TOP 5 BEST Crypto Tax Tools For 2022!! 💯

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- TIMESTAMPS -

0:00 Intro
1:36 Why a Tax Tool?
4:05 CryptoTrader.Tax
8:39 Accointing
12:01 Bear.Tax!
19:00 Koinly
23:23 Conclusion

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💸 Get Your Crypto Tax Solution 💸

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⛓️ 🔗 Useful Links 🔗 ⛓️

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🤔 Why Use A Tax Tool? 🤔

Once you have made those mad crypto gains, you have two options.

1. Stash that crypto away and pretend those gains never happened.
2. Run the numbers and work how much tax you owe.

Those that want to legally pay their taxes and enjoy those gains are probably going to want to get that done in the easiest way possible. However, it can be hard to find a crypto accountant and they can be super expensive.

Sure you could spend weeks with a load of spreadsheets or you could use a crypto tax tool to save you a lot of time and stress.

5️⃣ CryptoTrader.Tax 5️⃣

This tool is mainly geared towards US residents and is trusted by over 100,000 traders for filing their taxes. Data imports are made a breeze with integrations with major wallets, major DeFI platforms and most crypto exchanges.

Once all that data is imported, the tool will then automatically work out the cost basis of your trades by using historical price data. You’ll then get your tax reports within seconds!

Those based in the US will probably be relieved to know that the tool also spits out a TurboTax direct import too. So you can upload that to TurboTax and you are done!

Next, you have tax loss harvesting reports which are super useful for planning future trades and potentially reducing that capital gains tax bill.

Some people may want to get that automated tax report checked out by a proper accountant and CryptoTrader.Tax offers you that option too.

4️⃣ Accointing 4️⃣

Accointing helps you track that portfolio and file those crypto taxes too. It works very similar to CryptoTrader.Tax but it has even more integrations - sitting at 300+.

Data imports here are done by CSV uploads, API connections and just providing your public address. Another neat thing is that when you import those transactions, their classifications are heavily automated.

As Accointing takes into account all the strange tax rules in US, Australia, the UK, Germany, Switzerland and Austria, it makes filing taxes in those countries simple.

3️⃣ Bear.Tax 3️⃣

This tax solution generrates reports on the FIFO and LIFO methodologies - which turn out to be widely used accounting methods.

Data is imported using CSV and APIs, with over 50 exchanges supported. On top of that, Bear.Tax has a bunch of unique features that I go through in detail in the vid!

This is a similar tax tool to the others I have mentioned. However, it supports a plethora of different DeFi platforms, major wallets and is the only tool I have found that will do those tax reports for NFTs.

1️⃣ Koinly 1️⃣

Koinly generates tax reports for over 20 countries and also any country that uses FIFO, LIFO, highest cost, lowest cost, average cost basis or shared pool accountancy methods. So yep, that’s most of the world!

Watch my vid where I tell you why I think this is the best crypto tax tool out there!

📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#crypto #tax #bitcoin #koinly #accointing

[markodonoghue]

PSA - One day these tools will be good enough for real world use. I've tried them all and haven't (yet) found any that actually do the job fully and accurately. It is a hard area and data quality is poor. Either way you're in for a mountain of work if you try to be accurate and audit-proof. Best alternative may just be to use one of these products and get comfortable with "CLOSE ENOUGH IS GOOD ENOUGH". You'll save a lot of time and probably pay too much tax (in the short term) - eventually it'll even out. Best of all - you'll be seen to be trying to be compliant and hopefully limit the hassles later.

[rick]

This is probably the most important video you've done and i hope you do a follow up in a few months. If you do there are 2 things I'd been keen to know. 1) How these integrate with income form your day job as you wages are part of tax calculations 2) If the tool does in fact manage the NFT process of buy ETH, then use to buy NFT, taxable event, work it the value based on your currency at the moment eth value, and then handle the NFTs sale.

[finmathsci]

Can't spell crypto without" CRY "

[Groovinman]

You and George from CryptosRUs are my 2 favourite Crypto YouTubers easy, best, most honest and usable information EVER

[AV-xvln]

Right on time for tax season! As always, best content on crypto on YouTube, Guy!🙏👍

[fayainz]

Koinly is by far the crypto tax tool of choice. And the discus section is great for asking questions and getting help from others. Sadly the only downside is the lack of Terra blockchain support (csv import required)

[ericsiddons]

The main problem I have seen with these are getting them to recognize and accept CSV reports, and most of these have very little human interaction if you have a problem.

[JackMck]

A great video but I have a question about the number of transactions that are counted by the software. Some Exchanges split a single transaction into multiple smaller ones when they do the trades. Could you please clarify whether the software tools count the single transaction or would they count the multiple ones that are only generated by the Exchanges (Binance seems to be particularly fond of this)?

[brandonlee]

Excellent video! Thank you for taking the time to do this research on all of our behalf’s!

[remijunk]

I was waiting for such a video. Thanks Coin Bureau team ! Keep up the amazing work.

[rob-bkk]

Thanks Guy! Perhaps consider producing a future vid running through a few examples of how to do?

[saraherbert]

Love Koinly and its great for tracking where my cryptos are day to day too. Thank you Guy

[hamid]

You said that you are trying to add value to the Crypto community and you just did that, yet again! BIG thank you!

[KeepItComing]

THANKS GUY....Uncle Sam will love that you're promoting pay yiur it coming!

[dev]

Thanks Coin Bureau, this is much needed.

[pumpkinpie]

This is another multitude of reasons why Guy is the best!

[franciscohidalgo]

I've been following Coin Bureau for quite some time, this channel was my first reference to Crypto and made me decide to jump into it. Now, this video is such a magnificent source of information. God bless.

[alexaudain]

This is a fantastic Video. Very useful info! Thanks Guy

[Obi-wanXenobi]

Just the video I was after! Will be a great help. Thanks

[GolfingWangs]

Woww I was literally just looking for thisss!! This is why this team is goated!! Ty