Crypto Tax Software: 4 of The BEST TOOLS!! 🤓

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- TIMESTAMPS -
0:00 Intro
1:34 Why use crypto tax software?
3:20 CryptoTrader.Tax
7:43 Bear tax
11:54 CoinTracking
16:28 Koinly
21:26 Final thoughts

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🛒 Try A Crypto Tax Solution 🛒

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📝 Overview 📝

We all know that working how much tax is a pain in the ass. With crypto, it’s even harder. Yes, you might take the view that all taxation is theft and take your chances not paying. If that’s you, then this video is NOT for you and I wish you the best of luck in keeping a low profile.

The other option is working out what tax is owed and making that whole process as easy as possible. Yes, you could do that yourself and spend days going over the historical prices of those cryptos you traded and logging every transaction manually.

4️⃣ CryptoTrader.Tax 4️⃣

I’m going to level with you, this option is mainly focused on serving the US market. However, crypto taxes can be calculated for any country that accepts the FIFO and LIFO standards.

Pros:

► Calculations are available in almost any fiat currency.
► Import transactions via API or CSV.
► Multiple crypto income sources are supported.
► Integration with TurboTax & generation of 8949 IRS forms.
► Tax loss harvesting feature.

Cons:

► Being a US focused solution means there are better options if you live elsewhere.
► More exchanges could be supported.

3️⃣ Bear.Tax 3️⃣

Like CryptoTrader.Tax, this solution is mainly geared towards the US market and takes a pretty similar approach.

Pros:

► Produces reports based on FIFO or LIFO rules.
► Wide selection of crypto income sources available.
► Smart matching means that transactions are recorded and processed without taking fees and block time delays into account.
► Supports high frequency traders and bots like 3Commas.
► Supports a ton of exchanges & Bitmex.
► Keenly priced - starts from just $10 per tax year.

Cons:

► There are better options for those living outside the US.
► Does not support popular leveraged exchanges like Bybit.

2️⃣ CoinTracking 2️⃣

This solution is packed full of top notch tax reporting tools and a host of data is available to you. That includes things like a personal portfolio analysis, trade imports, tax declarations, coin charts and coin trends.

It is super popular with over 610k active users.

Pros:

► Suited to both retail investors and businesses.
► Provides personal portfolio analysis reports and charts for things like coins, audit reports for profits and losses as well as an overview for realized and unrealized gains.
► Over 70 exchanges are supported and that includes Bybit.
► Data can be imported from hardware wallets like Ledger and Trezor.
► 12 tax calculation methods are supported and this means this solution is ideal for those living outside of the US.

Cons:

► Paid plans are pretty expensive.
► If you only do a few trades a year, you are honestly better off using the cheaper Bear.Tax paid plan.

1️⃣ Koinly 1️⃣

Koinly boasts full support for over 20 different countries. Honestly, when it comes to crypto tax solutions I don’t think you really need to look any further than this option.

Pros:

► Portfolio analysis tool provides ROIs on each crypto investment, invested fiat, income, profit-loss and capital gains means there is no hiding from your losers, whilst making it very clear where you actually made some pretty smart moves.
► Smart transfer matching uses AI to detect transactions made between your personal wallets. That’s great as you don’t want to pay tax on transactions sent to yourself.
► Data can be imported for margin trading, futures trading, staking, lending and DeFi.
► Tax forms are auto generated for those based in the US, UK, Canada, Germany, Sweden and more. It is also compatible with TurboTax.
► Over 350 exchanges are supported, 50 wallets and over 6,000 cryptos.

Cons:

► It is not the cheapest crypto tax solution in the world.

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📜 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 Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#bitcoin #BTC #crypto #tax #koinly #cointracking

[abtheraptivist]

FYI - Coin Tracking is an annual only service - it shows the priced billed monthly but only allows the full annual price to be paid.

[benfunk]

Awesome video. Thanks guy!! Just had a small heart attack thinking about my taxes. Spent an hour looking through all my trades today and didn’t wanna deal with each one manually. Definitely gonna give koinly a try. Much thanks.

[adamsan]

Koinly is fantastic. Especially for people in the UK.👍👍👍👍👍

[barryhusband]

I'm glad I found this. I was just struggling to find a tax software. Love your channel.

[michaelvu]

Please please make a video about koinly and common problems (like missing purchase history)

[DigitalAssetNews]

Guy, this is going to be one of your lowest videos as far as views because I did the same thing and talked about taxes and it bombed BECAUSE people hate to talk taxes! Love your channel and really impressed with the Coinbase alternatives. It’s an instant classic.

[KAL-]

In Germany, as long as you've held it for a year, no tax needs to be paid. ;-)

[alexhaiek]

Quite a guy you are Guy! I live in the U.S ~ Guy you are truly crushing it and of the best YouTube hosts, this lesson on Crypto tax software is excellent, I am going to try out Koinly, keep on keeping on!!!

[withoutwroeirs]

Germany is fast becoming the place to be in the crypto world. Here you only need hold your crypto for 1 year+ for tax free gains. So much win ;)

[kevinsingfield]

Once again, thanks Guy and the Coin Bureau team (assuming there is a team!). As always, this is exactly the info I need. Coin Bureau has become my go-to channel for well researched, impartial and grounded analysis.

[ColinDyckes]

Koinly is brilliant, uses APIs to access exchanges and supports the UK CGT calculations. It's also totally free to use during a tax year to get a summary tax position and portfolio status at any time during the year! You just pay 49USD or 99USD depending on greater than 100 transactions to actually download the detailed reports. Brilliant way to handle an otherwise incredibly complicated set of calculations!

[The_Unintelligent_Speculator]

Highly recommend Koinly for the UK users. I am new to investing in crypto but after seeing some of my gains I would rather get the tax affairs sorted now. As a property investor I can’t believe the slow returns I was making compared to this crypto world and it is still an untapped market. The majority of the due dilligance is done for me through this channel alone so thank you very much.

[BenitoDonada]

Great video, found Koinly 2 days ago and was looking for reviews, thank you for putting it together!

[HowardCabalfin]

Useful video. Detailed but concise. Thanks for posting.

[CryptoDachshund]

I found Crypto Trader too difficult to use if you primarily use Binance US as your trading platform. Binance US does not cooperate with their API, and it requires a lot of manual work arounds that defeat the whole purpose of using tax software, IMO. If you use Coinbase it looks to be a breeze.

[maarsoo]

Im in sweden and use cointracking + koinly. Works really nice :) Useing koinly because its more adepted to swedens tax-rules. Enter all trades on cointracking, correct some numbers and then import it to koinly. Best solution for swedes for now hands down

[martina]

I have been using Cointracking since 2017 but I really must say it´s not for me: somehow I cannot get my head around it. So I´m going to have a look at Koinly. Maybe this is more straight forward. Thanks for this overview, Guy!

[Seany]

Nice, I was just starting to deal with Tax(Im in UK) due to upcoming bullrun and had started using Koinly, was amazed to see it at number one!! I thought sorting tax was going to be an issue with Defi/Uniswap etc but it was really easy, just add ETH address and boom, all those shitcoins appeared!

I don't think price of these is an issue either, with the amount of money we're going to make it's pennies and far cheaper than the cost of missing tax payments!

Thanks for vid as always!

[ccbull]

Thanks for making this it’s exactly what we need before the bull run to get us prepared. 👍🏻

[michelle-rose]

The world is changing! I'm glad to be part of that, the crypto had made so many millionaires already. It is the evolution of money. Thanks for making this informative video I just subbed 👌