Free Crypto Tax Calculator
Crypto tax software is a revolutionary way to simplify your cryptocurrency taxes. It streamlines the process of calculating crypto gains and losses from digital currency transactions, ensuring accuracy on your tax returns. Whether you are an individual or business user, free crypto tax software can make filing easy and hassle-free!
Find out which free crypto tax solution works best for you by comparing the top options now.
What is a Crypto Tax Software?
Are you confused about Crypto Tax Software? Worry no more! Crypto Tax Software is designed to make preparing crypto taxes an effortless process, even for those with little technical knowledge.
Moreover, it allows crypto traders to easily track their crypto portfolios—importing transactions and sorting all the data into gains and losses to ensure accurate filing. It takes the guesswork out of calculating crypto taxes, ensuring accuracy, produces the relevant tax form all to help you stay compliant with tax laws.
In other words, Crypto Tax Software helps make tax season easier than ever before!
What to Look For When Choosing a Crypto Tax Software Solution
Are you looking for the best crypto tax software solution? Prioritizing certain features can help you find the right product to meet your needs.
Here are some key elements to consider when selecting the best crypto tax software:
- Crypto Transaction Data: Make sure the software can pull in all your transactions via API or csv files for all your crypto holdings; not just popular exchanges. Look for solutions that can import transactions from different sources, including DeFi and NFTs, and consolidate them in one place for easy tracking; no matter how many transactions you’ve made. Top crypto tax software can also highlight missing transactions and remove duplicate entries.
- Portfolio Tracking: Look for solutions that allow you to easily track your portfolio, preferably in real-time so you know how your investments are doing.
- Tax Loss Harvesting Tools: Look for a tax solution that offers a tax loss harvesting tool to help lower your tax obligations by offsetting your losses against your crypto gains.
- Tax Forms: Ensure the product you select includes the tax forms required by the IRS and other governmental entities, making it easier to file taxes accurately and on time each tax year.
- Read Only Access or View Only Access: Read-only or view-only access allows the system connecting to an exchange API to read, but not modify, a user’s transaction data. This type of access is commonly used by portfolio trackers and tax software as they need to know a user’s transaction history, but not make trades or withdraw funds on their behalf. Programs with this level of access are strictly restricted from executing transactions.
- Security: Ensure that the tax software you choose has robust security measures in place to protect your data and keep it private. Look for solutions that use encryption, two-factor authentication, and other security measures such as single sign-on (SSO) to protect your data.
6 FREE Crypto Tax Software Tools 2024
Make sure you file your crypto taxes right with the best crypto tax software tools in 2024.
We’ve compared the features, advantages, and disadvantages of the top crypto tax software available so that you can make an informed decision while selecting one to use.
We’ve also included a brief overview of each tool, outlining its advantages and disadvantages, so you can make an informed decision when it comes time to review and file your crypto tax report.
Best Discount Codes, Promo Codes, and Coupon Codes for Paid Crypto Tax Software in 2024
We’ll cover all the top free crypto tax software options, but if you’re considering upgrading to a paid plan, we’ve got the best discount codes, promo codes, and coupon codes available. Whether you’re looking for a Koinly promo code, a TokenTax discount code, a ZenLedger coupon code, or a CoinLedger promo code, we’ve got you covered with exclusive deals. Don’t miss out on the best discounts for your crypto tax needs in 2024!
Token Tax
TokenTax is a crypto tax software that can track, store and report your digital currency transactions for filing taxes. It offers real-time tracking of transactions, automatic tax calculation of gains & losses, and direct integration with most cryptocurrency exchanges.
TokenTax Pricing
TokenTax offers three pricing plans: Free Plan, Basic ($65/tax year), Premium $199/ tax year and VIP Plan $3499/ tax year.
Is Token Tax Safe?
When it comes to safety, TokenTax is committed to protecting all customer data across their systems ensuring privacy as well as security. The company adheres to cryptographically secure encryption methods, backup solutions, logging policies & other industry best practices and standards.
Pros
- Free Version
- Easy To Use
- Reliable Customer Support
- Real-Time Transaction tracking
- Tax Loss Harvesting Tool
- Cost basis allocation calculator
- Crypto Tax Calculator which automatically calculates crypto gains & losses
- Detailed tax reports
Cons
- No Mobile App
- No Portfolio Tracker
Read our Token Tax Review here
Koinly
Koinly is a crypto tax software designed to help users to simplify the process of filing taxes. It helps users with calculating taxes on transactions, as well as tracking total gains & losses. The tool can automatically import data from supported exchanges and wallet addresses, as well as generate reports that are ready for filing taxes.
Koinly Pricing
Koinly offers three pricing plans: Free Plan, The Hodler Account ($49/ year), The Trader Account ($99/tax year) or The Oracle Account ($179-$279/tax year). All plans include unlimited trades, direct exchange accounts integration, and transaction fee deduction.
Is Koinly Safe?
When it comes to safety, Koinly assures users that all uploaded data remains private and secure. Data is encrypted in transit and at rest using TLS and AES-256 encryption protocols respectively. Additionally, validation checks ensure user accounts remain secure at all times by avoiding any unauthorized access or tampering with accounts or settings.
Pros
- Free Version
- Easy To Use
- Reliable Customer Support
- Support for more than 6000 cryptos and 350 exchanges
- Direct Exchange Integration is included in every plan for uploading transactions
- Tax Loss Harvesting Tool
- Crypto Tax Calculator
- Customized Local Crypto Tax Reports ready for tax filing
- Automatically imports data from exchanges & wallets
- Mobile App
Cons
- The free plan doesn’t include a tax report
ZenLedger
ZenLedger is a crypto tax software for individuals and accountants that helps in managing, filing, and optimizing digital currency taxes. It features like auto-import from exchanges & wallets, trading cost basis optimization, transaction type detection & potential tax savings strategies. Plus, the tool generates accurate tax reports ready for filing taxes with the IRS.
ZenLedger Pricing
ZenLedger crypto tax software offers five pricing plans: Free Plan ($0/year), Starter Plan ($49/tax year), Premium Plan ($149/tax year) or Executive Plan ($399/tax year) and Platinum Plan ($999/year).
Is ZenLedger Safe?
With regard to safety, ZenLedger is committed to the security and privacy of customer data. The company follows industry best practices to ensure its customer’s data remains safe such as using advanced encryption methods, additional authentication when needed, backup solutions, and logging policies.
Pros
- Free Version
- Generate accurate tax reports ready for tax filing
- Tax Loss Harvesting Tool
- Crypto Portfolio Tracker
- Generate accurate tax reports ready for tax filing
- Automatically imports crypto transactions from exchanges & wallets
Cons
- Tax documents are only useful to those who are operating in the United States.
- No Mobile App
Read our Review of ZenLedger Here
CoinTracker
CoinTracker is a crypto tax software solution aimed to help accountants and individuals manage their cryptocurrency taxes. It offers features such as automated importing & tracking of transactions, cost basis optimization, transaction type detection, portfolio analysis, and preparation of tax filings.
CoinTracker Pricing:
CoinTracker offers three pricing plans: Free Plan ($0/year), Hobbyist Plan ($59/tax year), and Premium Plan (from $99 upwards, dependent on transaction volume).
Is CoinTracker Safe?:
When it comes to safety, CoinTracker has taken extensive measures to ensure the security of customer data. All data is encrypted in transit and at rest using TLS & AES-256 protocols respectively. Plus, CoinTracker routinely conducts internal tests and audits of its security measures to ensure its customers’ data remain secure at all times.
Pros
- Free Version
- Tax Loss Harvesting Tool
- Crypto Portfolio Tracker
- Mobile App
- Automatically imports crypto transactions from exchanges & wallets
- Generate reports ready for tax filing
Cons
- Expensive for frequent traders.
Blockpit (formerly Accointing)
Blockpit (formerly Accointing) is a cryptocurrency tax solution that helps individuals, businesses, and tax professional accountants and CPAs track crypto assets. It features automated data tracking, portfolio management, cost basis optimization, tax reporting, and more.
Blockpit Pricing:
Blockpit offers four pricing plans: Lite (costs $49 annually), Basic (costs $89 annually), Pro (costs $219 annually) and Unlimited $529.
Is Blockpit Safe?:
In terms of safety, Accointing has taken stringent security measures to protect customer data. It uses multiple layers of encryption for both customer data in transit and at rest as well as an auto-logout feature to minimize the risk of unauthorized access. Furthermore, all communication between client & server is also encrypted using SSL/TLS protocol.
Pros
- Crypto Portfolio Tracker
- Automatically imports crypto transactions from exchanges & wallets
- Generate a detailed tax report ready for tax filing
- Deduction of transaction fees included in every plan
- Trading Tax Optimizer (TTO)
- Mobile App
Cons
- Expensive for frequent traders
Read our Review of Blockpit (formerly Accointing) Crypto Tax Software
CoinLedger
CoinLedger is a cryptocurrency tax software solution designed to help individuals, businesses, and accountants track crypto assets and calculate crypto taxes. It offers features such as automated transaction tracking, cost basis optimization, portfolio analysis, and more.
Coinledger Pricing
CoinLedger provides four pricing plans: Free Plan ($0/year), Starter Plan ($99/tax year), Pro Plan ($199/tax year) or Enterprise Plan ($499/year). All plans come with unlimited exchanges & wallets plus advanced algorithms & detailed reports.
Is CoinLedger Safe?
In terms of security, CoinLedger has implemented multiple layers of encryption for both data in transit and at rest using TLS & AES-256 protocols respectively. Additionally, CoinLedger conducts routine tests & audits of its security measures to safeguard customer data.
Pros
- Automatically imports crypto transactions from your whole crypto portfolio.
- Generate reports ready for tax filing
- Unlimited trades are included in every plan
- Direct exchange integration is included in every plan
- Deduction of transaction fees included in every plan
Cons
- Expensive for frequent traders (i.e., more than 100 trades per month)
Read our comprehensive Review of CoinLedger Features Here
FAQ’s
Q: Do I need to report cryptocurrency transactions?
A: Yes, most countries require you to report any crypto transactions that are subject to taxation. Depending on the jurisdiction, you may need to report your crypto transactions at the time of sale or when filing taxes for the given year.
Q: What is considered a crypto taxable event?
A: A crypto taxable event is any transaction involving cryptocurrency that has tax implications. This includes, but is not limited to, exchanging one type of cryptocurrency for another, selling cryptocurrencies for fiat currency (i.e., US Dollars or Euros), trading cryptocurrencies on an exchange, and receiving crypto as payment.
Q: What is Capital Gains Tax?
A: Capital Gains Tax (CGT) is a tax imposed on the profits of certain types of investments, such as stocks or crypto assets, when they are sold at a higher price than what was originally purchased for.
Q: Who has to pay CGT?
A: Generally, any investor who sells an asset for more than its purchase cost may be subject to CGT in their country of residence.
Q: How is Capital Gains Tax Calculated?
A: The amount of tax owed depends on several factors including the type of asset being sold and the length of time it was held. Most countries calculate CGT by subtracting the purchase price from the sale price and then multiplying that amount by their applicable tax rate.
Q: What is Tax Loss Harvesting?
A: Tax loss harvesting is a strategy used by investors to minimize their tax bill. It involves selling investments that have incurred losses in order to offset any capital gains that may have occurred on other investments during the same period. By doing this, an investor can reduce the amount of taxes they owe on their overall investment portfolio. Tax loss harvesting can be especially useful for crypto investors, as the volatile nature of crypto assets often leads to large fluctuations in price.
By carefully selecting which investments to sell and when; an investor can minimize their tax bill while still taking advantage of opportunities to turn a profit with their portfolio.
A Tax Loss Harvesting Tool, will complete these complex tax calculations in seconds and help investors easily determine which crypto asset could be sold to realize the largest tax savings.
Q: What is the Best Tax Software for Beginners?
A: Koinly is an excellent tax software option for beginner crypto users. It offers a variety of features and services, plus a user-friendly interface.
Q: Is Crypto Tax Software Free?
A: All of the above cryptocurrency tax software providers allow new users to get started with tracking their crypto taxes at no cost along with some providing basic tax report generation.
Q: What is the Best Crypto Tax Software for High Volume Traders?
A: For high-volume traders looking for advanced cost-basis algorithms & detailed reports, CoinLedger is an excellent choice. It offers Pro & Enterprise plans that provide unlimited exchanges & wallets along with powerful tools such as auto-imports of trade data and auto-deduction of transaction fees.
Q: Do I need to pay taxes on crypto?
A: Yes, it is not possible to avoid crypto taxes. All profits made from cryptocurrency trading must be reported and the applicable taxes must be paid. It is important to understand your country’s tax laws and filing requirements in order to ensure that you are compliant with all relevant regulations. It’s advisable to consult a qualified tax professional if you have questions about filing your crypto taxes correctly.
Q: Are crypto-to-crypto trades taxed?
A: Yes, crypto-to-crypto trades are taxable in most countries. These types of transactions must be reported and the applicable taxes paid. It is important to consult with a qualified tax professional for advice specific to your jurisdiction.
Q: What type of taxes do I need to pay on my crypto earnings?
A: Depending on where you live, you may be required to pay capital gains tax, income tax, or both on your crypto earnings. The exact rate which you pay taxes will depend on your country’s taxation system but could range anywhere between 0-45%.
Q: Which Free Crypto Tax Software includes support?
A: All of the platforms reviewed provide support to users. However, they may not provide as comprehensive services as paid versions of the software.
Token Tax and CoinLedger are excellent choices for those looking to receive support from crypto tax professionals.
Q: Which is best for preparing taxes via mobile app?
A: Koinly is a great option, it provides an easy-to-use interface that allows users to quickly and accurately calculate their crypto gains and losses. The app also features helpful tax tips, integrated support chat, and detailed reports that make filing taxes simple. Additionally, Koinly integrates with major exchanges and wallets so transactions can be imported automatically into the platform. This makes tracking transactions much easier as users do not need to manually input them into the system.
All of this makes Koinly a great choice for anyone looking to file crypto taxes via a mobile application.
Free Crypto Tax Software: Conclusion
In conclusion, there are many great choices for top crypto tax software in 2024. Free options such as Koinly provide a great way to get started with tracking crypto portfolios and calculating crypto taxes without spending any money.
For more advanced users looking for powerful tools & unlimited exchanges/wallets, CoinLedger provides an excellent choice that is slightly more expensive but still offers good value for money.
No matter what your needs may be, there is sure to be a solution that helps get your crypto taxes done with ease this tax year.
Happy filing!
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