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CoinTracker Cryptocurrency and NFT Tax Software Review

Looking for some help preparing your cryptocurrency or NFT taxes ? You may want to rely on a third base party software provider to help ease the burden of tracking down all of your transactions across multiple wallets and exchanges .
Below, we ’ ll walk you through CoinTracker.io, its merchandise cortege, and how it can help you when preparing and generating reports for gains or losses on cryptocurrencies or NFTs. Interested in other tax software, please consult to our reviews on TokenTax and ZenLedger .
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What are the Pros and Cons of CoinTracker’s Tax Product?

Pros

Cons

Easy to get started

Tax loss harvesting tool requires premium plan
Supports all major cryptocurrency exchanges and NFT platforms Basic and premium versions lack some key features
Advanced portfolio tracking options Difficult to modify some transactions that need review

Specific DeFi and NFT Support
Tax impact calculator in beta for “what if” scenario modeling
Includes mobile support and mobile app for iOS and Android

What Is CoinTracker.io? 

CoinTracker is a cryptocurrency focused portfolio tracking software designed to seamlessly scan cryptocurrency transactions across more than 2,500 individual cryptocurrencies and 300 cryptocurrency exchanges .
Founded in 2017, CoinTracker allows users to immediately connect their accounts at cryptocurrency exchanges like Coinbase or Gemini and self-custodied cryptocurrency wallets like MetaMask to mechanically record, reconcile, track, and analyze cryptocurrency explanation balances and transactions .
CoinTracker is possibly best known for its crypto tax merchandise offer which allows users to generate the necessity tax reports for their accounts or tax filing softwares .

What Is CoinTracker’s Crypto Tax Product? 

CoinTracker ’ s Crypto Tax intersection offers tax document readiness and analysis for cryptocurrency and NFT users and traders of respective have levels. The software is designed to seamlessly analyze cryptocurrency exchanges and wallets, ultimately aiding users in generating the necessary tax reports and information for their tax file needs .
The CoinTracker Crypto Tax product has four clear-cut offerings : free, hobbyist, premium, and custom. Below we ’ ll walk through each each put up in depth and help you decide which makes the most sense for you based on your needs and deal activity .

What Level of CoinTracker’s Crypto Tax Product Should I Choose?

CoinTracker provides four distinct levels of offerings for respective cryptocurrency and NFT trade experience and natural process levels .

Free

The unblock grade of CoinTracker ‘s tax product is entirely useful for beginners or less active users of crypto and NFTs that do not have many transactions .

  • Up to 25 transactions
  • Cost basis and capital gains calculations
  • Error reconciliation available
  • Forum support 

Unlike some of the other crypto tax software and services, users on the unblock tier in need of defend will only be able to utilize the CoinTracker forums for aid .

Hobbyist

The hobbyist tier of CoinTracker ‘s tax product is offered for $ 53 per tax year, and provides a alike experience to the spare tier of the CoinTracker tax product with one a greater level of allow transactions .

  • Up to 100 transactions
  • Cost basis and capital gains calculations
  • Error reconciliation available 
  • Forum support

Premium 

The Premium tier of CoinTracker ‘s tax merchandise is typically offered at $ 199 per tax class, but is discounted for a limited time to $ 179 per tax year. This tier allows more active traders of cryptocurrencies and NFTs to reconcile all their transactions from multiple wallets or exchanges. additionally, this tier brings in support for decentralized finance ( DeFi ) and margin trading, will providing a higher degree of support from the CoinTracker support team .

  • Up to 1,000 transactions
  • Cost basis and capital gains calculations
  • Error reconciliation
  • Margin trading
  • DeFi functionality 
  • Tax summary by wallet
  • Email support

Custom

The Custom tier of CoinTracker ‘s tax product is priced individually based on the complexity of the transactions and the transaction character ( DeFi, Margin, NFT ). This tier should only be needed for those with thousands of transactions across many platforms and transaction types. This plan allows for unlimited transactions, concierge defend, and customs features not accessible to the other tax tiers.

  • Unlimited transactions
  • Cost basis and capital gains calculations
  • Error reconciliation 
  • Margin trading
  • DeFi functionality
  • Tax summary by wallet
  • Concierge support
  • Custom features

How Much Does CoinTracker’s Tax Product Cost? 

CoinTracker ’ south Tax product costs vary based on the needs of the user. Please refer to the section above to help determine which floor is best for your needs.

  • free – $ 0, up to 25 transactions
  • Hobbyist – $ 53 per tax year for a limited meter, typically $ 59 per tax year .
  • Premium – $ 179 per tax class for a limited time, typically $ 199 per tax year .
  • Custom – custom monetary value based on the needs of the customer .

Is CoinTracker’s Tax Product Accurate?

CoinTracker ’ randomness tax merchandise pulls data directly from the exchanges and wallets the drug user connects or imports, ensuring that the entries are pulled directly from blockchains data. While this datum will pull in accurately, the distinction of events ( sale, profit, income, withdrawal, etc ) and transaction type can sometimes be faulty on import. CoinTracker will flag transactions that need manual follow-up and users have the ability to reconcile any errors that are pulled in to the platform. As the NFT and DeFi ecosystems are built out, it is expected that CoinTracker will only become more accurate over time at understanding electric potential trades, staking mechanics, and more .

Is CoinTracker’s Tax Product Difficult To Use? 

CoinTracker ‘s tax merchandise is easy to use. much like early cryptocurrency and NFT tax services, CoinTracker allows users to easily import wallets and exchange accounts with a few clicks. After that, the software mechanically calculates and generates costs basis, capital gains, and more. To get started, users can head to CoinTracker.com and signup .

How Do You Use CoinTracker’s Tax Product? 

After signing up, users can import their wallets and exchanges using the “ wallets ” tab key at the top of the page. From here, users can select the appropriate wallet or exchange supplier to determine how best to add their transactions for syncing with the software. If you would prefer not to connect an explanation via API, you will besides have the ability to import CSV downloads of your transaction history .
once wallets and transactions have been synced, the CoinTracker software mechanically calculates your cost basis and capital gains from the transactions uploaded. It is important to ensure you allow access to all of your transaction history so that the appropriate cost footing can be calculated .
With transactions officially uploaded, users can then modify or review transactions from the “ transactions ” option within the wallets tab. here is where any error reconciliation can take topographic point, particularly with NFT and DeFi relate activities that are more difficult to correctly identify at this time .
For more information on using the CoinTracker tax merchandise, you can refer to the demonstration from the CoinTracker team below .

What Other Products Does CoinTracker Offer?

CoinTracker has four main merchandise offerings designed for diverse levels of consumer or businesses based on their needs and cryptocurrency activity degree .

Cryptocurrency Portfolio Assistant

The CoinTracker cryptocurrency portfolio assistant allows users to seamlessly track and analyze their cryptocurrency portfolios across multiple wallets and exchanges. dislodge to use with specify features, the CoinTracker Portfolio Assistant is accessible in four different tiers : Free, Enthusiast, Pro, and Custom .
Free
The free portfolio tracker covers the basics of portfolio tracking for cryptocurrency traders and investors .

  • Forum support
  • Current portfolio overview
  • Daily portfolio updates
  • Portfolio allocation

Enthusiast 
The Enthusiast tier is $ 14 a calendar month, and comes with all the essentials for more give cryptocurrency users .

  • Forum + email support
  • Current portfolio overview
  • Daily portfolio updates
  • Portfolio allocation
  • Performance over time
  • Performance by crypto

Pro
The Pro portfolio tracker is available for $ 99 per month and is best suited for active cryptocurrency investors and traders .

  • Priority support
  • Current portfolio overview
  • Daily portfolio updates
  • Portfolio allocation
  • Performance over time
  • Performance by crypto
  • Performance by date
  • Tax loss harvesting

Custom
The Custom portfolio tracker is full suited for cryptocurrency power users, taking advantage of margin trade, DeFi, and NFTs or cryptocurrency businesses. This grade comes with all of the Pro tier options, plus :

  • Accounting 
  • Custom functionality

CoinTracker For Accountants 

Are you a attest populace accountant looking to better organize and connect with cryptocurrency focused clients ? CoinTracker has a product for you ! The CoinTracker CPA intersection allows certified populace accountants to better serve their clients with access to the CoinTracker tax merchandise suite and more.

CoinTracker Enterprise Solutions and White Labeling

last but not least, CoinTracker besides supports an enterprise solution and white tag product. If you ‘re a company looking to offer a alike set of tools or products to your customers, you can rely on CoinTracker ‘s software but with your brand and a custom subdomain. To learn more about the enterprise solutions and white label, businesses must schedule a show with the CoinTracker team to learn more .

Lucky Trader’s CoinTracker Tax Software Summary

The ability to quickly and easily generate reports is a huge benefit to the CoinTracker product. Plus, being a trusted party to celebrated organizations such as Coinbase and Turbo Tax is a huge asset. unfortunately, the functionality surrounding DeFi and NFT natural process hush requires a batch of manual transaction overrides, adding a distribute of time to users with lots of transaction activity .
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Category : Economy

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