6 Best Cryptocurrency Tax Calculator Apps With Portfolio Management
Puzzled with Bitcoin Tax calculation? Here is a list of Best cryptocurrency tax calculator apps which calculates taxes on your bitcoin trading along with portfolio management. Lets discuss how to calculate tax on your bitcoin earning?
It doesn’t matter how much crypto assets you hold;at the end of the day, you need to pay your taxes. Crypto investors need to report about every penny they hold in their crypto account to the country’s tax authority.
Calculating taxes for your cryptocurrency assets can be time-consuming and stressful at the same time. The amount of crypto taxation depends on the number of crypto assets you hold, a number of trades and the number of exchange platforms you have traded on. One needs to calculate each and every trade in detail and record them individually which can be quite cumbersome. Here comes the importance of cryptocurrency tax software.
There is numerous cryptocurrency tax software available in the market which will do your job, calculate your taxes efficiently and file your taxes for you. These software has connections with all the major crypto exchange platforms and will import your transaction data from the exchange markets and help you fill out the forms for your tax liabilities.
6 Cryptocurrency Tax Calculator and Portfolio Management Apps
Lets, have a look into some of the best cryptocurrency tax calculator apps and software available in the market.
Koinly is free to use and will help you calculate your crypto taxes in no time. It only charges when you need to file a report. It supports more than 100 countries. After sign up, there is an option. You can either choose to generate profits every time you trade and if you choose no, then Koinly will simply track your portfolio. You have to link all your exchange platforms and wallets to Koinly. You can do this manually or through an API program.
Koinly currently supports 33 exchanges and 6 blockchains such as BCH, LTC, BTC, etc. Koinly reviews all your transactions, airdrops, forks, lost or gained coins. Koinly has tools that track your trading habits, costs, and mining expenses as well.
There are three plans available in Koinly:
- Hodler plan charges $79 per year. It covers about 300 transactions a year.
- Trader plan costs about $179 a year and covers 3000 transactions.
- Oracle plan will cost $399 and covers 10000 transactions with added features and import assistance.
Blox serves individual crypto traders as well as crypto-trading businesses. Blox uses CPA tools and creates auditable crypto taxation records that you can upload via a CSV or import directly through an accountancy software. Blox displays your account details, transactions, and a daily overview of your portfolio into your dashboard.
Blox supports the majority of the crypto coins and guides you through your taxation process. There are cloud-hosting tools specifically designed for crypto miners.
- Blox free Pro plan costs $50K AUM and covers 100 transactions.
- The business plan comes at $99 per month and covers 10K taxations and $20 million in assets.
- The Enterprise plan will cost you $249 and cover $60M AUM.
Cointracking is a portfolio tracker and is especially helpful for active traders to track their daily transactions. The timeline tools give insights into your per day trading balance, a number of trades per month and per exchange and also purchase price of cryptocurrencies.
If you are holding a coin for more than a year, Cointracking will help you evade your taxes by selling it tax-free in the market. US citizens can create an FBAR report for assets worth $10,000 in their foreign financial accounts. Cointracking supports the majority of the wallets and trade exchanges.
Cointracking supports the FIFO, LIFO, HIFO, and LOFO methods of which the FIFO is most commonly used. You can pay your subscriptions through BTC coins and there is also a lifetime license option is available in the software. There is a free plan that covers 200 tx and the pro covers 3,500 tx.
Blockpit manages all your trade details, wallets, and exchange transactions under a single platform. It also manages your income generated through mining, ICO, and airdrops. You can view all your real-time transactions and download your complete tax report on your mobile app. Blockpit supports the majority of the cryptocurrencies in the market.
Bittax will track your crypto transactions, import exchange data, wallet address, and calculate your taxes while keeping all your private information intact. Bittax uses a tax planning algorithm mechanism and helps you organize and manage all your tax liabilities and profits keeping in mind the standard protocols of IRS.
BearTax is integrated with more than 25 crypto exchanges and just like any other tax software calculates all your assets, gains, losses, imports data, and files your tax document. The ‘smart matching’ algorithm matches all your expenses and income and helps you to avoid negative balances.
The platform is integrated with both centralized and decentralized exchanges and gives you a clear idea of your assets and losses. The BearTax plan packages are available at $99 to $199.99 per year and are supported by full-time customer support.