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What is CryptoTaxCalculator?

4.4
| by
CoinGecko
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Whether you’re a crypto newbie or a veteran trader, sorting out your taxes can be a major headache. With so many transactions being handled differently across various jurisdictions around the globe, figuring out what kind of tax applies to which transactions would give even the most hardcore traders a few sleepless nights.

For example, if you trade crypto frequently, you may be subjected to Income Tax in addition to just Capital Gains Tax. Different jurisdictions may also have varying tax treatments for airdrops and staking rewards.

In short, investors who need to pay taxes on their crypto gains have to dive deep into their transaction history and interpret how the current domestic tax laws apply to their existing investments. If your transaction history isn’t all that scattered, then this task may not be too demanding. Yet, for most DeFi and NFT investors with multiple addresses and storied on-chain history, just compiling their entire transaction history can take several hours or even days.

But fret not, with the advent of specialized software such as CryptoTaxCalculator, filing your crypto taxes has become faster and simpler. Founded by a group of crypto natives, CryptoTaxCalculator was built to handle complex transactions that can’t be properly handled by other alternatives. With funding from reputable investors such as Coinbase Ventures and AirTree, CryptoTaxCalculator has garnered over 150,000 users across the globe. However, that’s not all, as the platform is loaded with plenty of features and integrations to help sort out your crypto tax nightmare.

 

What Can You Do With CryptoTaxCalculator?

CryptoTaxCalculator helps users sift through their complex on-chain transaction history to sort out their crypto tax reporting. All you have to do is import your transaction data, and the platform will generate a detailed crypto tax report for you. On top of that, CryptoTaxCalculator is also packed full of features for crypto natives to quickly and confidently sort out their crypto transactions:

Comprehensive support for DeFi, NFTs, and centralized platforms across 800+ protocols and 87 chains

crypto tax calculator integrations

CryptoTaxCalculator allows you to import your transactions from a multitude of networks, including Layer 1s, right down to smaller Layer 2s, and obscure EVMs. From popular DeFi protocols, such as Uniswap and Aave, to centralized exchanges, such as Binance and Kucoin, users can freely search for their preferred network or DeFi protocol to be included in their tax report. 

For example, for on-chain transactions, you could choose a specific wallet provider, enter your wallet address, and CryptoTaxCalculator will automatically import the addresses’ transaction history across all their supported networks. Alternatively, you can select a particular network, such as Polygon or Fantom, and include any related networks with the same address. For centralized exchanges, you will need to use an API key, an external link provided by CryptoTaxCalculator, or directly upload a CSV generated from the particular exchange.

crypto tax calculator import ethereum

crypto tax calculator import binance
For NFT enthusiasts, the platform also offers plenty of support for NFT transactions across various networks, including batch mints and NFT sweeps. For project holders and creators, you can easily track the revenue generated from royalties and listings on NFT platforms.

Even if you’re still making transactions up to the very last minute, the platform offers a handy refresh button to resynchronize your latest transactions with CryptoTaxCalculator, making sure all your on-chain data is accounted for. If that isn’t working, you can manually import a CSV of your transaction data, and CryptoTaxCalculator will take care of the rest.

crypto tax calculator selected integrations

Besides that, CryptoTaxCalculator can automatically categorize transactions such as trades, approvals, and staking. The platform also supports cross-chain/multi-chain protocols and automatically calculates the value of your airdrops and staking rewards in your local currency.

 

Built for DeFi

Beyond tracking sales, purchases, and asset transfers, CryptoTaxCalculator embeds itself into the fabric of DeFi by tracking more complex activities such as lending, borrowing, bridging, and even liquidity pools.

For lending protocols, CryptoTaxCalculator tracks everything from collateralized deposits to borrowed funds. For liquidity providers, LP tokens are also tracked to recognize deposits, withdrawals, and even income generated correctly.

With the proliferation of DeFi, spam tokens are increasingly distributed to unwilling participants. As such, CryptoTaxCalculator has engineered an automated spam detection tool to allow users to exclude these tokens from their tax calculations for a more accurate representation. Even activities on bridging protocols are precisely tracked to account for the fees incurred for cross-chain transactions.

ctc suspected spam tokens

 

Automated Suggestions 

ctc automated reconciliation

One of CryptoTaxCalculator’s distinguishing features is its ability to automatically identify any uncertainties to provide users with the most optimized reports, ensuring you don’t overpay on your tax bill. The platform assists users in suggesting appropriate categories for complex transactions as well as detecting and reconciling any missing transactions to ensure that the data is accurate. To make things so much simpler, you can select the type of transaction from a list of pre-defined categories based on whether funds are incoming or outgoing.

A simple example would be the inflow of assets from holding reflection tokens, where there is a tax’ when a user buys or sells the token, which is redirected back into a liquidity pool or to existing token holders. Since these inflows, or ‘reflections’ are not like conventional transactions, CryptoTaxCalculator is unable to properly categorize them and only records them as incoming transactions. Hence, the onus is on the user to determine whether these inflows should be marked as interest income or staking rewards, depending on their local tax laws.

ctc transaction category

Not sure if your transactions fall under a particular category? Users can dive deeper into individual transactions, view the change in token balances and even leave comments and notes if they are working with another party.

ctc transaction events and comments

 

Country-specific tax report formatting 

ctc tax report

Although crypto natives in the US may find CryptoTaxCalculator more appealing as they can automatically generate pre-filled IRS forms, the platform caters to various tax jurisdictions around the globe, such as Australia, Japan, and Switzerland. CryptoTaxCalculator also offers detailed tax reports with complete breakdowns of realized capital gains/losses, expenses, and income, as well as direct integration with other conventional tax software such as TurboTax.

 

Also built for tax professionals

While crypto tax software provides plenty of assistance for the most hardcore degens to get their taxes in order, it is worth noting that you should review your transaction records with your accountant, and CryptoTaxCalculator allows you to do just that.

For accountants, CryptoTaxCalculator has a specially built portal to manage team members, allowing them to work independently using their client’s transaction data or alongside their client, where they can provide relevant notes and references along the way. Accountants could even generate accurate reports, with the reports being curated in collaboration with tax professionals and crypto lawyers to ensure precision and compliance.

ctc accountant client softwareSource: CryptoTaxCalculator

 

24/7 support

Readily available within the platform is a message bot where users can reach out to the team with any questions about their reports, transactions, or anything about the platform. The team would then address the user’s concern within a few hours.

ctc 24/7 support

Alternatively, in more urgent circumstances, users could navigate to the help center to read up on tailored guides that could be relevant to the scenario that the user is in. CryptoTaxCalculator offers comprehensive guides around matters such as ‘Reconciliation Suggestions’, ‘Accountant Portal’, and many more.

ctc help center guide

If you’re still unconvinced, you can sign up for a free trial that supports up to 100 transactions and offers access to all the platform’s features except for report generation. Once you’re ready to take the plunge with CryptoTaxCalculator, you can choose from a variety of subscription plans from $99, with the highest tier supporting up to 100,000 transactions per year.

To learn more, you can head to CryptoTaxCalculator.io and check out the various crypto tax guides that may be helpful to you!

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