Crypto tax tools

crypto tax tools

At Koinly, we are building tools to enable the widespread adoption of cryptocurrency by automating the regulatory hurdles of tax compliance and asset. Crypto Taxes Canada (Capital Gains VS Business Income) Crypto For Canadians 11 мес. Top 5 Crypto Top 5 Crypto Tax Software. Are your customers looking for inexpensive business to generate a lot of money without getting trapped in taxes?Do you want to make sure that by buying one.

Crypto tax tools

Regularly updated, free guides. Talk about cryptocurrency taxation with the rest of our community. Learn how to set up, configure and use Koinly to generate your taxes and track your portfolio. Quickly calculate your myetherwallet taxes and create the right tax documents to send to your tax agency. Koinly integrates with MyEtherWallet and makes your tax reporting a walk in the park.

The first step is to download all your transaction data from myetherwallet and import them into Koinly. There are a few ways you can do this:. Features Exchanges Resources Blog Latest news and advice on cryptocurrency taxes. Tax Guides Learn how cryptocurrencies are taxed in your country. Discuss Talk about cryptocurrency taxation with the rest of our community. Help Center Learn how to set up, configure and use Koinly to generate your taxes and track your portfolio.

Filing Your MyEtherWallet Tax Reports Quickly calculate your myetherwallet taxes and create the right tax documents to send to your tax agency. CSV File Import. There are a few ways you can do this: Look for a history export button in MyEtherWallet that will create a CSV file containing your transaction history, simply import that file into Koinly and you can create a tax document. After that, simply add the public key or public address for each of your coins and let Koinly take care of the rest.

Forum Icons: Forum contains no unread posts Forum contains unread posts Mark all read. The Abra crypto app combines a safe cryptocurrency wallet and exchange with an easy-to-use experience available in more than countries. You can fund your Abra crypto wallet in multiple, convenient ways: Crypto: Deposit dozens of popular cryptocurrencies or stablecoins directly into your Abra wallet Bank Transfer: We support a variety of major and regional banks in the United States.

Your interest compounds on a daily basis. You can trade the coin you want instantly. Contact us: www. On December 20, I requested a withdrawal from my bank account to be deposited into my Abra account. The expected deposit date was December 21, When the deposit was not completed I sent an email requesting information. On December 29, I sent another email to Xavier advising that my deposit still was not completed.

I asked for someone else to look into this situation. On December 30, I received an email from Ava Abra indicating that my deposit request was canceled on December 24, On December 30, I sent Ava an email requesting information on who canceled my deposit as I did not cancel it. To date, I have not received the courtesy of a response from Ava. To make matters worse, I submitted another request for a withdrawal from my bank account to deposit into my Abra account with the expected deposit date of yesterday, January 4, and again the deposit has not been completed.

Hello Jonh39, Deposits or withdrawals can be canceled for a number of reasons. Please note, you can only link a personal checking account in your name to the Abra app. If this issue has not been resolved please send a new email referencing this review and we will be sure to resolve this issue as soon as we can. I really loved using Abra, secure wallet, easy to purchase multiple digital assets. Unfortunately I obtain only manual transaction history, which I was not able to upload on any tax softwares available in the market.

I was highly disappointed, finally I have started transferring mostly my assets to different otherWallets, so probably next year I can apply crypto tax returns more Conveniently. Hi Qaakhan, thank you for writing in with your review. We are still working on finalizing our transaction report csv which will be out in a few days.

Appreciate the honest feedback, we will work on doing better. Thank you. So Shout our to Abra for their wallet it truly is cutting edge in many ways. I found its installation and usage to be quite simple for a crypto wallet. They offer many coins and this was a huge draw for me.

You might ask why 3 stars then. This is a problem for me. Cause this makes it feel like a basic wallet as it really only allows transactions for these 3 coins. I often send in and out of exchanges. But I was hoping to keep large sums of alt coins on this wallet that was part of a trading portfolio.

As I cannot withdraw my swapped coins to an exchange I cannot trade efficiently. If abra upgrades its system to allow for such withdrawals at least I could use the wallet. Deposits in btc and swaps then off to the exchange. Simple request.

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Cryptocurrencies brought four main groups together: investors, traders, miners, and thieves. As the cryptosphere gained more traction, revenue authorities came knocking and started talking about the need for crypto traders and investors to pay tax. Then I realized: Ah, so Benjamin Franklin was right when he said nothing is certain in this world except death and taxes. If not, the tax collectors will come out looking for you.

Just like you, I had the same headache when I realized I had to start reporting my crypto activities for taxation. As a guide, I created this simple yet resource-packed piece to help you navigate the crypto taxation space. Whether you are obliged to pay tax on your crypto activities or not depends on where you find yourself. These countries have clear-cut regulations on the taxes crypto traders are supposed to pay. These are the cryptocurrency trading and investment activities that require you to pay tax.

These activities cut across almost all countries. Not all cryptocurrency engagements attract taxes. Here are the activities you need not need to pay taxes on:. The amount of tax you pay on your crypto engagements depends on the activity you undertake. Buying and holding a crypto asset and then selling it at a future date attracts a capital gains tax.

The percentage you pay as crypto capital gains tax , however, depends on whether you held your crypto assets for less than a year or over a year. This brings us to the two types of taxes in this category: Short-term and long-term capital gains tax this part focuses on capital gains tax because crypto activities are currently, largely dominated by buying and selling.

Remember, however, that there are other activities that attract tax like making a purchase with crypto or when you get paid in crypto for providing services and more. The table below summarizes tax rates and the different percentages that apply to each group. For crypto traders in the US, the IRS has a full list of the tax rate that applies to short-term traders and investors. The table below illustrates the tax rate for a long-term holder.

Essentially, the rates for long-term capital gains tax are lower and favorable to traders and investors compared to short-term capital gains tax rates. Thus, the tax system rewards those who hold their assets for a long time. Buying and selling crypto attracts a capital gains tax and receiving crypto as payment for services offered or as earnings from mining activities attracts an income tax.

By now, you have an idea about crypto taxation in your country, how to determine the income taxable from your trading and investment, and the tax rates that apply to your activities. This part of the post will take you through 5 cryptocurrency tax software that you can use to import and manage your trading data from crypto exchanges, calculate and report taxes on your crypto activities, all by yourself.

Plus some bonus tools. TokenTax is one of the most extensive tax calculation and reporting software out there for any crypto trader. The platform has made the entire process hassle-free by integrating with almost every crypto exchange out there. This feature will recommend the coins that you should sell in order to minimize the tax you pay your crypto activities and helps you make optimum use of both your portfolio and the tax system.

Koinly is another great tool for crypto traders and miners looking to do their taxes. It provides support for traders, investors, and miners in over countries. In calculating taxes, Koinly considers the accounting system of all supported countries.

Even if your country is not listed, Koinly is ready to support you when you need help calculating your taxes. When it comes to exchanges, traders have many options to choose from. It also makes integrating with an exchange or wallet simple for any trader using secure read-only API connections. In total, Koinly supports 68 wallets such as Exodus, Trezor, Ledgers etc, over exchanges, and more than cryptocurrencies.

Koinly can import such files without having to make manual changes to them. Tracking your trades and calculating taxes on Koinly is really very simple and easy. CoinTracking is another great and long-standing tool for all your crypto tax calculation and reporting. It is a crypto portfolio management platform that also provides great tax tools, giving you access to a comprehensive set of data in one dashboard.

It tracks your crypto balances and trading milestones to help you make better decisions. You can either download this in a simple pdf form to be sent to your accountant or you can download it for use in tax filing software such as TurboTax, TaxAct et al.

When it comes to pricing, TaxBit has three tiers. Below are what each of the pricing options entail:. CoinTracking calls itself the leader in cryptocurrency reporting and tracking, and with over , clients, including more than corporate clients, they might not be wrong. CoinTracking is particularly detailed, and users will know exactly how their portfolio is performing, how diversified they are, and what their tax burden is going to be all throughout the year.

This allows CoinTracking to display the complete trading history of a user, and determine profits, losses, and taxes owed. The platform aggregates all of the transactions made through the connected accounts, showing exactly what was sent or received, and the exact trades made over the course of the year.

The platform also shows the historical coin prices at the time the trades were made, and has over 11 years of data on more than 7, altcoins. Over 70 exchanges are supported, including more than a dozen that are closed. CoinTracking begins with a free tier that can be used for up to transactions, although the tax reporting and linked accounts are limited. To fully unlock the features a Pro account is needed. Accointing is one of the newer tax accounting solutions, having been launched in It also claims to be an all-in-one solution that covers everything crypto and tax related.

One of the most powerful features is the portfolio management tool that comes with Accointing. You can even drill down to view the state of your portfolio at a specific timeframe. Related to this is the Holding Period Assistant dashboard, which will look at when you added cryptocurrencies to your portfolio and then make tax-strategy recommendations such as a tax-loss harvesting strategy, based on your holdings and holding period.

So much power with the click of a mouse. Image via Accointing. When it comes to crypto taxes, Accointing has you covered. The Tax Review feature automatically goes through all the steps required to accurately calculate your tax burden.

It will even generate reports based on different cost accounting methods, giving you the ability to easily choose the best for your situation. And it allows you to mark off transactions as airdrop, hard fork, gift, or payment. All of this is made possible by the import function of Accointing. The data import software included in the Accointing package makes it super easy to upload everything from wallets and exchanges via CSV or API.

In fact, if you have 25 transactions or less Accointing is free to use. That includes all the features of the software, not some watered down version. If you have more transactions you do have to pay for the software.

Considering the amount of time Accointing will save you this is a real bargain. Overall Accointing is a very powerful and user friendly tool for tracking your portfolio and generating tax reports. Both features will save you time and quite possibly a good bit of money.

BitcoinTaxes is another popular crypto tax solution. Launched in , it is a web-based solution which offers users a group of excellent tools for tracking annual tax obligations. It includes the ability to generate detailed tax reports including all the transactions carried out throughout the year. These reports include transaction data pulled from many popular exchanges such as Coinbase Pro , Bittrex , and others.

The platform also supports importing any mined cryptocurrencies that may have been received throughout the year. The platform will generate your capital gains for the year, which can then be input into the tax software of your choice, or can simply be printed out to share with your tax accountant, or to attach to your tax return. One huge downside to this platform is the need to manually enter the coin price for each separate time-frame.

This could create quite a bit of work for active traders. The platform is available to residents of the U. LukkaTax was previously called LibraTax, and the original version has been around since This is another popular crypto tax platform frequently recommended by crypto enthusiasts who are also interested in keeping up to speed with their taxes.

The LukkaTax website claims you can collect your data from any source, including both exchanges and wallets. The platform will calculate based on crypto-crypto trasactions, crypto-fiat transactions, and mining transactions. The platform supports over 3, different cryptocurrencies. The platform generates a number of different reports, including the IRS Form needed to file taxes in the U. In addition to tracking crypto activity for the current tax year LukkaTax has the ability to look back in time and calculate tax obligations for prior years for those interested in filing an amended return.

The platform integrates with over two dozen popular cryptocurrency exchanges, and has support for a large majority of fiat and cryptocurrencies. ZenLedger will quickly import transaction history from supported exchanges, and will use the data to automatically fill in the required information in tax documents.

This includes capital gains, donations, closing statements, and income from cryptocurrencies. The platform also generates a profit and loss statement. That means they can all be submitted directly or used in conjunction with other tax reporting solutions.

ZenLedger works perfectly for all levels of crypto enthusiasts. While no one enjoys doing taxes, these solutions make finishing the crypto-portion of taxes easier and less stressful. Best of all, with the landscape surrounding cryptocurrency taxation continually changing, these platforms will keep in front of those changes and help their users remain compliant with the latest tax laws in their respective countries.

Using one of the seven solutions provided above will ensure the correct information is being collected and reported to tax agencies, and could help users avoid any penalties or fines. Keeping track of tax information for digital assets can be a challenge, but these crypto tax tools make it far easier. Resource Hub Videos About Contact. Tax 2. Main User interface of CryptoTraderTax.

Features of the Koinly Tax Tool. TaxBit User Interface.

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