CryptoTrader.Tax Review 2021

CryptoTrader.Tax Review: Introduction and Overview

When it comes to taxes and cryptocurrency, there’s a lot to consider. The space is rapidly evolving, and new products and innovative technologies are constantly emerging. In the past two years, we’ve seen the rise of DeFi, a host of Proof of Stake Protocols, and new investment and income-generating opportunities, such as NFTs, lending, and yield farming. While progress has been nothing short of phenomenal, it’s made keeping abreast of crypto taxes quite a cumbersome task.

Thankfully, there are a number of services that make cryptocurrency-related taxes significantly easier to deal with, by importing all your data from a variety of wallets, exchanges, and other platforms and calculating your tax liabilities. CryptoTrader.Tax is one such platform. We’ve taken the time to get to grips with CryptoTrader.Tax and see what exactly the platform is capable of. Read the review below to find out if it has the features you’re looking for.

What are the Main Features of CryptoTrader.Tax?

CryptoTrader.Tax allows users to generate a suite of detailed reports. You can generate the following:

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

Reports are created after the user inputs some information, including selecting the exchanges used, importing trade history, and other transactions.

Audit Trail

CryptoTrader.Tax generates a full and detailed report of all your taxable events and transactions for the relevant tax period. It also includes a breakdown of numbers used for each step in the calculation of your capital gains or losses.

Cryptocurrency Income Report

With more investors taking advantage of income opportunities like staking, DeFi and airdrops, a detailed income report is an essential component of a comprehensive crypto tax calculator. CryptoTrader.Tax’s income reports are itemized based on the type of income and show the amount of cryptocurrency-derived income in fiat.

Short & Long Term Gains Report

Depending on which country you’re tax resident, capital gains taxes may vary based on the length for which you’ve held the cryptocurrency. In Germany, for example, if you hold cryptocurrency for more than one year, it’s considered “private money” and is, therefore, subject to zero capital gains tax. CryptoTrader.Tax breaks your gains into short and long-term holdings.

Tax Loss Harvesting Report

Tax-loss harvesting is a method by which you identify and sell any unrealized gains, in a strategic manner, in order to minimize your annual tax bill. This is still permissible in some countries and CryptoTrader.Tax generates a report which identifies your unrealized losses and the amount you can potentially use to offset against your tax liability.

Lost and Stolen Crypto

Lost and stolen cryptocurrencies are considered a capital loss in certain countries, which you can offset against your tax liability. CryptoTrader.Tax also allows you to account for coins you may have lost – whether they were stolen, lost in an ICO scam, or sent to the incorrect wallet address.

Exchanges and Platforms Supported by CryptoTrader.Tax

CryptoTrader.Tax’s API integration supports over 50 cryptocurrency exchanges and platforms. This means that you can easily import your data from these exchanges to CryptoTrader.Tax. The following exchanges are currently supported:

• Abra
• Binance
• Binance US
• Bittrex
• Bitfinex
• BitMart
• Bitrue
• Bitstamp
• BlockFi
• BTC Markets
• Celsius
• CEX.IO
• Changelly
• Circle Invest
• Coinbase
• Coinbase Pro
• CoinBene
• CoinEx
• CoinJar
• CoinMate
• CoinSpot
• Crypto.com
• ErisX
• Exodus
• GateHub
• Gate.io
• GDAX / Coinbase Pro
• Gemini
• HitBTC
• IDEX
• Kraken
• KuCoin
• Lykke
• Mercatox
• Nexo
• Nice Hash
• OKEX
• Paxful
• Poloniex
• Phemex
• ShapeShift
• Square Cash App
• Swan Bitcoin
• Swyftx
• Tidex
• TradeSatoshi
• Uphold
• Voyager

DeFi Protocols that are supported by CryptoTrader.Tax:

• Uniswap

Users can also import CSV files from exchanges that are not integrated by CryptoTrader.Tax, as well as from their self-custodied wallets (if applicable). CryptoTrader.Tax has published handy guides on its website, explaining how data can be imported via API from each exchange they support.

CryptoTrader.Tax Pricing

The good news is that you can import your data into CryptoTrader.Tax for free. This will allow you to get a feel for the platform before committing to using it to calculate your crypto taxes.

See Also

Koinly Cryptocurrency Tax Software Review 2021

Before you generate and view your tax reports, you’ll have to pick a paid plan. CryptoTrader.Tax has a tiered pricing plan, which is based on the number of transactions you make during the tax year.

If, for some reason, you are dissatisfied with the report CryptoTrader.Tax generates, they offer a 14-day money-back guarantee. Each plan also includes live chat support.