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If you sold, traded, earned, mined or staked cryptocurrency in 2021, the IRS wants to know about it, whether it was bitcoin, ether, binance, cardano, dogecoin or any other virtual currency.
Ever since the IRS clarified its stance on cryptocurrency in 2014, crypto taxes have been a way of life for those who sell or trade digital currencies.
Likewise, if you earned crypto as wages or from airdrops, hard forks, mining or staking, you’ll need to report that as income on your taxes.
If crypto taxes sound complicated, consider crypto tax software that connects to exchanges and can make reporting crypto transactions on your tax return easier.
CoinTracker integrates with more than 300 crypto exchanges and wallets to automatically track your cryptocurrency holdings, sales and transfers.
A Hobbyist plan starts at $60 and includes up to 100 transitions.
Koinly offers its crypto tracking service for free, but you’ll need to upgrade to a paid plan for the tax reports, including Form 8949.
The Starter plan for $50 increases the transaction limit to 100, while the Premium plan at $150 gives you 1,000 transactions plus support for staking, NFTs and interest from decentralized finance activities.
Funded by PayPal Ventures and other big investors, TaxBit offers an expansive free crypto tax software product — there’s no cost for tracking unlimited transactions if you use any of the almost 500 exchanges included in the TaxBit Network.
Upgrading to Premium level at $200 a year adds support for all crypto exchanges, NFT and DeFi income, a tax-loss harvesting dashboard and up to 5,000 transactions.
First you need to subscribe to the VIP plan, at $3,500 a year, which includes up to 30,000 transactions and all the features of lower plans, plus advanced crypto reconciliation and two 30-minute consultations with a tax expert.
Like most crypto software, Accounting charges for its service based on the number of taxable transactions you need to report.
Blockpit says that it supports “all top exchanges” of crypto, but only displays logos for 17 of them on its product page.
If you need unlimited transactions, you’ll need to upgrade to the Professional level, listed at 600 euros a year .
CryptoTrader.Tax — which will soon be rebranded as CoinLedger — lets you import all your trades, add income info from mining or airdrops, generate tax reports and then import those reports into popular tax software like TurboTax or TaxAct.
The High Volume level gets you 5,000 trades for $200, and the Unlimited plan lets you track as many transactions as you like for $300 a year.
The service lists 21 crypto exchanges — including Binance, Kraken, Coinbase and Gemini — that it specifically supports for automatically syncing your accounts.
The Free tier allows up to 20 trades; the Premium tier allows up to 1,000 transactions for $40; Premium Extra at $50 gives you up to 5,000 trades; and Deluxe caps out at 10,000 transactions for $60.
Bear.Tax includes integrated support for more than 50 crypto exchanges and servers and offers a generic CSV upload feature for any other networks crypto traders may use.
As with CryptoTrader.Tax, Bear.Tax includes all of its features with every pricing plan — the only difference is the number of trades.
Cryptocurrency is a subset of virtual currency, and all of the IRS rules for virtual currency apply equally to crypto.
In general, if you sold crypto, you’ll need to report like a stock sale, including the costs and dates when you purchased and sold it.
At tax time, most crypto tax software will export the various forms you need, saving you the time and trouble of tracking all your crypto transactions and completing IRS forms manually.
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