In general, automation saves humans lots of time to focus on what matters the most, like improving quality and performance. So do crypto tax calculators, not to mention the different supported reports that you can fill within a few moments; you can also track your portfolio and learn more about your trades as well. In this post, we’ll review CoinTracker as one of the best crypto tax calculators.
Just like all crypto tax calculators, CoinTracker connects to your exchange or wallet; then, the system retrieves data about all your trades and transactions. Therefore it calculates capital gains, losses, etc. The platform also tracks your portfolio and analyses your performance, giving you a comprehensive performance overview.
Table of Contents
- About CoinTracker.
- Starting on CoinTracker.
- CoinTracking Comparison and Alternative Options.
CoinTracker enables seamless cryptocurrency portfolio tracking and tax compliance. As cryptocurrency adoption continues to pick up and more exchanges, wallets, and DeFi products are built.
Also Read: TokenTax Review and Best Alternatives.
In the following part of our CoinTracker review, we’re looking into CoinTracker features to give you a full idea of how your experience on the platform will be and how to seize all of its powerful features.
Connect All Exchanges.
While using CoinTracker, you can bring all your exchanges together. By linking all your exchanges, you can generate taxes regarding all transactions made on them and continuously synchronize your crypto balances and transactions.
Track Your Entire Crypto Portfolio.
CoinTracker isn’t just a crypto tax calculator; because it enables you to track your assets on different exchanges, wallets, or any other crypto platform. Their technology supports fee tracking and the most integrations.
Instantly Generate Tax Reports
Easily review your tax summary, and download the reports you need to file your taxes. Furthermore, CoinTracker reports integrate with TurboTax and your accountant’s software.
CoinTracker supports a gigantic list of wallets and exchanges. You’ll find your platform there because there are over 300 supported wallets and exchanges. Take a look at supported exchanges here.
Is CoinTracker Easy to Use?
Yes, as during our CoinTracker review, we found no difficulty using the platform. Everything worked seamlessly because of the simple, interactive, and clear UI.
Is CoinTracker Safe?
Yes, because all your exchanges are connected through API keys which are completely safe. Also, all your data is encrypted. Their website traffic runs entirely over encrypted SSL, and they use SQL injection filters and verify the authenticity of POST, PUT, and DELETE requests to prevent CSRF attacks.
What Reports Are Supported on CoinTracker.
CoinTracker has full support for the US, UK, Canada, and Australia and partial support for every other country. And here are the supported reports.
IRS Form 8949, Condensed IRS Form 8949, IRS Schedule D (Form 1040), IRS Schedule 1 (Form 1040 or 1040-SR), Transaction History, IRS Form 1040, Capital Gains
And here are the supported accounting methods that CoinTracker supports.
First in, first out (FIFO), Last in, first out (LIFO), Highest in, first out (HIFO), Adjusted cost base (ACB) – Canada, Share pool – United Kingdom
What Are CoinTracker Plans.
CoinTracker has a free plan, and paid plans start at $59~$199. And there’s currently a huge discount at the time of writing, so make sure to seize it. More about CoinTracker plans here.
Starting on CoinTracker.
Starting on CoinTracker is simple and takes only a couple of moments. However, we will illustrate how you can start your account on CoinTracker and generate your first report.
Create An Account.
Firstly, visit CoinTracker’s main page. Then, click on ‘Get Started’, and you can sign-up via Coinbase, Google, or email.
Connect Your Exchange.
Secondly, visit your exchange and generate an API key, or if you intend to connect a wallet, all you need is a public address.
Generate A Tax Report on CoinTracker.
Finally, to generate your first tax report, on the top bar, click on ‘Taxes’ then ‘Tax Center’; now, on the bottom right, you can see available reports. Find the one you need and click on ‘Download.’
We believe CoinTracker has lots to offer, and more is also coming in the future. However, there is still one thing that we didn’t like about CoinTracker, more in CoinTracker’s pros and cons.
- Many reports supported
- Works with TurboTax
- different accounting methods.
- Plans offer less than other alternatives do.
CoinTracking Comparison and Alternative Options.
Although CoinTracker is one of the most complete crypto tax calculators in the market, there are many different options that you can choose between. Here are the best alternatives for CoinTracker. Make sure to check our reviews for them too.
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The world’s most reliable and easy-to-use tax solution for cryptocurrencies. File your tax return in under 20 minutes.
Available in 65+ countries
- Complete Tax Report
- Transaction History
- Capital Gains
- IRS Form 8949 and Schedule D (USA)
- Skatteverket K4 (Sweden)
- Skatteetaten RF-1159B (Norway)
Connect major exchanges like Coinbase, Binance, and BitMEX with automatic API import, or upload a trade history CSV from any exchange.
- FIFO support
- LIFO support
- IRS Form 8949
- Audit Trail Report
- Cryptocurrency Mining & Income Tax Report
- International Gain / Loss Report
- TurboTax Cryptocurrency Import.
Accointing is the accounting, tracking, and tax optimization tool for Bitcoin and other cryptocurrencies. They are a team of passionate blockchain investors and believers that have come together to create the most comprehensive and simple-to-use taxes and tracking tool in the blockchain space.
Ultimately, we’d love to hear from you in the comments. So make sure to tell us your opinions of this CoinTracker review.