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CryptoTrader.Tax By Coin Ledger Review
When it comes to verifying taxable gains, writing off losses, and keeping track of the liabilities that come with recording taxes regarding your crypto, many countries have been vague on the regulations and requirements, leaving investors in a state of uncertainty and panic wondering whether they comply with regulatory standards and cryptocurrency tax laws.
With CryptoTrader.tax, filing your taxes for your cryptocurrency accounts is an easier, seamless process. But is the software legit and it is worth the financial investment? If you’re wondering these questions, and more, continue reading to learn about what CryptoTrader.tax can offer you!
Onto our CryptoTrader.Tax review!
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Cryptocurrency Tax Reporting
Many people are unsure about whether they need to pay taxes on cryptocurrency gains or not. Platforms such as CryptoTrader.Tax streamline the process of tax reporting, supporting all major exchanges and ensuring you never overpay on your taxes.
Is CryptoTrader.Tax Legit?
A reliable and reputable company, CryptoTrader.Tax has partnered with the notorious platform TurboTax allowing users to easily import software, download required documents, and disseminate them to the appropriate parties. By prioritizing ease of access and supporting trustworthy APIs, CryptoTrader.Tax circumvents many of the vague and overwhelming regulations that the cryptocurrency industry currently faces.
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Cryptocurrency Tax Software
CryptoTrader.Tax has positioned itself in a way that best helps clients tackle some of the most common mistakes in reporting taxes that often lead to future expenses down the road. Prevalent issues traders face include neglecting to include all years of trading history, leaving out portions of data from exchanges, ignoring air-dropped crypto, crypto received as income and ignoring the money they could’ve potentially saved by reporting crypto losses.
CryptoTrader.Tax has an abundance of resources to pinpoint and resolve these issues, and positive community engagement helps to support the fact that they do so in an effective and cost-efficient manner.
Cryptocurrency Tax Preparation
One of the most troublesome burdens when dealing with filing cryptocurrency taxes is accounting for all the transactions across multiple exchanges. One of the most appealing aspects of CryptoTrader.Tax that helps differentiate it from other platforms is the agile process of importing trade data from other exchanges by either using their API import tool or uploading trade history files. By establishing a fair market value and cost basis after compiling aggregated data, this expedites the process while simultaneously minimizing errors.
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How Much Does CryptoTrader.Tax Cost?
CryptoTrader.Tax charges for reports as a one-time payment per tax season. It’s a tiered pricing structure in situ, which in practicality means the more trades you made during the tax season, the more you end up paying afterward.
This allows long-term investors with a minute number of trades to minimize the capital tax gains they are required to pay, and even for people who require the ‘Unlimited’ tier at $299, the pricing still remains competitive. Once a report is purchased, you are afforded the opportunity to make continuous revisions throughout the entirety of the year.
The four trading options range from $49 to $299 per tax season, with higher-tiered options incentivizing those who are inclined to place more trades throughout the year.
The tiers include:
- Hobbyist: Costs $49 per tax season for 100 trades
- Day Trader: $99 per tax season for 1,500 trades
- High Volume: $199 per tax season for 5,000 trades
- Unlimited: $299 per tax season for an unlimited amount of trades
Each tier receives the same benefits, but the higher-priced tiers are most beneficial to those who use bots to make their crypto trades for them. If you handle every transaction yourself, which may mean you make fewer transactions than bots do, then it might be worth saving yourself some money and investing in the lower tiers.
Some benefits include:
- A free report preview
- Free data import
- TurboTax Online and Desktop software integration
- Error reconciliation
- Live chat support
- Over 10,000 supported cryptocurrencies
- Necessary tax report preparation, including IRS Form 8949, Capital Gains Report, and Tax Loss Harvesting
Alternatives & Competitors
An alternative to CryptoTrader.Tax is Crypto.com where you can calculate your taxes for free and offers API and CSV support for popular exchanges in both the US and Canada.
Cryptocurrency taxation software alternatives:
TaxBit vs Cryptotrader
The main difference between TaxBit and Cryptotrader.tax is the features and integrations:
- Profit & Loss / Cap Gains
- Staking / Lending / DeFi Support
- Wallet Integration
- Tax Form Generation
- Income Overview
- Automated Data Import
- Exchange Integration
- Export Transactions
- Historical Prices
- Margin & Futures Support
- Tax Loss Harvesting
- Wallet Integration
- Bakkt Warehouse
- + many more
Cryptotrader TurboTax Compatibility
Are Cryptotrader and TurboTax compatible? Yes, Cryptotrader.tax and TurboTax are official partners and sync seamlessly.
Parting Thoughts: CryptoTrader.Tax Review
Creating an account generally takes only a few minutes, and immediately afterward you can integrate the exchanges you use, import data, and utilize the tools at your disposal. By offering clients the opportunity to evaluate and manage crypto taxes at a competitive rate, the potential hours saved by utilizing CryptoTrader.Tax is well worth the affordable price. While assuring accuracy and compliance, the platform has eliminated common tax reporting errors, reduced overpaying, and lessened the associated stress that often ensues cryptocurrency trading and tax reporting.
- Helps keep you in good standing with the IRS
- Cryptocurrency tax guidance in the one place
- Inexpensive cryptocurrency tax help
- Accounting and reports made easy
- Exposes any crypto tax implications
- Cryptocurrency Income Report
- Short & Long Term Sales Report
- IRS Form 8949
- Audit Trail Report
- End of Year Positions Report
- TurboTax Direct Import
- TaxAct Direct Import
Calculate Your Crypto Taxes
No obligations. No credit card needed. Instant tax forms.
Enjoy our CryptoTrader.tax review?
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