Crypto Capital Gains Tax Calculator – Cryptocurrency and NFT taxation is complex and confusing. Fortunately, there are many good third-party software providers, like the Crypto Tax Calculator, to help you track and record all your transactions across multiple wallets and exchanges.
Below, we will review the Crypto Tax Calculator, its product suite, and how it can help when preparing and generating reports for profits or losses in cryptocurrencies or NFTs.
Crypto Capital Gains Tax Calculator
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Crypto Tax Calculator is one of the top cryptocurrency and NFT tax platforms in the industry. With its easy-to-use tax tools, the Crypto Tax Calculator can reduce the time dedicated to doing crypto and NFT taxes and can reduce your overall tax burden.
Crypto Tax Calculator Co-Founder and CTO Timothy Brunette has an extensive background in information technology and mechanical engineering. He previously worked at Accenture and founded TutorHunt.
Company CEO Shane Brunette has a background in information technology and international business. He previously worked at Woolworths Group and Kindred Group and founded TutorHunt.
Head of Digital Maximillian Matthews has a background in information technology and business administration. He previously worked at Gallantway, iProspect, Gerson Lehrman Group, and BoozeBud.
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The Crypto Tax Calculator tax tool does all the time calculations for you. With over 400 wallets and exchange integrations, there is no need to manually track your tax liability in Microsoft Excel.
All major exchanges, like Coinbase and Binance, and all major wallets, like Metamask, Gemini, Ledger, and Trezor, are supported. Crypto Tax Calculator also supports 21 tax jurisdictions from the United States to Australia.
For advanced cryptocurrency investors and traders, Crypto Tax Calculator supports NFT, DeFi, and DEX trading integration. Carefully consider gas costs, leveraged trading, staking rewards, and more.
Each calculation is transparent and recorded on the site so that users can quickly and easily see how the tax has been calculated.
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It only takes a few minutes to complete your taxes with the Crypto Tax Calculator’s three-step process. First, add your data. Then, check your transaction. Finally, prepare your tax return. It’s really easy.
Crypto Tax Calculator has five different offerings: novice, hobbyist, investor, trader, and accountant suite. Below, we’ll walk you through each one so you can decide which one best suits your cryptocurrency and NFT tax needs.
The Crypto Tax Calculator provides four options for different cryptocurrency and NFT trading experiences and activity levels. Be sure to use our 30-day free trial to find the right fit for you.
A newbie option for beginners in the cryptocurrency space that uses a centralized exchange to buy and store assets. For example, if you only use Coinbase to buy Bitcoin (BTC) or Ethereum (ETH) directly, this is a good option for you.
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Hobby level for more experienced cryptocurrency users. If you operate a decentralized exchange platform, or DEX, you must upgrade from novice to hobbyist or higher.
Investor level for advanced traders, those with thousands of transactions, and cryptocurrency miners. This service supports borrowing, lending, mining, and staking. It also has NFT trading capabilities. If you participate in these activities, you must upgrade from a hobbyist to an investor or higher.
Merchant service for advanced merchants with up to 100,000 transactions. The only major difference at this level is the ability to generate trading stock reports. This upgrade is mainly to increase the number of Crypto Tax Calculator transactions that can be done.
There is one more, non-personal option for professional accountants and bookkeepers. It includes all the benefits of top tier merchant services, plus the ability to add clients. It goes without saying, but this is only necessary if you are a tax professional who needs cryptocurrency tax help.
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Crypto Tax Calculator tax service plans vary depending on user needs. Please review the sections above to help determine which level is best for you.
It is not possible to verify that the Crypto Tax Calculator tax service is 100 percent accurate. Information is taken directly from exchanges, platforms, or user-uploaded CSV files. The Crypto Tax Calculator should be accurate as long as the input you provide is accurate.
Crypto Tax Calculator is simple and easy to use. It takes all the hard work to prepare for crypto and NFT taxes.
To get started, navigate to the Crypto Tax Calculator official website, and look for the “Start Free” button or the “Register” link at the top, right side of the homepage.
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To create an account with Crypto Tax Calculator, sign up with your previously created Google account, or enter your email address and password. Click on the box provided to agree to the Terms of Service and Privacy Policy, then click “Register.”
Currently, Crypto Tax Calculator supports the following countries: United States, Austria, Australia, Belgium, Canada, Finland, France, Germany, Greece, Ireland, Italy, Japan, New Zealand, Netherlands, Norway, Portugal, Singapore, Spain, Africa South , Sweden, and England.
After you successfully create an account, you need to import all relevant tax data from the blockchain. Search the exchanges and wallets you used during the current tax year.
For exchange, you will be asked to upload a CSV file or sync via API. Instructions on how to do both tasks are to the right of the “Import” button.
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It will take a few minutes to sync your exchange and wallet, but once it’s done, all your transactions and your wallet or exchange holdings will now be available. Click “Review Transaction” to continue.
If there is a problem with the wallet or exchange synchronization, a warning will be displayed on the transaction screen. Make sure all your transactions are correct and click “Create Report.”
After you click on “Generate Report,” you must officially register for one of the Crypto Tax Calculator price levels. Once you register and pay, a report will be generated and you’re good to go.
With hundreds of wallets and exchange integrations, your tax liability can be calculated in minutes. For crypto beginners, the Crypto Tax Calculator offers a low-cost basic option. And for more advanced investors and traders, DeFi, DEX transactions, NFTs, leveraged trading, staking rewards, airdrops, and even mining rewards are all considered. There is a solution for every level.
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If you need help, chat support and a help desk are available at all levels. You will never find yourself frustrated with unanswered questions.
Do you still have questions about cryptocurrency and NFT tax obligations? Our friends at RKO Tax have listed seven important things users should know before the end of the 2022 tax year.
Author BioLucky Trader Staff Disclaimer: Authors or staff members of Lucky Trader may own the NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be construed or considered as, financial advice. AI may have helped create this content. As part of the Blockchain platform, Tax Calculator is a web-based solution where individuals can easily calculate capital gains/losses from trading cryptocurrencies and generate US tax Form 8949.
Tax Calculator is a web-based solution where individuals can upload transactions to download Form 8949, which is used to calculate capital gains/losses from trading cryptocurrencies for US tax returns. It connects directly with various exchanges, allowing users to insert API ks and/or upload exchange format CSV files. Individuals can also include cryptocurrencies from transactions related to mining and staking rewards to be included in the basis for future sales of these cryptocurrencies.
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You can revoke your consent to cookies at any time once you have entered the website through the link in the privacy policy, which can be found at the bottom of every page on the website. There is a lot of uncertainty in the UK cryptocurrency community as to how individuals should account for cryptocurrency gains/losses for tax purposes, and then how to file tax returns when it comes to tax season (the deadline for the 2018/2019 tax year is fast approaching – 31 January 2020! ).
We decided to write this blog to provide some clarity on the issue and make the unmanageable migraine of cryptocurrency taxation a bearable nuisance (let’s face it – taxes are never fun!)
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