Once connected to your accounts, it automatically tracks all your cryptocurrencies, identifies transfers and can even combine multiple trades into single transactions. The cryptocurrency tax calculator Koinly currently works with 368 crypto exchanges, 78 wallets and 20 other crypto services (like the products in this collection.) If Koinly doesn’t include your crypto exchange, you can also import CSV files of crypto transactions. The Premium plan adds up to 1,000 transactions and starts at $200. A Hobbyist plan starts at $60 and includes up to 100 transitions. If you have 25 or fewer transactions, it’s free. Like most of the products in the collection, CoinTracker will create IRS Form 8949 for you and assist with various IRS schedules related to crypto income from airdrop or hard forks.ĬoinTracker based its pricing on your number of crypto transactions. The CoinTracker site boasts that it tracks 3% of the global crypto market, equaling about $50 billion of crypto assets. TurboTax has also recently teamed with CoinTracker to let its users import crypto transactions.ĬoinTracker integrates with more than 300 crypto exchanges and wallets to automatically track your cryptocurrency holdings, sales and transfers. In January, CoinTracker announced it was partnering with CoinBase to simplify tracking taxable cryptocurrency activity for CoinBase users.
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They won’t necessarily file your taxes for you, but they will sync up with popular tax filing software like TurboTax, H&R Block and Cash App Taxes and help navigate the complications of crypto taxes.ĬoinTracker is one of the crypto data tracking products making noise in 2022. If crypto taxes sound complicated, consider crypto tax software that connects to exchanges and can make reporting crypto transactions on your tax return easier. And if you’re mining crypto, there are different IRS forms depending on whether you’re doing it as a “hobby” or as part of a business. Likewise, if you earned crypto as wages or from airdrops, hard forks, mining or staking, you’ll need to report that as income on your taxes. And crypto traders need to document the value of every single sale or trade on IRS Form 8949. Just as profits on stock sales are taxed as capital gains, so are profits from crypto sales. And you’ve only got a few days left to do it - income tax returns must be filed by April 18, 2022.Įver since the IRS clarified its stance on cryptocurrency in 2014, crypto taxes have been a way of life for those who sell or trade digital currencies. If you sold, traded, earned, mined or staked cryptocurrency in 2021, the IRS wants to know about it, whether it was bitcoin, ether, binance, cardano, dogecoin or any other virtual currency. This story is part of Taxes 2022, CNET’s coverage of the best tax software and everything else you need to get your return filed quickly, accurately and on-time. I enjoy a variety of games and sports - particularly poker, ping-pong, disc golf, basketball, baseball, puzzles and independent video games. I’m a writer/editor for CNET How-To and Money, living in South Berkeley, CA with two kids and two cats. You must report cryptocurrency trades or income on your 2021 tax return.