CryptoTrader.Tax Review

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Contributor, Benzinga
February 10, 2021
Overall Rating:
securely through CryptoTrader.Tax's website

It’s no secret that taxes can be confusing — especially when it comes to crypto — and then there’s CryptoTrader.Tax, a cryptocurrency tax software platform designed to automate the entire tax reporting process. Tax reports generated by this platform are based on your historical data and can be provided to your tax professional or imported directly into your tax filing software.

The CryptoTrader.Tax product integrates with all major exchanges and platforms to make the crypto tax reporting process quick and painless. It’s as simple as connecting your exchanges, importing trades and downloading your tax reports.

CryptoTrader.Tax computes your tax liability using the same techniques tax professionals use — you can rest assured you’re paying the right amount while reducing your crypto tax liability. And signing up for an individual account is easy as entering your email, choosing a password and agreeing to the terms and conditions.

Best For
  • Individual crypto investors
  • Crypto tax reporting
  • Crypto activity data aggregation
  • Easy to sign up
  • The platform may seem difficult to first understand

CryptoTrader.Tax Ratings at a Glance

Cryptocurrency tax reporting may seem daunting at first. You’ll find solace knowing that filing your crypto gains and losses works the same way as filing the proceeds from investing in stocks or other forms of property. And with the IRS doubling down on its cryptocurrency tax enforcement efforts, you need to stay ahead of your crypto tax reporting.

CryptoTrader.Tax Product Offerings

CryptoTrader.Tax product offerings can take away the pain of preparing your Bitcoin and cryptocurrency taxes, eventually saving you from the IRS crackdown. Here’s what you can expect when you sign up for CryptoTrader.Tax.

Crypto Exchange Integrations

The most obvious product offering is its support for every crypto exchange. Data that makes up your crypto trades, buys, sells, mining income, transfers, wallet transactions and other crypto activity is probably scattered across different exchanges and platforms. Luckily, CryptoTrader.Tax supports most of these platforms to allow for easy aggregation of this data. Some of the exchanges supported include:

  • Coinbase
  • Binance
  • Bitstamp
  • Bittrex
  • Kraken
  • CoinSpot
  • Exodus
  • CoinEx

CryptoTrader.Tax lets you import trades from these crypto platforms using its generic CSV import template.

Tax Liability Calculation

Tax liability calculation is a notable CryptoTrader.Tax talking point since it leverages calculation methods that tax professionals use. This means that you don’t have to worry about overpaying on your taxes — CryptoTrader.Tax algorithms ensure you’re filing the correct amount without exposing you to great crypto tax liability.

Other offerings to streamline tax liability calculation include:

  • FIFO support
  • LIFO support
  • HIFO support

Tax liability calculation with CryptoTrader.Tax is a simplified 4-step process as follows:

  • Import your crypto trades. Start by importing all your cryptocurrency trading history from all exchanges throughout the years.
  • Add crypto income. Add any historical crypto income like mining, airdrops or gifts. You can skip this step if none of these apply.
  • Generate your crypto tax report. Review all the imported transaction history and generate a tax report. For each tax year, CryptoTrader.Tax will create the IRS Form 8949 and a Cryptocurrency Income Report, among others.
  • File your taxes. Import your generated tax report into your favorite tax software.

Crypto Tax Reports

As part of the tax reporting process, CryptoTrader.Tax automatically creates the following tax report documents:

  • Audit Trail Report: As part of the requisite tax report, this software platform generates an audit trail that details the figures used in each step of calculating your trading gains. Each taxable event will reflect for all your records.
  • IRS Form 8949: CryptoTrader.Tax auto-generates and fills this mandatory tax form for you to attach to your return. The report includes all your short-term and long-term gains from crypto trading.
  • Short- and Long-Term Gains Report: CryptoTrader.Tax prepares your short- and long-term gains report to reflect all your losses or gains from your trading history. For each crypto trade, you’ll view the calculated net gain/loss, cost basis and proceeds.
  • Cryptocurrency Income Report: Your crypto income report lets you view the fiat value of all incoming transactions for the entire tax year. This report splits up into income, mining and gifts for easier completion of your full return.

International Tax Support

CryptoTrader.Tax can calculate all your losses and gains using every fiat currency. And you can use your report for any country that supports LIFO, FIFO or any specific identification calculation methods.

Tax Loss Harvesting

Similar to stocks, cryptos are treated as property for tax purposes — you can strategically trade/sell cryptocurrencies to harvest losses and minimize your tax liability. CryptoTrader.Tax offers a host of tax-loss harvesting tools that help you reduce and offset your capital gains. Cryptocurrencies with the highest tax-saving opportunities will appear on your tax-loss harvesting report to help you map out your future trades.

Trusted TurboTax Partner

CryptoTrader.Tax also partners with TurboTax, the largest tax preparation platform, to ease the process of e-filing your crypto gains and losses with your annual tax return. You can directly import any of your crypto tax reports into the TurboTax Online or TurboTax Desktop.

CryptoTrader.Tax Price Rating

Pricing with CryptoTrader.Tax is fairly straightforward — you can choose from its 4-tiered plans, whose pricing largely depends on the number of trades per tax season. A huge draw for customers is that you can try the platform before paying — import your crypto income and trading history for free.

CryptoTrader.Tax also offers a full money-back guarantee for all purchases if you’re not satisfied with the outcome within 14 days of your purchase. Here are the available pricing options:

Hobbyist Plan

For only $49 per tax season, the Hobbyist plan gives you up to 100 trades, free report previews and live chat support. Other features included in this plan are:

  • Unlimited report revisions
  • FIFO, LIFO and specific identification
  • IRS Form 8949
  • Capital gains report
  • TurboTax integration
  • TaxAct integration
  • Tax-loss harvesting

Day Trader Plan

For $99 per tax season, the Day Trader plan gives you up to 1,500 trades, free report previews, live chat support and all the other features included in the Hobbyist plan.

High Volume Trader

For $199 per tax season, the High Volume Trader plan lets you enjoy a maximum of 5,000 trades, free report previews, priority customer support and all other features included in the Hobbyist and Day Trader plans.

Unlimited Plan

CryptoTrader.Tax Unlimited plan’s cost of $299 per tax season gives you unlimited trades, free report previews, priority support and all the features included in the above plans.

CryptoTrader.Tax Ease of Use

CryptoTrader.Tax is incredibly user friendly — it breaks down the tax report creation process into 5 convenient steps:

  • Choose the exchanges you use.
  • Import all your historical trades.
  • Import other transactions.
  • Review your data.
  • Generate your tax report.

First-time users won’t have trouble navigating the interface since all tools are easy to find. The platform’s help center also contains useful articles, videos and guides to walk you through the tax report preparation process. No tax expertise is required to use this platform.

CryptoTrader.Tax Web App

You can use CryptoTrader.Tax through its web app. You can sign up for an account within minutes and instantly begin the tax report creation process. The web app integrates with multiple platforms and exchanges to aggregate all your crypto trade data. You don’t need any technical skills to access this platform — just open your browser and hop on.

CryptoTrader.Tax Customer Service

CryptoTrader.Tax customer service is adequate as a whole, with live chat support available to all users. High Volume Trader and Unlimited plan subscribers enjoy priority support at all times. You can also tweet @CryptoTraderTax.

You’ll also find helpful FAQs and troubleshooting sections as well as an insightful blog for all your crypto knowledge needs.

CryptoTrader.Tax Overall Rating

If you’re looking for ways to automate all of your crypto tax reporting, CryptoTrader.Tax is a more-than-adequate platform. In the age of rampant cryptocurrency trading and endless IRS crackdowns, you want to get it right with your crypto tax reports. This software integrates with all your cryptocurrency platforms — import your transaction history across all platforms and generate tax reports in a click.

Try CryptoTrader.Tax today to see whether it’s up to the crypto tax reporting gauntlet.

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