FAQs
Yes! You can use CoinLedger completely for free to import all of your crypto transaction history, view your net capital gains and losses, and track your portfolio. Payment is only required when you want to download and view your full tax report.
Is CoinLedger better than CoinTracker? ›
CoinLedger: Currently rated 4.8 stars on Trustpilot. Koinly: Currently rated 4.8 stars. CoinTracker: Currently rated 3.1 stars. Currently, CoinLedger and Koinly have the highest ratings on Trustpilot.
Does CoinLedger report to the IRS? ›
Yes. In the United States, your transactions on Ledger and other platforms are subject to income and capital gains tax.
How much does CoinLedger cost? ›
CoinLedger Pricing & Fees
The pricing plans are as follows: Hobbyist: $49/year, supports up to 100 transactions. Day Trader: $99/year, supports up to 1,500 transactions. High Volume: $159/year, supports up to 5,000 transactions.
Does CoinLedger work with TurboTax? ›
Import your gains and losses with a click: Once you've imported your crypto transaction history and generated your crypto tax reports within CoinLedger, you'll be able to import them directly into TurboTax and other tax platforms with the click of a button!
What is the cost basis of CoinLedger? ›
Cost basis is calculated based on the fair market value of the asset being disposed in any transaction. For example, if you paid $1,000 USD for 1 ETH, your cost basis in that 1 ETH is the fair market value of $1,000 USD at the time of the disposal ($1,000). For a crypto-crypto trade, the same applies.
What is the best crypto tax tracker? ›
TurboTax Premium, from one of the most popular tax prep companies, is our No. 1 pick for crypto tax software. It not only works well for someone seeking to report their crypto transactions, but it also can be a solid choice if you have complex taxesoverall.
What is better than CoinTracking? ›
In general, Coinpanda will automatically detect and categorize complex DeFi and NFT transactions more accurately than CoinTracking. Because CoinTracking also supports very few blockchains, you may find yourself unable to import transactions from many of the most popular blockchains today.
Can the IRS see my crypto wallet? ›
Cryptocurrencies are traceable, with transactions recorded on a public ledger accessible to the IRS. The IRS uses advanced methods to track crypto transactions and enforce tax compliance. Centralized exchanges provide user data to the IRS. Use crypto tax tools like Blockpit for accurate reporting and compliance.
Will the IRS know if I don't report crypto? ›
Crypto exchanges are legally obligated to share customer data with the IRS. If you've completed a know-your-client process with an exchange like Binance.US or Coinbase, the IRS can easily track and associate your crypto activity with you.
However, there is no tax for simply owning cryptocurrency. What states have no crypto tax? Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming have no state income taxes (although New Hampshire and Tennessee tax interest and dividends while Washington taxes capital gains).
How safe is CoinLedger? ›
All data sent to or from CoinLedger is encrypted in transit using 256 bit encryption. Our API and application endpoints are TLS/SSL only.
Is CoinLedger free to use? ›
Crypto portfolio trackers use a read-only view of your exchanges and wallets. Read-only access ensures the platform can't make transactions on your behalf. What is the best free crypto portfolio tracker? CoinLedger is the best free crypto portfolio tracker on the market.
Is a CoinLedger good for taxes? ›
Easily Import Historical Data
CoinLedger integrates directly with your favorite platforms to make it easy to import your historical transactions. Whether you're trading, earning interest, or buying NFTs you'll be able import your transactions and calculate your taxes with ease.
What is the best option for paying taxes? ›
IRS Direct Pay is a secure service you can use to pay your taxes for Form 1040 series, estimated taxes or other associated forms directly from your checking or savings account at no cost to you. Complete the five easy steps and you'll receive instant confirmation after you submit your payment.
Are tax relief companies worth it? ›
No, tax relief services aren't worth it (and why)
Luscombe reminds taxpayers that relief services impose fees to help you get relief from the IRS, but you may be able to get that relief directly from the IRS and avoid the fee. Before proceeding, a phone call to the IRS may be in order to better understand your options.
Is it worth paying TurboTax to do your taxes? ›
TurboTax is an industry leader and a good fit if you're looking for live expert assistance and an easy-to-follow interface. Unless you have a simple return to file, however, it's pricier than the competition.