7 Best Crypto Tax Software for 2022 (+ Get the Biggest Tax Breaks)

Filing taxes for regular income can be challenging at times, let alone for cryptocurrency. However, the best crypto tax software can make the process seamless and quick, saving you any trouble in the future. 

With so many people investing in different cryptocurrencies and making large profits, governments around the world are taxing that income as well. But there’s a serious lack of standardization across the world when it comes to taxing crypto. This is why many crypto owners find it very confusing to calculate how much tax they owe to the government. 

So in this article, we’ll compare different software solutions, their features, and their pricing. 

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Best Crypto Tax Software Compared

What is the Best Crypto Tax Software?

Of course, as a responsible tax-paying citizen, you want to ensure your taxes are accurate and paid timely. We’ve handpicked the best crypto tax software for your convenience. 

1. Koinly

About

Koinly is hands-down the most popular tax software for cryptocurrencies. It’s also the most widely used with support for tax calculation in over 20 countries, including the US, Canada, the UK, and Switzerland. 

Koinly was founded in 2018 and has processed over $250 million in tax calculation for over 6000 cryptocurrencies. As for the exchanges, it currently supports over 350, so all the major ones like Coinbase, Binance, and Kraken are covered for tax calculation. 

What sets Koinly apart is its easy-to-use dashboard that presents all your holdings from different crypto assets in one place. So not only does it work for taxes, but it also provides an overview of the assets. The view of those assets can be filtered by ROI, profit, or capital gains. 

With data import functions, there’s no need to enter data manually, which helps avoid inaccuracies. It fetches data either through wallet addresses or APIs. 

In addition to tracking transactions between you and other parties, Koinly’s smart algorithm also traces transactions made between your own wallets. 

The platform works for generating IRS Form 8949 (for the US). It also supports data export to TurboTax and TaxACT if you use those as the primary tax software. 

Pros and Cons

Pros: 

• Generous free version with support for 10,000 transactions
• Works in over 20 countries and 350+ exchanges
• Incredibly easy to use even for newbies
• Export to TurboTax
• Saves time

Cons:

• It can be expensive for very active traders
• It doesn’t accept any cryptocurrency for payment

Overall Thoughts from Our Experts

Koinly meets the goals of what tax software should be like, simple and easy. With integrations with so many wallets and exchanges, it’s easier to accumulate all crypto assets in one place and calculate accurate taxes. While the pricing isn’t exactly cheap, the free version is good enough for new entrants in the crypto market. We encourage you to check out our full review of Koinly.

2. TokenTax

About

TokenTax is another top-rated crypto tax software, which reputable individuals and companies endorse. The idea for TokenTax started in 2017, but it really picked up pace in 2019 when the company acquired Crypto CPAs. 

Unlike many other crypto tax software platforms, TokenTax also provides complete tax filing plans. You can either choose just crypto tax calculation or file all the taxes here, including those on other income sources and assets. 

It’s quickly grown over the years with over 100,000 customers. They have a variety of products for different customers in the crypto space, from individual investors to accountant firms. 

TokenTax has a tax loss harvesting feature that can help turn losses into savings on taxes. The dashboard is designed explicitly for this purpose and makes it easy to claim tax deductions on crypto assets. 

This software also works with Margin traders, as it can automatically import data from BitMex, Bybit, and Deribit. 

Pros and Cons

Pros:

• Full tax filling option
• Ideal for margin traders
• TurboTax integration
• Loss harvest for tax deductions
• Expert customer support

Cons:

• The basic plan only supports three exchanges
• No free trial or free version

Overall Thought From Our Experts

TokenTax is a sophisticated software that’s ideal for big investors and even accountants handling taxes for different clients. This software is a little more expensive than some of the competitors and offers no free trials, which is a drawback. 

3. CryptoTrader.Tax

About

CryptoTrader.Tax by Coin Ledger, which itself was founded in 2017. The company established CryptoTrader.Tax to resolve the difficulties for crypto tax filing, especially in the US. 

Coin Ledger is based in Kansas City, MO, but they have operations in other countries as well. 

CryptoTrader.Tax is essentially designed for the US market with tax forms and software integrations for Americans. However, CryptoTrader.Tax may be used in any country that accepts FIFO or LIFO standards. 

It generates tax reports for the crypto trading in the current tax year, which can be used with tax software like TurboTax and TaxACT, or even your accountant. It works by providing a straightforward dashboard with built-in APIs to transfer historical transactions from different exchanges and wallets. 

The platform can work for computing crypto gains from a wide range of sources, including gifts, mining, staking, and forks. 

The software produces different reports, including sales reports, audit trail reports, IRS Form 8949, and income reports. 

Furthermore, CryptoTrader.Tax also has a tax loss harvest feature. This feature basically helps users find cryptocurrencies with tax advantages, so they don’t have to pay a lot of taxes in the long term. In other words, this feature helps crypto investors save money and reduce their taxes on crypto assets. 

The tax harvest feature is included in all four price tiers. There’s no free version of this software. However, there’s a money-back guarantee. 

Pros and Cons

Pros:

• Official TurboTax partner
• Tax-loss harvesting feature for tax savings
• Multiple price tiers
• Easy to digest reports 
• 14-day money-back guarantee

Cons:

• Doesn’t file taxes only generates reports
• No free version

Overall Though From Our Experts

CryptoTrader.Tax is a decent tool for calculating your crypto taxes easily and accurately from some of the most widely used exchanges. 

While it can support tax calculation for many countries, it’s not exactly geared for global usage, so it’s best for countries like the US, Canada, Germany, and Australia. Also, the tax loss harvest feature is perhaps its biggest strength, especially for new investors. 

4. ZenLedger

About

ZenLedger is well-known as the best crypto tax software that provides broad coverage. In other words, it works with all the major exchanges, currencies, and of course, cryptocurrencies. 

ZenLedger works similarly to most of the other software on this list, where you import data from exchanges and wallets using APIs. All of that is done automatically, so you pretty much just have to link accounts. 

Based on that data, ZenLedger calculates the taxes owed to the IRS or any other tax collection agency. However, it also has other secondary features that you won’t find elsewhere. For instance, it notifies if some holdings must be reported to the Financial Crimes Enforcement Networks. 

It also has a loss harvesting feature. There’s a CPA suite for accountants working for crypto investors. 

Pros and Cons

Pros:

• Support for DeFi applications
• Free version with 25 transactions
• Premium support in all plans
• Professional tax attorney options
• Covers virtually all exchanges

Cons:

• DeFi support is only available in top-tier plans
• Mostly suitable for the US 

Overall Thoughts From Our Experts

ZenLedger makes it easy to export data from really any exchange in the world. It’s also adequately priced and provides an easy-to-use dashboard. Ultimately, you can use TurboTax to file taxes, but the process of crypto tax collection is swift. 

5. Coinpanda

About

Coinpanda was launched in 2018 and has quickly climbed ranks to become one of the best crypto tax calculation software. It’s designed for both retail investors as well as dedicated crypto investors with investments in many exchanges and futures. 

The biggest USP (unique selling point) of Coinpanda is that it’s quick with calculating and generating tax reports. The company claims it can produce tax reports in under 20 minutes. 

You can use it to generate capital gains reports, audit logs, and tax forms. It works for over 65 countries so that you can calculate taxes owed in your local currency. You can import from major exchanges around the world with API keys or CSV files. 

Pros and Cons

Pros: 

• Free version for beginners (unlimited exchanges)
• Live chat support option for upper-tier plans
• Quick report generation
• Custom solution for over 20,000 transactions
• Global setup

Con:

• Relatively lower transaction limits

Overall Thoughts from Our Experts

Coinpanda takes a global approach, which is befitting considering cryptocurrency is a global asset now. There are custom tax forms for a variety of countries, which makes things even easier. Its user interface is simple enough for someone filing crypto taxes for the first time. 

6. CoinTracking

About

CoinTracking is yet another crypto tax software rich with many features. It was the very first such software of its kind when it was launched in 2012. Back then, crypto taxing was still very murky. 

The CoinTracking company has grown over the years to become one of the best in the market, with features like portfolio analysis, tax declarations, trade imports, coin charts, and personalized customer support. 

It has nearly a million users with assets amounting to over $24 billion. 

There are several options to import documents and data, aside from the automatic APIs. You can upload Excel, CSV, PDF, XML, and JSON. The analysis feature includes up to 25 custom reports. It can calculate taxes using 12 different computing methods, including the common FIFO and LIFO. 

There are also options for professional help for investors with large assets. So they also provide a very personalized experience. 

Pros and Cons

Pros: 

• Most experienced company
• Free tax reports
• History for over 7000 coins
• Expert help is also available
• Affordable pricing

Cons:

• Upgrading is not so easy
• User-interface looks dated

Overall Thoughts from Our Experts

CoinTracking, being the pioneer of crypto tax reporting, offers easy-to-use tools for all kinds of crypto investors. You pretty much get everything you’ll find on other top platforms at a relatively lower price. However, the only area they need to work on is the dashboard’s user interface, as it’s not as modern as some of the others. 

7. CoinTracker

About

CoinTracker is not just a crypto tax company, as they also offer other products. However, their crypto tax software is emerging as one of the best, if not the most popular. 

It’s essentially a crypto portfolio manager and tracker that you can use to keep track of all your crypto investments. As an extension, they also provide this tax solution, so investors have everything in one place. 

The company is very crypto in its nature, as it’s distributed over North America and Europe. 

Only the Premium and Unlimited plans have DeFi support, along with some other important functions and features. However, there’s a free version to try it out as well. 

Pros and Cons

Pros: 

• Portfolio management products also offered
• Works with exchanges from around the world
• Error reconciliation
• Custom features for Unlimited Plan
• Intuitive and user-friendly dashboard

Cons:

• Free version very limited
• Pricey

Overall Thoughts from Our Experts

CoinTracker has a comparable tax software with standard features found across the board with different products. It’s ideal for big investors who have investments in many cryptocurrency exchanges and in many different cryptocurrencies, as the portfolio tracker product will suit their needs best. 

Best Crypto Tax Software for TurboTax

Almost all major crypto tax software works seamlessly with TurboTax. You can either directly export reports to TurboTax or upload them manually. 

TokenTax is the official TurboTax partner and allows easy export of tax reports to TurboTax. Since it’s the official affiliate for the company, it has the best support for TurboTax. 

Best Crypto Tax Software for Coinbase

Virtually all crypto tax software integrated with Coinbase seamlessly, as it’s the world’s most popular crypto exchange. In other words, you can automatically sync your holdings in Coinbase with your crypto tax software. 

In this regard, Koinly is the best crypto tax software for Coinbase as it offers a free version and has support for over 20 countries.