Cryptocurrency tax software are online tools that help you compile your cryptocurrency and NFT activity into easy-to-use tax reports.
Just like comparing big tax prep packages, the end result of using tax software for crypto and NFT traders should be the same no matter what you choose. However, pricing and user experience vary significantly between providers.
If you traded, sold, or exchanged any cryptocurrencies or NFTs last year, you likely need to include your crypto activity on your tax return. Keep reading to learn more about cryptocurrency tax software and which might be best for you.
What Is Cryptocurrency Tax Software?
Cryptocurrency tax software is typically a web-based tool used to generate your tax forms related to cryptocurrency activity (e.g. Form 8949). If you're involved in cryptocurrency investing, you may have to pay taxes due to any of these common activities:
- Selling crypto
- Trading crypto
- Sending crypto
- Selling NFTs
- Staking and rewards
If you bought and held cryptocurrency in a wallet or crypto exchange account and didn’t earn interest, rewards or do any selling, you probably don’t have to worry about crypto for this year’s taxes. But if you were busy with any other cryptocurrency activities, you probably need to file and would be best off using cryptocurrency-specific tax software.
Best Tax Software For Crypto And NFT Traders
We look at cryptocurrency services all day and night. Don’t you? If not, don’t worry. Here’s a listing of some of our favorite cryptocurrency tax software to help you get the job done as efficiently and accurately as possible.
Best Tax Software For Crypto And NFT Traders Overiew
Year-Round Crypto Tracking
Ease Of Use
Unlimited Free Plan
Multiple Crypto Accounts
Professionals & Businesses
Best For Year-Round Crypto Tracking: CoinTracker
CoinTracker is great for tracking your cryptocurrency portfolio throughout the year in addition to doing taxes. You can track your portfolio for free in the CoinTracker app, though you’ll have to pay to unlock all the features. Even if you don’t use it for taxes, it could be worth signing up to keep tabs on your portfolio.
For taxes, you can file for free with up to 25 transactions. The lowest-paid plan costs $59 for up to 100 transactions. And plans are available for over 1 million transactions if needed. Depending on your number of trades, CoinTracker can get expensive. However, it’s a very high-quality product that may be worth the cost.
Best For Ease Of Use: ZenLedger
ZenLedger offers a smooth experience with helpful features to ensure you end up with an accurate return. For example, if you add a crypto wallet with sending transactions, ZenLedger will alert you if you don’t also add the wallet receiving the transactions. That can help you avoid missing anything.
It offers valuable reports on your current holdings and history, but the main focus is tax preparation. ZenLedger works with a massive list of exchanges and wallet providers, gives you several options on calculating your taxes, and comes with top-notch customer service.
You can use ZenLedger for free for up to 25 transactions, $49 for up to 100, $149 for up to 1,000, or $399 for unlimited transactions. ZenLedger is a great option for many tax filers.
Best For International Taxes: Koinly
It can seem like those outside of the U.S. get forgotten in the tax software arena, but not by Koinly. It works in more than 20 countries (including the United States) and includes free report previews to get an idea of where you stand before paying.
Koinly also includes useful tracking features anyone might want to tap into throughout the year. It supports more than 17,000 cryptocurrencies, six years of historical pricing, 50 blockchains, 350 crypto exchanges, 50 wallets, and 11 DeFi services. It also has a helpful transaction matching feature to ensure you don’t accidentally miscount transactions.
Essential Koinly features are free up to 10,000 transactions. For taxes, you’ll pay $49 to $179 per year. Koinly does a good job and it’s also one of the more affordable crypto tax packages.
Best For Unlimited Free Plan: TaxBit
TaxBit recently announced the launch of the "TaxBit Network," which includes over 500+ supported crypto platforms. Users of any of these platforms can use TaxBit's Free plan to generate their tax forms at no cost and there are no transaction limits.
If you want access to certain features like historical tax forms, tax-loss harvesting, or support from tax pros, you'll need to upgrade to a paid plan. These paid tiers range in cost from $50 to $500/yr.
While the Pro tier may seem expensive at $500, it includes a human CPA review to ensure you did a good job with your reports. Most services require a considerable upcharge for working with a person, but here it’s included with the top plan.
Best For Multiple Crypto Accounts: CryptoTrader.Tax
Going through a half dozen exchanges and wallets to generate API keys and gather address and transaction information can be a major hassle. But CryptoTrader.Tax comes with a guided experience that makes adding all of your exchanges and wallets kind of fun. Before you know it, your tax reports are ready to go.
This software includes instructions for a vast number of exchanges and crypto wallets, even where a direct API connection isn’t available. If you would prefer a little help walking you through importing your crypto data, CryptoTrader.Tax could be a great choice.
Best For Professionals & Businesses: TokenTax
While the basic plan for $65 per year is acceptable for those who only use Coinbase or Coinbase Pro, most people who show up at TokenTax will need a plan that costs $199 per year for up to 5,000 transactions, $799 per year for up to 20,000 transactions, or $2,500 per year for up to 30,000 transactions. That’s a high price tag, but it includes a ton of analysis and support.
Active crypto traders outside of the professional realm might find the $199 TokenTax plan to be a good fit. But for more than 5,000 transactions, the cost is so high that it's likely only pros and businesses will want to pay the bill. But with included tax expert sessions and IRS audit support, you’ll also get features you can’t easily find elsewhere in the crypto tax software industry.
If you made a lot of money on cryptocurrency last year, it's likely that you need to pay taxes on your crypto gains. One major exception would be if you happened to invest in cryptocurrency or NFTs inside a retirement account.
While we don’t endorse tax dodging, many of the tax apps listed above include features to help you legally lower your cryptocurrency taxes while filing accurate returns. And by minimizing the tax drag on your crypto investments, you'll boost your overall yield.
Eric Rosenberg is a financial writer, speaker, and consultant based in Ventura, California. He holds an undergraduate finance degree from the University of Colorado and an MBA in finance from the University of Denver. After working as a bank manager and then nearly a decade in corporate finance and accounting, Eric left the corporate world for full-time online self-employment. His work has been featured in online publications including Business Insider, Nerdwallet, Investopedia, The Balance, HuffPo, Investor Junkie, and other fine financial blogs and publications. When away from the computer, he enjoys spending time with his wife and three children, traveling the world, and tinkering with technology. Connect with him and learn more at EricRosenberg.com.