In the world of blockchain and cryptocurrency tax, many are lost and would rather not bother with the cumbersome task. Why? They simply don't know how easy it can be or they would rather avoid taxes.
Many individuals feel that because it's cryptocurrency, avoiding taxes is the name of the game. Well, that is not the case. More and more cryptocurrency traders are tracking their transactions, filing their taxes from gains and even airdrops because they realize the nature of digital assets and its trace-ability.
A couple years down the line, the last thing you want is a knock on the door from tax collectors and seeing your lambo being towed away. ( Ouch)
Luckily, CoinTracker has created a solution to help ease the burden of this time consuming task of tracking your cryptocurrency gains and filing taxes.
What is CoinTracker
CoinTracker is a one stop platform for tracking your cryptocurrency investments and filing your cryptocurrency tax. It allows you to sync Bitcoin and Ethereum as well as 2,500 other crypto currencies, if a new coin is out that is not supported, add your transactions manually with the easy to use UX.
The Platform allows you to integrate with top exchanges automatically via API, such as Coinbase, Binance, Bittrex, and many others using read only access so your founds are more than secure in the process. If your exchange is not listed on CoinTracker Simply sync your wallets manually and track your transactions.
The system really gives you a birds eye view of your cryptocurrency investments which is crucial as many in the space have multiple coins on multiple exchanges、some they may not even remember about. The added plus is you have the option to generate tax documents such as transaction history CVS, Capital Gains report and Form 8949. Everything you need to report your taxes. Tracking your performance is free.
Core Features
- Sync with cryptocurrency exchanges and wallets
- Add other earned income via cryptocurreny ( Airdrops, forks, payments etc)
- Generate tax documents
- Track your portfolio performance
- Multiple Accounting methods : First In, First Out / Last In , First Out, / Highest In, First Out / Adjusted Cost Base and share pooling.
- Import and export CVS files
- Mobile Apps for android and IOS
- Integrates with TurboTax and TaxAct.
How it works
The first step is to sign up using your email and creating your password. Then you can start linking your exchanges, wallets and transactions manually if need be.
I was really impressed how Cointracker could grab all the information from my Ethereum wallet address, show all the transactions, even the airdrops I received. I didn't even realize some of these drops.
The second step is to review your transactions making sure everything looks in order. You will also be able to add other taxable cryptocurrency income such as; airdrops, forks, mining and payments. They get it all in there. You can also import CVS files once it is in the correct format and if you have this on hand.
The third Step is generating your tax documents you will need to report to the tax authority. This service requires a yearly subscription fee and has different plans to choose from. Note: portfolio performance tracking is free and is of extreme value, as it is like having an AI accountant doing your cryptocurrency management. It is simply amazing.
- The hobbyist plan for $49 supports max 100 transactions.
- Trader plan for $199 supports up to 1,500 transactions as well as FBAR and FACTA
- Pro supports 5,000 trnsactions as well as FBAR & FACTA as well as priority support.
- The Top Tier Satoshi, has the same feature as pro but supports up to 15,000 transactions.
If you happen pay for a one year subscription and find that you are not completely satisfied, ( which I doubt ) there is a 1 year money back guarantee.
Final Thoughts
I was very skeptical at first about using CoinTracker or any other platform that tracks my crypto so I can pay taxes. like many I hate the word tax but once I added a wallet and saw the perspective I was able to get through automatic and basically free accounting of my cryptocurrency transactions all in one place, I was very impressed.
If cryptocurrency is indeed the future which we all know it is, I highly recommend taking the time to get your assets in order and CoinTracker is a very simple and secure way to do so.
Sign up for CoinTracker and just add one wallet to test it out, I guarantee you will be amazed.
For more information, see the links below.
Website: https://cointracker.io
Twitter:https://twitter.com/cointracker_io
Download the mobile App and track your Cryptocurrency Portfolio with the latest in digital asset managment technology. IOS APP & ANDRIOD APP
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