Best Cryptocurrency Tax Software 2022

If you’re an investor or trader, having access to reliable cryptocurrency tax software is essential to ensure that you’re fully compliant with relevant laws and regulations.

The asset class is barely more than a decade old and continues to innovate at an incredible rate. In the past 24 months alone, the space has seen major advancements in DeFi and NFTs, which have given crypto investors a variety of new ways to generate income. This has left the tax authorities playing catch-up, which means that tax regulations are quite difficult to decipher and navigate, especially for those who are relatively new to the area.

As well as this, having a clear overview of your trading history and cryptocurrency income in one place will give you peace of mind and help you manage your portfolio more efficiently.

Our criteria for picking the best cryptocurrency tax software platforms

While there are quite a few platforms on the market, we’ve narrowed it down to three of the best. In doing so, we looked for platforms that matched all or most of the following criteria:

• Well established and proven cryptocurrency tax accounting platforms, with a sizable amount of satisfied customers.
• Easy to use, with API integrations for the most popular exchanges, wallets and cryptocurrency services.
• Support a wide array of countries and international accounting standards (i.e. FIFO, LIFO, Average Cost Basis etc.)
• Essential reports, including Profit and Loss, Captial Gains, End-of-Year Valuation (for FBAR reporting).
• Tools to help customers offset annual taxes, for example tax loss harvesting reports.
• Proven customer support, resources and documentation.
• Clear and transparent pricing.

Koinly: The Best Cryptocurrency Tax and Accounting Software for Crypto Investors

We’ve included Koinly as one of the best crypto tax platforms, due to the fact that it’s easy to use and provides an excellent range of features. Investors and traders who use Koinly for their crypto accounting can easily keep track of their portfolios and ensure they are compliant with relevant tax regulations.

API Integration for Numerous Exchanges and Platforms

Koinly enables users to connect to a wide variety of exchanges and platforms via API, which automatically imports cryptocurrency trading and income data. Currently, Koinly supports API integration for:

• Over 350 exchanges
• 50 wallets
• 50 blockchains
• 11 Additional services including Nexo, BlockFi, Paxful, NiceHash, Purse.io & others
• All cryptocurrencies in existence

In the event that a platform or exchange is not available, you can manually upload data via a CSV file.

Extensive Suite of Cryptocurrency Tax Reports

With Koinly, users can generate an extensive suite of reports, including:

• Capital gains & margin trading summary
• End-of-year Valuation Report
• Capital gains disposals report
• Crypto Income Report – including a breakdown of income type – forks, staking, mining etc.
• Gifts, Donations & Losses Report

International Crypto Tax Software

Koinly works for essentially any country, anywhere in the world. Koinly works closely with local tax firms from around the world to ensure that their software is compliant with all relevant laws and regulations.

Koinly Pricing

You can try Koinly out for free and import up to 10000 transactions. However, if you want to calculate your capital gains and crypto income reports, you have to subscribe to one of their paid plans. Pricing starts at $49 and goes all the way up to $179 per year, depending on the number of transactions you need to import.

TokenTax: The Best Cryptocurrency Tax Software for Serious Traders

Exchanges TokenTax Supports

TokenTax is one of the best tax platforms for cryptocurrency traders. It supports all exchanges, including margin trading accounts like BitMEX and Bybit, as well as DeFi and NFT platforms (e.g. Uniswap, Opensea, Aave, etc.).

One drawback is that the basic plan only includes API integration for Coinbase and Coinbase Pro, and doesn’t allow for manual import via CSV file. So, in order to avail of the full suite of services, users will have to upgrade to one of the more expensive plans – starting at $199.

Cryptocurrency Tax Reports Generated by TokenTax

TokenTax generates all the essential reports a cryptocurrency trader is likely to need to stay tax compliant. After you import your data, you can easily create the following:

TokenTax Pricing

As mentioned above, TokenTax’s basic plan for $65 is quite limited. This is because it provides API integration only for Coinbase and Coinbase Pro, and doesn’t allow users to upload CSV files. This means that the basic plan is not an option for anyone who uses exchanges and platforms other than Coinbase (which we imagine is the vast majority of traders and investors).

The next tier starts at $199, and to be fair, TokenTax provides a lot of value for money. TokenTax also has Pro ($799) and VIP ($2,500) plans, which are suitable for serious traders, who have up to 20,000 and 30,000 transactions, and engage in advanced trading strategies like options and futures.

You can find out more about TokenTax in more detail, by reading our full review.

CryptoTrader.Tax: The Best Tax Software for Crypto Beginners

We’ve chosen CryptoTrader.Tax as the best crypto tax software for beginners. This is because you can import your data easily without having to pay upfront, and if you’re not satisfied with the tax reports, you can request a full refund within 14 days. This is great for anyone who wants to try out the software before committing to an expensive package.

Exchanges CryptoTrader.Tax Supports

CryptoTrader.Tax supports API integration for over 50 of the best-known exchanges and platforms.

Users can also import CSV files from exchanges that are not integrated by CryptoTrader.Tax, as well as from their self-custodied wallets. There are lots of detailed guides by CryptoTrader.Tax, which explains how to import data. The support is also excellent, so if its your first time trying to navigate crypto tax software, you’ll have more than enough help.

Cryptocurrency Tax Reports Available on CryptoTrader.Tax

Once you’ve imported your cryptocurrency trading and income data, CryptoTrader.Tax can generate a host of essential reports, including:

• Cryptocurrency Income Report
• Tax Loss Harvesting Report
• International Gain/Loss Report
• Audit Trail Report
• Short & Long Term Gains Report
• IRS Form 8949

CryptoTrader.Tax Pricing

As we mentioned, users can import their data to CryptoTrader.Tax for free. If, however, you want to generate any tax reports, you’ll have to subscribe to one of their paid plans. Plans increase in price based on the number of trades executed in the relevant tax period.