Best Crypto Tax Software 2024

This page contains all of the information you need to know about crypto taxes. We cover how different types of transactions are taxed, how to choose the right tax software and important terminology you may come across. Lastly, we compare a group of the most popular tax softwares.
Published: February 1, 2024   |   Last Updated: February 19, 2024
Written By:
Andrew Cahill
Andrew Cahill
Data Analyst
Edited By:
Shannon Ullman
Shannon Ullman
Managing Editor
Reviewed By:
Lorenzo Abbatiello
Lorenzo Abbatiello
Crypto & tax partner at Origins Group

Properly filing crypto taxes can be a daunting task. Thankfully, various platforms have emerged to ease the pain of tax season and make filing your crypto taxes as easy as filing regular taxes.

While almost all crypto tax software platforms automatically import your various transactions, they differ on how effectively they categorize the transactions, how well they can optimize your tax burden, and, of course, how much you have to pay to use them.

It is important to be aware of tax rules yourself, as these tools may not be perfect. And on top of this, you may run into a list of questions before even getting started with a tax software.

Well, over here at Milk Road, we’ve got your back. Below we compare five of the best crypto tax software platforms, as well as cover common questions that arise around crypto taxes.

Why you can trust Milk Road: Our mission is to bring you the most up-to-date crypto news and product information. We use a fact-driven approach to compare different products, highlighting the strengths and the tradeoffs of each, with the ultimate goal of helping you make intelligent decisions based on your individual needs. 

How To Choose A Crypto Tax Software

There are an ever-increasing number of professional tax solutions on the market, so we list some of the top considerations you should keep in mind when searching for your ideal crypto tax software.

But first, readers should be aware of the considerations of choosing the right tax software.

Integrations

When selecting a crypto tax software, one of the crucial factors to consider is its integration capabilities. Automatic integrations not only simplify the process of compiling your transaction history, but they also ensure accuracy in reporting.

The ideal software should seamlessly connect with various cryptocurrency exchanges, wallets, and even DeFi protocols, allowing for automatic import of your transaction data. And in addition to integrating your wallets, you want to ensure that reports can be easily extracted and integrated into popular tax accounting tools like TurboTax, H&R Block, TaxAct, and others.

Pricing

The cost of crypto tax software can vary significantly, making pricing a critical factor. It’s important to find a balance between affordability and software that is best for your personal situation.

Some crypto tax solutions provide basic functionalities and only integrate with a few wallets or exchanges at a lower cost, which might be suitable for individuals with only a few transactions. Most platforms, however, offer tiered pricing models based on the number of transactions, types of transactions, or level of tax guidance needed, catering to both casual traders and those with more complex portfolios.

When it comes to pricing, the ultimate deciding factor will usually be how many transactions you made, and how many wallets you utilized. If you’re a heavy trader, you should get ready to dish out a few hundred bucks for a full report of your tax liabilities for any given year.

Types of Transactions Tracked

Finally, when picking a crypto tax software, it’s important to make sure it can keep track of all the various crypto transactions you might have made.

The ideal software should be able to handle not only basic buying and selling, but also more complex transactions such as futures and perpetuals trading, staking, mining, DeFi loans, and more (especially as many of these are taxed differently).

In simple terms, your tax software should understand and correctly categorize every kind of crypto transaction you make, whether it’s through a regular exchange or a DeFi platform, to make sure you’re in accordance with all tax requirements.

Best Crypto Tax Software 2024

CoinTracker

Featured Partner Offer
Price
$0 –$479/year
Staking Support?
YES
DeFi & NFT Support?
YES
Tax Loss Harvesting?
YES

CoinTracker is trusted by over 1 million users, accommodates over 10,000 cryptocurrencies, and offers integrations with over 500 wallets and exchanges. A key feature of CoinTracker is its automated tax loss harvesting strategies which help minimize your tax liability.

The platform provides full support for users in the US, UK, Canada, and Australia, while also offering partial support for other regions, showcasing its global applicability. For those on the go, CoinTracker enhances user convenience with its fully featured mobile app, available for both Android and iOS.

Pros:

  • Trusted by over 1 million users
  • Supports 500+ wallets and exchanges
  • While pricey, the highest tier of $479 supports unlimited transactions

Cons:

  • Reporting for any more than 1,000 transactions puts you into the highest pricing tier of $479

PriceTransactions TrackedIntegrationsFree Trial?Standout Features
CoinTrackerFree tier – only for transaction tracking
$47 tier for 100 transactions
$199 tier for 1,000 transactions
$479 tier for unlimited transactions
Swaps, margin trading, DeFi functionalityMore than 500 exchanges, wallets, and blockchains + TurbotaxFree version does not provide tax reports, but allows you to track your portfolioThe top tier provides reports for an unlimited number of transactions, making CoinTracker a good choice for power traders

PriceTransactions TrackedIntegrationsFree Trial?Standout Features
CoinTrackerFree tier – only for transaction tracking
$47 tier for 100 transactions
$199 tier for 1,000 transactions
$479 tier for unlimited transactions
Swaps, margin trading, DeFi functionalityMore than 500 exchanges, wallets, and blockchains + TurbotaxFree version does not provide tax reports, but allows you to track your portfolioThe top tier provides reports for an unlimited number of transactions, making CoinTracker a good choice for power traders
AwakenAwaken is 100% free until March 1, 2024Swaps, NFTs, wallet transfers, staking, loans, DeFi, AirdropsUniswap v3, x2y2, and 100+ othersFree until March 2024 Web3- focused including DeFi (decentralized finance) and NFTs
Crypto Tax Calculator$49 tier for 100 transactions
$99 tier for 1,000 transactions
$249 tier for 10,000 transactions
$499 tier for 100,000 transactions
30-day money-back guarantee on all plans
Swaps, NFTs, wallet transfers, staking, loans, DeFi, AirdropsAlmost 3,000 crypto apps including exchanges, wallets, and DeFi protocolsFree version does not provide tax reports, but allows you to track your portfolio, and generate sample reportsCrypto Tax Calculator’s payment tiers are yearly subscriptions rather than one-time payments, meaning you can use one subscription to do multiple years’ worth of taxes
CoinLedgerFree tier – only for transaction tracking
$49 tier for 100 transactions
$99 tier for 1,000 transactions
$199 tier for up to 3,000 transactions (additional transactions available for purchase within app)
Swaps, mining, staking, NFTs, airdrops, DeFi liquidity providingHundreds of wallets, exchanges, and DeFi protocols + TurboTax, TaxACT, H&R Block, Tax Slayer, and othersFree version does not provide tax reports, but allows you to track your portfolio Relatively low price and unique features such as an audit trail and an official partnership with TurboTax
KoinlyFree tier – only for transaction tracking
$49 tier for 100 transactions
$99 tier for 1,000 transactions
$179 tier for 3,000 transactions
$279 tier for 10,000 transactions (additional tiered pricing available up to 100,000 transactions)
Swaps, mining, margin trading, staking, airdrops, DeFi lendingOver 750 exchanges and wallets  + TurboTax, TaxAct, and H&R BlockFree version does not provide tax reports, but allows you to track your portfolio Large set of integrations and reports for international tax jurisdictions

Comparing Crypto Tax Software

CoinTracker

Featured Partner Offer
Price
$0 –$479/year
Staking Support?
YES
DeFi & NFT Support?
YES
Tax Loss Harvesting?
YES

CoinTracker is trusted by over 1 million users, accommodates over 10,000 cryptocurrencies, and offers integrations with over 500 wallets and exchanges. A key feature of CoinTracker is its automated tax loss harvesting strategies which help minimize your tax liability.

The platform provides full support for users in the US, UK, Canada, and Australia, while also offering partial support for other regions, showcasing its global applicability. For those on the go, CoinTracker enhances user convenience with its fully featured mobile app, available for both Android and iOS.

Pros:

  • Trusted by over 1 million users
  • Supports 500+ wallets and exchanges
  • While pricey, the highest tier of $479 supports unlimited transactions

Cons:

  • Reporting for any more than 1,000 transactions puts you into the highest pricing tier of $479

PriceTransactions TrackedIntegrationsFree Trial?Standout Features
CoinTrackerFree tier – only for transaction tracking
$47 tier for 100 transactions
$199 tier for 1,000 transactions
$479 tier for unlimited transactions
Swaps, margin trading, DeFi functionalityMore than 500 exchanges, wallets, and blockchains + TurbotaxFree version does not provide tax reports, but allows you to track your portfolioThe top tier provides reports for an unlimited number of transactions, making CoinTracker a good choice for power traders

Awaken.Tax

Awaken Tax was one of the best performers during our tax exercise. The software automatically classified the vast majority of our transactions. In instances where manual classifications were required, they were easy to make with Awaken’s intuitive interface.

Review
4.8
Price
$75+ (Free Until March 1st)
Staking Support?
YES
DeFi & NFT Support?
YES
Tax Loss Harvesting?
YES

Awaken Tax was one of the best performers during our tax exercise. The software automatically classified the vast majority of our transactions. In instances where manual classifications were required, they were easy to make with Awaken’s intuitive interface.

PriceTransactions TrackedIntegrationsFree Trial?Standout Features
AwakenAwaken is 100% free until March 2024Swaps, NFTs, wallet transfers, staking, loans, DeFi protocolsUniswap v3, x2y2, and 100+ othersFree until March 2024Web3- focused including DeFi (decentralized finance) and NFTs

Awaken offers native support for a wide range of DeFi protocols, including Uniswap V3, x2y2, and over 100 others. This extensive protocol support makes the platform a prime choice for web3 enthusiasts and DeFi users. Beyond DeFi, a standout feature of Awaken is its support for popular NFT platforms such as OpenSea, Blur.io, and LooksRare. The platform also offers a powerful AI engine that adapts and learns as you label your transactions.

The most attractive part of Awaken, however, is the fact that it’s currently 100% free until March 1st, 2024, offering reports for unlimited wallets and unlimited transactions. So if you still need to do your 2023 crypto taxes, you may want to consider getting started early to take advantage of Awaken’s free deal. And make sure you extract your reports before March 1st!

Pros:

    • 100% free until March 1st, 2024 for unlimited wallets and unlimited transactions

    • Support for lots of DeFi actions that other platforms may not offer

Cons:

    • A relatively barebones interface compared to established competitors

Crypto Tax Calculator

Review
4.5
Price
$49–$499
Staking Support?
YES
DeFi & NFT Support?
YES
Tax Loss Harvesting?
YES

Crypto Tax Calculator offers fully automated, audit-proof tax reports, but it really stands out with its unique “Least Tax, First Out” algorithm, designed to minimize your taxes by identifying the most optimal cost basis for your assets. Tax professionals and CPAs aren’t left out, as there’s a dedicated accountant portal that caters to their needs, making it easier to manage client portfolios.

Impressively, Crypto Tax Calculator supports over 300,000 cryptocurrencies, ensuring it covers almost every conceivable crypto transaction you might have. Finally, the software includes a guided reconciliation process for transactions which ensures that generated tax reports are as accurate as possible.

PriceTransactions TrackedIntegrationsFree Trial?Standout Features
Crypto Tax Calculator$49 tier for 100 transactions
$99 tier for 1,000 transactions
$249 tier for 10,000 transactions
$499 tier for 100,000 transactions
Swaps, NFTs, wallet transfers, staking, loans, DeFi, AirdropsAlmost 3,000 crypto apps including exchanges, wallets, and DeFi protocolsFree version does not provide tax reports, but allows you to track your portfolio, and generate sample reportsCrypto Tax Calculator’s payment tiers are yearly subscriptions rather than one-time payments, meaning you can use one subscription to do multiple years’ worth of taxes

Pros:

  • Partnered with and venture-backed by Coinbase
  • For medium power users, the $249 “Investor” tier offers reports for up to 10,000 transactions

Cons:

  • Free plan does not allow you to export reports or integrate with tax-filing software

CoinLedger

Price
$49–$299/year
Staking Support?
YES
DeFi & NFT Support?
YES
Tax Loss Harvesting?
YES

CoinLedger streamlines the tax reporting process thanks to its partnership with TurboTax, the largest tax preparation platform. Uniquely versatile, CoinLedger allows users to generate tax reports for any country and in any currency, catering to a global audience. The software also offers a free crypto dashboard, providing an efficient and user-friendly alternative to traditional “Excel spreadsheets” for tracking your cryptocurrencies.

A standout feature for CoinLedger is its ability to generate an audit trail as part of your tax report. This detailed documentation covers every taxable event you’ve incurred, boosting transparency and accuracy in your tax filings. Additionally, CoinLedger boasts integrations with hundreds of wallets, exchanges, and DeFi protocols, ensuring that virtually all your crypto transactions can be seamlessly imported and accurately reported.

PriceTransactions TrackedIntegrationsFree Trial?Standout Features
CoinLedgerFree tier – only for transaction tracking
$49 tier for 100 transactions
$99 tier for 1,000 transactions
$199 tier for up to 3,000 transactions (additional transactions available for purchase within app)
Swaps, mining, staking, NFTs, airdrops, DeFi liquidity providingHundreds of wallets, exchanges, and DeFi protocols + TurboTax, TaxACT, H&R Block, Tax Slayer, and othersFree version does not provide tax reports, but allows you to track your portfolioRelatively low price and unique features such as an audit trail and an official partnership with TurboTax

Pros:

  • One of the most popular crypto tax software solutions
  • Official TurboTax partner

Cons:

  • The Pro version only supports up to 3,000 transactions, after which you have to purchase additional transactions within the platform

Koinly

Review
4.1
Price
$49-$179/year
Staking Support?
YES
DeFi & NFT Support?
YES
Tax Loss Harvesting?
NO

Koinly supports 170 blockchains, 400 exchanges, 100 wallets, and over 30 services. This vast array of supported assets and platforms makes Koinly one of the most comprehensive tax platforms on the market. The crypto tax software also has full support for over 20 countries, making it a prime choice for international crypto enthusiasts.

One of Koinly’s standout features is its smart-matching AI system which detects transactions within your own wallets and intelligently excludes them from tax reports, thereby avoiding double-dipping. The platform also simplifies error reconciliation, helping users to easily identify and rectify any discrepancies in their transaction data. This is particularly beneficial for those who might be new to crypto or have complex portfolios, making Koinly a great choice for both novice and experienced crypto users.

PriceTransactions TrackedIntegrationsFree Trial?Standout Features
KoinlyFree tier – only for transaction tracking
$49 tier for 100 transactions
$99 tier for 1,000 transactions
$179 tier for 3,000 transactions
$279 tier for 10,000 transactions (additional tiered pricing available up to 100,000 transactions)
Swaps, mining, margin trading, staking, airdrops, DeFi lendingOver 750 exchanges and wallets  + TurboTax, TaxAct, and H&R BlockFree version does not provide tax reports, but allows you to track your portfolioLarge set of integrations and reports for international tax jurisdictions

Pros:

    • Integrations for hundreds of blockchains and exchanges

    • Support for over 20 countries

    • Handles advanced transactions such as staking and DeFi lending

Cons:

    • Some customers have reported mislabeled transactions

Methodology

To compile this list, we examined dozens of crypto tax software platforms and picked the five that most impressed us in terms of features, ease of use, and price. We then did a deep dive into each option, examining its pricing, the types of transactions it can track, and the integrations it offers. We also considered each option’s free trial, and wrapped up by selecting some standout features for each. 

This list reflects a diverse set of options for crypto traders of all kinds, so whether you’re an  active DeFi user, a professional money manager, or even a CPA, you can find something in one of these options.

Getting Started With Crypto Taxes

The following information is relevant to U.S. taxpayers. Tax code in other jurisdictions can vary so always check on your local tax laws if you are located outside of the United States.

Relevant Terminology

While you are going through your transactions or getting started with a tax software, here is some terminology you may come across:

  • Cost basis: The sum of the price that you paid for an asset and the fees that you paid to acquire it. If you purchase the same token in multiple instances, your cost basis will be the average of these. This serves as your entry price for taxation purposes.
  • Capital gains: The difference between your cost basis and the proceeds you receive for selling an asset. If you hold an asset for over a year, your capital gains will be long-term and you will receive a more favorable tax rate.
  • Miscellaneous income: Income that you receive aside from selling assets for a gain. This can come in the form of staking income, token airdrops, or interest from DeFi activities.
  • Deductions: The costs associated with transacting or interacting with crypto, which can be used to offset income or gains.
  • Tax-loss harvesting: When you purposely sell a token for a loss, in order to lower your taxable income from other profitable investments.

How Different Transactions are Taxed

While tax softwares do a solid job of categorizing your transactions, knowing how crypto transactions are taxed can help you prepare for tax season. Here is how some of the main types of crypto transactions are taxed:

  • Selling a token: When selling a token, you owe capital gains tax on the amount of proceeds you receive that are higher than your cost basis. If you sell for a loss, this amount will offset your other gains for the year.
  • Receiving interest in DeFi: Interest is taxed as ordinary income, just as wages or your salary is.
  • Receiving a token airdrop: Airdrops are taxed as ordinary income based on the token price at the time you claim them. This amount becomes your cost basis, and then you may owe capital gains tax when you sell it.
  • Claiming staking rewards: Staking rewards are taxed as ordinary income, just as wages or your salary is.
  • Trading perpetual futures: These trades are taxed using the 60/40 rule: 60% is taxed as a long-term capital gain, and 40% is taxed as a short-term capital gain.
  • Trading NFTs: NFTs are taxed in the same way as other tokens. If you own NFTs that have become worthless, you can use a service to capture a tax loss.

Which Transactions are Non-Taxable

In addition to the above, there are also types of transactions that do not create a taxable event for crypto users. For example, if you simply transfer crypto from an exchange to your wallet, no taxes are owed on this.

It is also important to note that you only owe taxes when you sell your crypto, or swap one digital asset into another. And if you ultimately sell your crypto for a loss, this will benefit your tax situation.

Lastly, gifting tokens or donating them to charity are not taxable events. You can actually use donations to offset your taxes up to a certain limit based on your jurisdiction.

When Would a Crypto Accountant Make Sense?

For most crypto users, uploading reports from a professional tax software is a sufficient way to file their taxes. However, in certain cases hiring an accountant who specializes in digital assets could be beneficial.

If you work as a freelancer in the space or have a wide range of different income sources, an accountant may be for you. Additionally, if you operate a business within the crypto space or use/receive crypto for payments, it may be a safe bet to work with an accountant.

When it comes to choosing the right accountant, ensure that you pick one that has a solid understanding of the digital asset industry. It can also be a good idea to seek a referral from a trusted friend, or find an accountant who is in your area and reachable.

Free Crypto Tax Software

If you’re on a budget or want to try tax software on for size with no commitment, you’ve got options. Sure, the free stuff might have some limitations, like preview-only views and caps on transactions. But, they can still help you prep your crypto taxes.

Here are a few you could give a test drive.

1. Crypto.com Tax

Crypto.com’s tax service syncs with several popular exchanges, such as Coinbase and Binance.US. The bad news is that it doesn’t support other major exchanges like Robinhood, Swan, and eToro.

On the plus side, their web app supports wallets in a wide range of tax jurisdictions, and there don’t appear to be any hidden costs. Score! While Crypto.com Tax provides Excel-compatible reports, it doesn’t provide Form 1040 Schedule D or Form 8949.

2. Taxbit

Taxbit’s US-only free tier offers tax reporting for unlimited transactions and syncs with many well-known exchanges, including the usual suspects like Coinbase and Binance.US. You can also import balances and transactions with wallets. Taxbit provides 8949 tax forms as well as Excel-compatible spreadsheets. Expect limited support with the free tier if things go awry, largely limited to reading help pages.

3. Coinpanda

If you’re an infrequent trader, Coinpanda’s free tier may be a fit and provides more accurate token detection than some others in our roundup. The free tier offers tax reports for up to 25 transactions and even provides email support. Connect Coinpanda to dozens of leading exchanges and wallets to get an overview of your crypto assets, gains, and losses in one place. Import from Kraken, Coinbase, Binance.US, and others. The free tier provides IRS forms (8949, Schedule D) as well as reports compatible with TurboTax and TaxAct.

To Sum It Up

Picking the best crypto tax software is highly dependent on your individual situation. 

For web3 and DeFi natives, options like Awaken provide extensive DeFi integrations. Power users, on the other hand, can look to CoinTracker or Crypto Tax Calculator as platforms that support thousands of transitions for a fairly low price. Finally, for CPAs and users looking for extensive integrations with existing software, established giants CoinLedger boast a wide range of integrations with traditional tax software.

Frequently Asked Questions

All of the software’s that we cover in this article allow you to extract crypto reports for tax accounting (based on your subscription tier). These reports can be directly uploaded into TurboTax to be filed with your overall situation.

The following crypto tax apps can integrate with TurboTax:

  • CoinTracker
  • Awaken
  • Crypto Tax Calculator
  • CoinLedger
  • Koinly

CoinLedger has built-in tax-loss harvesting features for cryptocurrencies and offers an NFT tax loss harvester. This feature allows you to receive tax deductions for now worthless NFTs.

Taxes in crypto follow similar rules to other financial activities that you engage in. If you earn crypto or receive it as income, it is taxed as ordinary income along with your overall situation. If you profit from selling digital assets, this is taxed just like stocks or real estate, based on how long you’ve held the asset.

Some crypto tax software is free to use, but you may run into limitations that are not fit for your situation. These limitations may come in the number of transactions allowed, or the ability to properly export tax reports.

The more complicated your crypto tax situation is, the more you can expect to pay for a service that fits your needs.

For many people, filing crypto taxes is a two-step process that uses crypto tax software in combination with common tax-filing software like TurboTax. In more complicated situations, it could make sense to work with an accountant instead.

 

Not everything that you do in crypto will create a taxable event. In short, you only need to pay taxes when you are making money, whether that be from income or capital gains.

For example, sending crypto from one of your wallets to another does not create a taxable event. And in the case that you lose money on an asset, this will actually work to lower your taxable income.

Airdrops are a new and exciting trend in the sector, but they do not come without tax liability for U.S. taxpayers. When you first claim an airdrop, you need to report the amount that you claimed as ordinary income. This is calculated based on the price of the token at the time of your claim.

This claim amount then becomes your cost basis, which is used to determine the capital gains tax that you will owe or deduct when eventually selling the airdropped token.

Transaction fees are involved anytime you swap tokens or engage in DeFi activities. Importantly, these fees resemble the cost of doing business, and act favorably towards your tax situation.

In the case of buying assets, the fee that you pay is added to the cost basis of your purchase. In DeFi, the total fees you pay can be deducted by the income that you receive for these activities.

Sources

  • Biden Budget Plan Would Close Crypto Tax Loss Harvesting Loophole. (2023). Yahoo.
  • Bitcoin Futures-Contract Specs. (2023). CME Group.
  • IRS Guidance On Digital Assets. (2023). IRS.
  • IRS Frequently Asked Questions on Virtual Currency Transactions. (2023). IRS.
  • What is Taxable and Nontaxable Income? (2023). IRS.
  • IRS Notice 2014-21 on Taxation of Virtual Currency. IRS.
Andrew Cahill
Andrew Cahill
Data Analyst
Andrew previously was a Research Director at The Block; a crypto media and research company. Prior to that, he was a Research Analyst at Fundstrat; an investment research firm.
Shannon Ullman
Shannon Ullman
Managing Editor
Managing editor working to make crypto easier to understand. Pairing editorial integrity with crypto curiosity for content that makes readers feel like they finally “get it.”
Lorenzo Abbatiello
Lorenzo Abbatiello
Crypto & tax partner at Origins Group
Lorenzo has been in the cryptocurrency industry as a professional and investor since 2016 serving hundreds of crypto clients and businesses. Some of the sectors which Lorenzo focuses on today are Alternative Tax Planning, Trust and Estate Taxes, PR Act 60, and NFT/Crypto taxation and compliance. He is currently a crypto and tax partner at Origins Group.

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