Top 10 Free Crypto Tax Calculators to Simplify Your Tax Filing in 2024

Top 10 Free Crypto Tax Calculators to Simplify Your Tax Filing

As cryptocurrency continues to gain widespread adoption, many countries have begun regulating it as taxable income.

However, tax regulations vary from country to country, making it challenging for taxpayers in the crypto space to accurately calculate taxable income amidst changing rules, volatile crypto prices, and diversified income sources.

Fortunately, several tools are available to help you calculate your crypto taxes for free.

Here’s a list of 10 tools to automate your crypto tax calculations:

1. Koinly

First on the list is England-based crypto portfolio and tax calculator Koinly.

Operating since 2018, Koinly has become a leading cryptocurrency tax service, developed in collaboration with renowned tax consultants from KPMG (one of the big four accounting organizations) to ensure all generated reports are compliant with relevant tax laws of over 20 countries.

The tool allows you to sync 339 crypto exchanges and 73 wallet transactions to generate tax reports, which include capital gains, income and gifts, margin trades, options and futures trades, and audit logs.

Koinly allows you to create tax reports freely with limited features and charge you per year using different plans of $49, $99, and $199 for extra features.

2. CoinLedger

Ideal for crypto traders, CoinLedger supports major crypto exchanges and allows you to generate tax reports in just four steps.

Supporting major crypto exchanges like Coinbase, Coinbase Pro, Bittrex, Bitstamp, Gemini, Poloniex, Binance, Kucoin, Kraken, Bitfinex, Huobi, Hitbtc, and Cash App.

Not only does it support exchanges, but the tool also allows you to import data from unsupported exchanges manually. Once you have imported your data, CoinLedger will calculate your tax obligations and generate tax reports.

The reports generated include an audit trail report, the IRS Form 8949, a short and long-term gains report, and a crypto income report. Your capital gains and losses can be calculated in every fiat currency, and your tax report is used in any country that supports FIFO, LIFO, or specific identification methods.

Like Konily, CoinLedger also offers free and paid plans starting from $49 to $199 per tax season.

3. Cointracking

Cointracking is the popular crypto portfolio tracker that also prepares your tax report.

The tool allows you to sync all major crypto exchange trade and wallet transaction details along with CSV uploads.

CoinTracking is designed to adapt to the laws, financial statements, and forms of different countries, such as Capital Gains, Form 8949, the German tax declaration, and many more.

It calculates trades automatically and prepares them according to methods like FIFO, LIFO, HIFO, and LOFO.

Like the above tools, Cointracking gives free service for up to 200 transactions and then charges $59 to $599 yearly.

4. ZenLedger.

ZenLedger is similar to most crypto tax calculators but stands out by allowing you to categorize transactions and generate detailed reports like Capital Gains Reports, Income Reports, Donation Reports, and Closing Reports.

Along with the major crypto exchanges and wallet integration, the tool automatically generates profit/loss statements.

ZenLedger partnered with TurboTax. One of the leading software packages for the preparation of American income tax returns to give the latest IRS regulations.

All these ZenLedger services you can get free of cost for up to 25 transactions. Above that, you have to pay $49 to $399, depending upon transactions.

5. Cointracker

CoinTracker is another crypto portfolio tracker that also generates tax reports.

The tool allows you to connect over 300 exchanges, wallets, and DeFi platforms and supports more than 2500 cryptocurrencies.

And the platform showcasing the users claimed more than $600M in capital losses.

Another noteworthy feature is that Cointracker offers full support in the US, UK, Canada, and Australia and partial support for every other country.

You can use all the Cointraker features for free up to 25 transactions, and then they charge $59, $199, and $599 for more extra features and transactions.

6. Bitcoin.Tax

Created in 2013, Bitcointax is the oldest crypto tax calculator on the list; this long reign shows the tool is a highly trusted crypto tax calculator among crypto investors.

However, even as an old tool, it does not have the best UI compared to others on the list.

And as most of the tools Bitcoin.Tax allows you to import details directly from popular exchanges and wallets, also partnered with TurboTax for calculating tax.

One unique feature of Bitcoin tax is it has the Directory of Bitcoin Tax Professionals, where you can get in touch with knowledgeable tax accountants and attorneys.

Bitcoin.Tax gives you all these features for free up to 20 transactions, then charges you between $49, $64, and $89 depending upon transactions per year.

7. Coinpanda

Coinpanda is an easy-to-use tool supporting over 7,000 crypto assets with major crypto exchanges for creating tax reports.

Like the above tools, Coinpand creates Capital Gain reports, tracks portfolios, and maintains audit logs whenever somebody requests an audit from you.

Even Coinpanda creates tax reports on income by mining, staking, airdrops, and yield farming.

But the unique feature of Coinpanda is it lets you generate several types of tax papers as they organize their cryptocurrency tax data. Then, depending on your region’s regulations, you can download the appropriate type of tax papers in PDF format and store them for safekeeping.

Coinpanda is available free to use with limited features. To fully utilize the tool, coinpanda charges you from $79 to $499.

8. TaxBit

This tool, developed by industry-leading blockchain CPAs and cryptocurrency tax attorneys, aimed to serve US citizens for reporting crypto taxes.

Using read-only API keys to import all your trading details on any exchange, TaxBit performs a full audit by Drill-down into any transaction and sees exactly how your cryptocurrency taxes were calculated.

Also, With TaxBit, you can claim the capital loss deduction, get advice about tax optimization, and produce your IRS 8949 cryptocurrency tax forms in just a few clicks.

For all these features, they charge $50 to $500 per year depending upon transaction size and also offer a 14-day free trial.

9. Node40

Node40 is the master node hosting service that also provides accounting software that helps you manage your different cryptocurrency transactions to ensure you are complying with tax law.

It builds reports based on a history of transactions, assigning cost basis values as they occurred rather than using subjective methodologies like FIFO and LIFO.

For now, Node40 is concentrating only on US residents, and the platform has achieved AICPA SOC 1 compliance and offers multiple pricing plans, including a free tier.

10. TokenTax

TokenTax is not a free crypto tax calculator like the rest on this list, but platform robust features force me to include it on the list.

TokenTax is a crypto tax software platform and an accounting firm led by accountants, designers, software engineers, and finance professionals.

The tool supports all crypto exchanges and handles all aspects of digital asset taxes, from capital gains calculation to automatic tax form generation.

Also, they provide a Tax Loss Harvesting Dashboard, which tells you exactly what your unrealized gains and losses are. Strategically sell off assets at a loss to reduce your taxable gains.

Their tax professional suite for CPAs and filing professionals gives you the tools to support clients with digital assets like Bitcoin and Ethereum.

As I mentioned above, it is not a free tool, and you’ll need to pay for one of the four plans, which cost $65, $199, $1599, and $2999.

Conclusion

These are the tools that can help you generate crypto tax reports, free of charge to some extent.

Now, it’s your turn to choose the best option for your needs.

Top 10 Free Crypto Tax Calculators to Simplify Your Tax Filing in 2024 was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.