Don't you just find it ironic how most governments are quick to fight crypto currencies but are not shy to take tax cuts from it? Though countries like mine haven't started taxing on crypto, it is just a matter of time before they pick up on it.There have been talks here & there, but nothing substantial yet.
The truth is, it would be very difficult for them to wipe out the entire ecosystem, especially with the rapid growth the industry has shown this last couple of months.The best they can do is to embrace the concept and find a way to integrate the technology in their territory or learn to co-exist.Whichever the case, a time is coming when majority of the goverments will start to tax, like some countries already are, after all, it is a source of income for majority in this space, myself included.
When that time comes, it will be very crucial to have all your transactions and data in order, otherwise one might find themselves in very big trouble. Which is why I was very impressed when I came across this platform that I am about to review.
Cointracker.io
A web app platform that helps you to track your crypto portfolio and automatically generate your tax forms making your crypto taxing journey not only easy, but also fast to track, manageable, user friendly as well as accurate. CoinTracker has been described as the most trusted and secure cryptocurrency tax calculator by most of its users.
What Do I Like About Cointracker?
Ease of Use & Auto Wallet Sync
It is fairly easy to use. After creating an account, all you need to do is link all your wallets & exchanges. Once the syncing is done, cointracker takes over and automatically tracks all your transactions, transfers, cost basis and capital gains for your portfolio ,enabling the platform to have your crypto taxes done in minutes.
Availability
Cointracker enables you to track your crypto across a wide range of exchanges. The best part however is that it cannot only track 2500+ coins but it is also very secure since they use read only access to your wallets and exchange accounts.
Layout
With cointracker, you are able to have a more visual presentation of your transactions. You can see everything happening with your cryptocurrencies in a more harmonized way. From where they are going, to where they are coming from, or just basically how they are moving between your wallets & exchanges.
Other Features..
Tax Form Generation
Cointracker allows those already using the platform to generate tax forms and IRS form 8949– both of which are used to report capital gains for tax purposes as shown above on ease of use..
Data Import & Exportation
Subscibers of cointracker can import and export data in CSV formats, a great tool for when one needs to export their entire transaction history for one reason or the other.
Subscription Prices
Whether you're just a hobbyist cryptocurrency enthusiast, a seasoned or professional trader, cointracker has got you covered. They offer a variety of pricing packages that mostly depends on the number of transactions you want to analyze. The good thing is , it is a one time payment for all packages.
Step By Step Guide on How to File your Cryptocurrency & Bitcoin Taxes with CoinTracker
Parting Shot..
If you have been wondering of how to file your crypto taxes without relying on professional accountants, then cointracker could be the solution you have been looking for.Not only will this platform save you on time and energy, but possibly some money as well.
I love that they also have a Crypto & Bitcoin Tax Guide for anyone who is looking into getting started. I found it very interesting how they elaborate on taxable & none taxable events with regards to cryptocurrency. If that's something you'd want to learn more of, then they have you covered as well.
Generally this is one of the most impressive crypto portfolio trackers I have come across & I would highly recommend you check it out or better yet, use it to track your digital assets.
It is also available on Android & iOS versions.
Interested to Know More? Check Out Cointracker on;
Website- https://www.cointracker.io/
Facebook- https://web.facebook.com/cointracker?_rdc=1&_rdr
Twitter- https://twitter.com/cointracker_io
Medium- https://medium.com/cointracker
Reddit -https://www.reddit.com/r/cointracker
Telegram- https://t.me/cointracker_io
Until the next one, stay safe.
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