One of the most important hindrances whilst trading in cryptocurrencies is evaluating taxes around cryptocurrency assets and profits. This post is all about the top 5 cryptocurrency tax software. Cryptocurrency has made a notable modification in the life of many people. For example, Bitcoin is illegal in Northern African nations like Algeria, Egypt, and Morocco but at the same time, it is legal in Southern African countries like Angola, South Africa, and Zimbabwe.
Top 5 Cryptocurrency Tax Software: CryptoTrader.tax
CryptoTrader.Tax is one of the most user-friendly crypto tax software. It also generates the required reports. It manages cryptocurrency tax reporting for all kinds of cryptocurrency domains such as mining, staking, lending, or investing and trading. The platform currently backs major exchanges like Coinbase, Bittrex, Gemini, Binance, and Poloniex.
Top 5 Cryptocurrency Tax Software: Koinly.io
It is one of the most widespread cryptocurrency tax software, Koinly is the first software on this list. It has a slick and spontaneous UI and is ideally served for both specified traders and inexperienced blockchain lovers carrying comparatively smaller numbers of cryptocurrencies. Another advantage is that a new user can start utilizing Koinly for free and only pay when closing reports are anticipated to be delivered, similar to standard income tax software. Also, it backs the tax laws of more than 100 countries, 33 exchanges, and 6 blockchains (Example: BTC, BCH, LTC).
Top 5 Cryptocurrency Tax Software: Cointracker
Cointracker strives to be a harmonious interface for cryptocurrency enthusiasts to compute their cryptocurrency taxes and follow their portfolios. Cointracker has numerous helpful elements like a performance tracker that pictures one’s portfolio execution over a fixed time-scale, thus confirming to be a seamlessly convenient portfolio tracking software too. It also backs all the major calculation techniques and their documents can be shipped to third-party software like TurboTax and TaxAct, along with instantly created forms like the IRS Form 8949 (USA).
Top 5 Cryptocurrency Tax Software: Zenledger.io
It is one more specified crypto tax software that has a straightforward interface. It supports all the major exchanges and currencies. Their platform can import the transaction details from the crypto exchanges into the interface and load the tax documents automatically. These documents contain capital profits reports, income reports, and much more. They also supply profit/loss reports and the CPA. All of the documents created through ZenLedger are IRS-friendly.
Top 5 Cryptocurrency Tax Software: BearTax
BearTax resembles Coinbase in its uncomplicated UI and configuration language. Their essential selling points appear to be about the variety of characteristics, pricing choices, and functionality that they deliver, with pricing choices obtainable, tailored from the novice cryptocurrency enthusiast to professional cryptocurrency swing traders who would require to process various transactions. BearTax also backs all the major exchanges and cryptocurrencies. Yet, BearTax could certainly help from a few more involuntary elements like a performance tracker and much more.
Conclusion
As the blockchain world and cryptocurrencies become more influential, various new cryptocurrency tax tracking software are arriving. Nevertheless, in order to make useful benefit of such software, it is necessary to comprehend the fundamentals of crypto taxes. As with any other software, always perform your own analysis and assess them based on your needs before choosing a typical cryptocurrency tax tracking software.
