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– TIMESTAMPS –
0:00 Intro
1:34 Why use crypto tax software?
3:20 CryptoTrader.Tax
7:43 Bear tax
11:54 CoinTracking
16:28 Koinly
21:26 Final thoughts
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🛒 Try A Crypto Tax Solution 🛒
► CryptoTrader.Tax: https://guy.coinbureau.com/r/cryptotradertax
► Bear.Tax: https://guy.coinbureau.com/r/beartax
► CoinTracking: https://guy.coinbureau.com/r/cointracking
► Koinly: https://guy.coinbureau.com/r/koinly
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📝 Overview 📝
We all know that working how much tax is a pain in the ass. With crypto, it’s even harder. Yes, you might take the view that all taxation is theft and take your chances not paying. If that’s you, then this video is NOT for you and I wish you the best of luck in keeping a low profile.
The other option is working out what tax is owed and making that whole process as easy as possible. Yes, you could do that yourself and spend days going over the historical prices of those cryptos you traded and logging every transaction manually.
4️⃣ CryptoTrader.Tax 4️⃣
I’m going to level with you, this option is mainly focused on serving the US market. However, crypto taxes can be calculated for any country that accepts the FIFO and LIFO standards.
Pros:
► Calculations are available in almost any fiat currency.
► Import transactions via API or CSV.
► Multiple crypto income sources are supported.
► Integration with TurboTax & generation of 8949 IRS forms.
► Tax loss harvesting feature.
Cons:
► Being a US focused solution means there are better options if you live elsewhere.
► More exchanges could be supported.
3️⃣ Bear.Tax 3️⃣
Like CryptoTrader.Tax, this solution is mainly geared towards the US market and takes a pretty similar approach.
Pros:
► Produces reports based on FIFO or LIFO rules.
► Wide selection of crypto income sources available.
► Smart matching means that transactions are recorded and processed without taking fees and block time delays into account.
► Supports high frequency traders and bots like 3Commas.
► Supports a ton of exchanges & Bitmex.
► Keenly priced – starts from just $10 per tax year.
Cons:
► There are better options for those living outside the US.
► Does not support popular leveraged exchanges like Bybit.
2️⃣ CoinTracking 2️⃣
This solution is packed full of top notch tax reporting tools and a host of data is available to you. That includes things like a personal portfolio analysis, trade imports, tax declarations, coin charts and coin trends.
It is super popular with over 610k active users.
Pros:
► Suited to both retail investors and businesses.
► Provides personal portfolio analysis reports and charts for things like coins, audit reports for profits and losses as well as an overview for realized and unrealized gains.
► Over 70 exchanges are supported and that includes Bybit.
► Data can be imported from hardware wallets like Ledger and Trezor.
► 12 tax calculation methods are supported and this means this solution is ideal for those living outside of the US.
Cons:
► Paid plans are pretty expensive.
► If you only do a few trades a year, you are honestly better off using the cheaper Bear.Tax paid plan.
1️⃣ Koinly 1️⃣
Koinly boasts full support for over 20 different countries. Honestly, when it comes to crypto tax solutions I don’t think you really need to look any further than this option.
Pros:
► Portfolio analysis tool provides ROIs on each crypto investment, invested fiat, income, profit-loss and capital gains means there is no hiding from your losers, whilst making it very clear where you actually made some pretty smart moves.
► Smart transfer matching uses AI to detect transactions made between your personal wallets. That’s great as you don’t want to pay tax on transactions sent to yourself.
► Data can be imported for margin trading, futures trading, staking, lending and DeFi.
► Tax forms are auto generated for those based in the US, UK, Canada, Germany, Sweden and more. It is also compatible with TurboTax.
► Over 350 exchanges are supported, 50 wallets and over 6,000 cryptos.
Cons:
► It is not the cheapest crypto tax solution in the world.
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#bitcoin #BTC #crypto #tax #koinly #cointracking
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