Cryptocurrency tax calculators work by retrieving data from your exchanges, wallets, and other cryptocurrency platforms. They compute the profits, losses, and income from your investing activity based off this data. Gains and losses are calculated in your home fiat currency (like the US Dollar) to help you file your taxes with ease. Crypto tax calculators are used by crypto enthusiasts all over the world to help automate their crypto and bitcoin tax reporting.
Start by importing your crypto trading history from all years and from all exchanges into the app. CryptoTrader.Tax will automatically establish cost basis and fair market value for these transactions using historical data.
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Add any historical crypto income such as mining, gifts, or even exchange rewards like airdrops. If none of these apply to you, this step can be skipped.
View a Full ReportOnce all of your transaction history has been imported, review your data and auto-generate your profits and losses from your crypto investing activity.
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Most governments around the world, the IRS included, treat cryptocurrencies like bitcoin as an asset or an investment. This means that the income realized from trading or investing in crypto is subject to capital gains and losses rules similar to other assets like stocks, bonds, and real-estate. These gains and losses need to be reported on your tax return.
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CryptoTrader.Tax made a difficult and confusing task very simple and manageable. I had a question during the process in which I reached out to customer service - they were very friendly and helped me resolve my issue within minutes. I was able to generate my tax documents in no time at all! Very happy with my experience and will use again next year.
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