other cryptocurrency holdings.
The end result is a much easier way of doing your cryptocurrency taxes than if you had to go through by hand — and it’s potentially much quicker and cheaper than if you had to give the same data to an accountant.
How to use CryptoTax
First you’ll need to create a CryptoTax account by signing up with an email and password, choosing your base currency, such as USD, and selecting your tax country.
For many exchanges and with some tools you can directly import your information into the CryptoTax app. Where there is no direct support, you can download the information from those unsupported exchanges and tools to a CSV or XLS spreadsheet file and then upload that spreadsheet to CryptoTax.
Once it has your information, the CryptoTax program will do the hard part, tying together deposits and withdrawals, working out how much different cryptocurrencies were worth at the time of each transaction and using that to generate a tax report.
The tax report can help you understand your tax obligations.
Compare CryptoTax against other crypto portfolio tracker apps
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
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