Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.
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.
How much does it cost to use CryptoTax?
There are three pricing tiers for CryptoTax. The main difference between them is the number of cryptocurrency transactions you can process with each tier.
The fees below are accurate as of September 20, 2019.
What you get
Up to 50 transactions total
$199 for the tax year
Up to 10,000 transactions each tax year
Access to support
$599 for the tax year
Access to support
Key features of CryptoTax
What does it track?
CryptoTax can be used to track exchange data, airdrops, ICOs, hard forks, staking, margin trading and more.
It works across more than 8,000 cryptocurrencies.
How do I import information to CryptoTax?
You can directly import information from supported exchanges and wallets, or you can upload spreadsheets instead.
What exchanges does CryptoTax support?
CryptoTax supports 20+ exchanges and wallets, including:
Versatile. CryptoTax can handle regular trades, margin trading, hard forks, airdrops, ICOs and more.
Wide exchange and wallet support. You can find a wide range of exchanges and wallets supported directly through CryptoTax.
Purpose-built. CryptoTax works differently in different countries, to help ensure the tax documents are more relevant to tax law in your location.
One-off payments. You probably only need it at tax time, so the paid models work as one-off payments for the tax year.
Generous low price tier. A $199 one-off payment for up to 10,000 transactions could be good value for a lot of people.
Limited free version. The free version is restricted to 50 transactions for life.
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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