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.
What is CryptoTrader.Tax?
CryptoTrader.Tax is a program that automatically generates tax documents for your cryptocurrency holdings.
When you finish using it, you will have the following:
Completed IRS Form 8949
Audit trail report
Cryptocurrency income report
End of year positions report
TurboTax online direct import
To help minimize your tax paid on crypto earnings, CryptoTrader.Tax lets you choose either LIFO or FIFO for calculating liabilities
LIFO (last in first out) and FIFO (first in first out) are two different ways of calculating the difference between the price at which an asset was acquired and the price it was disposed of.
Because cryptocurrency taxes are typically paid based on the difference between the prices, calculating them in different ways can make a big difference to the amount of tax you pay on them.
How to use CryptoTrader.Tax
Using CryptoTrader.Tax is a three-step process.
You can automatically import trades from 28 popular exchanges or manually import trades from others.
Add any extra crypto income, such as earnings from airdrops, mining or gifts. You can skip this step if not applicable.
Based on the information provided in steps 1 and 2, CryptoTrader.Tax will do the paperwork for you.
How much does it cost to use CryptoTrader.Tax?
There are four different tiers available. The main difference between them is the number of trades supported.
The fees below are accurate as of 4 October 2019.
What you get
$49 per tax season
Up to 100 trades Live chat support
$99 per tax seaon
Up to 2,500 trades Live chat support
High Volume Trader
$199 per tax season
Up to 10,000 trades Priority support
$299 per tax season
Unlimited trades Priority support
Key features of CryptoTrader.Tax
Which reports does it offer?
CryptoTrader.Tax offers a thorough set of tax reports on completion, included a completed IRS form 8949, an audit trail report and an end of year positions report.
How do I import information to CryptoTrader.Tax?
You can directly import trading information from 28 different exchanges. For unsupported exchanges, you can download reports from the exchange and then upload these to CryptoTrader.Tax.
You can manually add airdrops, ICOs, mining revenue and similar if needed.
What exchanges does CryptoTax support?
CryptoTax lets you directly import data from the following exchanges and wallets:
Cost-effective. CryptoTrader.Tax offers good value compared to some equivalent products, especially in the $49 for up to 100 trades tier.
Comprehensive tax reports. CryptoTrader.Tax saves even more time by giving you a thorough selection of completed documentation.
One-off payments. You probably only need CryptoTrader.Tax at tax time, so the fee comes as a one-off payment at tax time.
Wide exchange support. CryptoTrader.Tax supports a wide range of popular exchanges.
US-focused. While the documents provided are useful time-savers anywhere, some of CryptoTrader.Tax’s documents provided, such as the IRS Form 8949, are specific to the United States.
Compare CryptoTrader.Tax 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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