Crypto Tax Calculator | Cryptocurrency and NFT Tax Software Review

Crypto Tax Calculator | Cryptocurrency and NFT Tax Software Review

Cryptocurrency and NFT taxes are complicated and confusing. Fortunately, there are plenty of great third party software providers, like Crypto Tax Calculator, to help make it easier to track down and document all of your transactions across multiple wallets and exchanges.

Below, we’ll review Crypto Tax Calculator, its product suite, and how it can help you when preparing and generating reports for gains or losses on cryptocurrencies or NFTs.

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What Are the Pros and Cons of Crypto Tax Calculator’s Tax Product? 

Pros

Cons

Clean, user-friendly platform

Basic pricing tier has very limited tools

Low cost

Frequent wallet and exchange warnings

Supports all major cryptocurrency exchanges

 

Includes DeFi, staking, mining, and more (advanced pricing tiers only)

 

Supports TurboTax integration

 

Includes chat support

 

Advanced NFT tracking

 

Added new features for 2023

 

New error handling processes

 

What Is Crypto Tax Calculator? 

Crypto Tax Calculator is one of the industry’s top cryptocurrency and NFT tax platforms. With its easy-to-use tax tools, Crypto Tax Calculator can shave hours off time dedicated to doing crypto and NFT taxes and potentially lower your overall tax burden.

The company is based in Sydney, Australia and was founded in 2018.

Crypto Tax Calculator Co-Founder and CTO Timothy Brunette has an extensive background in information technology and mechanical engineering. He previously worked for Accenture and co-founded TutorHunt. 

The company’s CEO Shane Brunette has a background in information technology and international business. He previously worked for Woolworths Group and Kindred Group and co-founded TutorHunt.

Head of Digital Maximillian Matthews has a background in information technology and business administration. He previously worked for Gallantway, iProspect, Gerson Lehrman Group, and BoozeBud.

The Crypto Tax Calculator Product Suite 

Crypto Tax Calculator’s tax tools do all of the time-consuming calculations for you. With more than 400 wallet and exchange integrations, there is no need to manually track your tax liabilities on 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 spanning from the United States to Australia. 

For more advanced cryptocurrency investors and traders, Crypto Tax Calculator supports NFT, DeFi, and DEX trading integrations. It carefully takes into consideration gas fees, leverage trading, staking rewards, and more.

Each calculation is transparent and recorded on site so users can quickly and easily see how their taxes have been calculated.

It literally takes minutes to complete your taxes with Crypto Tax Calculator’s three-step process. First, add your data. Then, review your transactions. Finally, generate your tax report. It really is that easy.

Crypto Tax Calculator has been featured in Forbes, Yahoo! Finance, CoinTelegraph, Benzinga, and more. 

Crypto Tax Calculator has five different offerings: rookie, hobbyist, investor, trader, and accountant suite. Below we’ll walk you through each one so that you can decide which best suits your cryptocurrency and NFT tax needs.

What Level of Crypto Tax Calculator Should I Choose? 

Crypto Tax Calculator provides four options for differing cryptocurrency and NFT trading experience and activity levels. Be sure to use the 30-day free trial to find the right fit for you.

Rookie

The rookie option is for beginners in the cryptocurrency space who are using centralized exchanges to purchase and store their assets. For example, if you’re only using Coinbase to buy and hold Bitcoin (BTC) or Ethereum (ETH), this is a great option for you. 

Here are the benefits of the rookie service:

  • Core Features
    • Up to 100 transactions
    • Unlimited exchanges
    • Reports for all financial years
    • Portfolio tracking
    • Tax breakdown analysis
    • Airdrops
    • Wallet synchronization
    • DeFi and DEX coverage
    • Borrowing and lending
    • Mining and staking
  • Import Options
    • Exchange CSV upload
    • Exchange API sync
    • Public wallet address sync
    • NFT trading
    • Compound, YFI, LP pools, and more
    • Uniswap, PancakeSwap, and more
  • Reports
    • All financial years
    • Capital gains report
    • Income report
    • Derivative PnL report
    • FIFO, HIFO, and others
    • Export to CSV and PDF
    • Form 8949 and 1041 S1
    • Export to Turbo Tax
  • Intelligent Features
    • Auto-categorization algorithm
    • Transfer matching Algorithm
    • One click updates
    • Correct fee handling
  • Error Handling
    • Negative balance warnings
    • Missing price warnings
    • Uncategorized transaction warnings
    • Advanced filters
    • Bulk edits
    • Suspected missing import
    • Missing blockchain warning
    • Suspected spam tokens
    • Incorrect send and receives
    • Unmatched transfers
    • Unknown party
    • Suspected airdrop
    • Suspected burn
    • Uncategorized intra-exchange transactions
    • Smart contract interactions
    • Uncategorized wallet interactions
  • Support
    • Help desk
    • Chat support

Hobbyist

The hobbyist level is for more experienced cryptocurrency users. If you’re operating through decentralized exchange platforms, or DEXs, then you’ll have to upgrade from rookie to hobbyist or higher.

Here are the benefits of the hobbyist service:

  • Core Features
    • Up to 2,500 transactions*
    • Unlimited exchanges
    • Reports for all financial years
    • Portfolio tracking
    • Tax breakdown analysis
    • Airdrops
    • Wallet synchronization
    • DeFi and DEX coverage
    • Borrowing and lending
    • Mining and staking
  • Import Options
    • Exchange CSV upload
    • Exchange API sync
    • Public wallet address sync
    • NFT trading
    • Compound, YFI, LP pools, and more
    • Uniswap, PancakeSwap, and more
  • Reports
    • All financial years
    • Capital gains report
    • Income report
    • Derivative PnL report
    • FIFO, HIFO, and others
    • Export to CSV and PDF
    • Form 8949 and 1041 S1
    • Export to Turbo Tax
  • Intelligent Features
    • Auto-categorization algorithm
    • Transfer matching Algorithm
    • One click updates
    • Correct fee handling
  • Error Handling
    • Negative balance warnings
    • Missing price warnings
    • Uncategorized transaction warnings
    • Advanced filters
    • Bulk edits
    • Suspected missing import
    • Missing blockchain warning
    • Suspected spam tokens
    • Incorrect send and receives
    • Unmatched transfers
    • Unknown party
    • Suspected airdrop
    • Suspected burn
    • Uncategorized intra-exchange transactions
    • Smart contract interactions
    • Uncategorized wallet interactions
  • Support
    • Help desk
    • Chat support

*not included in the rookie level

Investor

The investor level is for advanced traders, who have thousands of transactions, and cryptocurrency miners. This service supports borrowing, lending, mining, and staking. It also has NFT trading capabilities. If you’re participating in any of those activities, you’ll need to upgrade from hobbyist to investor or higher.

Here are the benefits of the investor service:

  • Core Features
    • Up to 10,000 transactions*
    • Unlimited exchanges
    • Reports for all financial years
    • Portfolio tracking
    • Tax breakdown analysis
    • Airdrops
    • Wallet synchronization
    • DeFi and DEX coverage
    • Borrowing and lending
    • Mining and staking
  • Import Options
    • Exchange CSV upload
    • Exchange API sync
    • Public wallet address sync
    • NFT trading
    • Compound, YFI, LP pools, and more
    • Uniswap, PancakeSwap, and more
  • Reports
    • All financial years
    • Capital gains report
    • Income report
    • Derivative PnL report
    • FIFO, HIFO, and others
    • Export to CSV and PDF
    • Form 8949 and 1041 S1
    • Export to Turbo Tax
  • Intelligent Features
    • Auto-categorization algorithm
    • Transfer matching Algorithm
    • One click updates
    • Correct fee handling
  • Error Handling
    • Negative balance warnings
    • Missing price warnings
    • Uncategorized transaction warnings
    • Advanced filters
    • Bulk edits
    • Suspected missing import
    • Missing blockchain warning
    • Suspected spam tokens
    • Incorrect send and receives
    • Unmatched transfers
    • Unknown party
    • Suspected airdrop
    • Suspected burn
    • Uncategorized intra-exchange transactions
    • Smart contract interactions
    • Uncategorized wallet interactions
  • Support
    • Help desk
    • Chat support

*not included in the hobbyist level

Trader

The trader service is for advanced traders with up to 100,000 transactions. The only major difference at this level is the ability to generate a trading stock report. This upgrade is mainly to increase the overall number of transactions Crypto Tax Calculator is able to sift through.

Here are the benefits of the trader service:

  • Core Features
    • Up to 100,000 transactions*
    • Unlimited exchanges
    • Reports for all financial years
    • Portfolio tracking
    • Tax breakdown analysis
    • Airdrops
    • Wallet synchronization
    • DeFi and DEX coverage
    • Borrowing and lending
    • Mining and staking
  • Import Options
    • Exchange CSV upload
    • Exchange API sync
    • Public wallet address sync
    • NFT trading
    • Compound, YFI, LP pools, and more
    • Uniswap, PancakeSwap, and more
  • Reports
    • All financial years
    • Capital gains report
    • Income report
    • Derivative PnL report
    • Trading stock report*
    • FIFO, HIFO, and others
    • Export to CSV and PDF
    • Form 8949 and 1041 S1
    • Export to Turbo Tax
  • Intelligent Features
    • Auto-categorization algorithm
    • Transfer matching Algorithm
    • One click updates
    • Correct fee handling
  • Error Handling
    • Negative balance warnings
    • Missing price warnings
    • Uncategorized transaction warnings
    • Advanced filters
    • Bulk edits
    • Suspected missing import
    • Missing blockchain warning
    • Suspected spam tokens
    • Incorrect send and receives
    • Unmatched transfers
    • Unknown party
    • Suspected airdrop
    • Suspected burn
    • Uncategorized intra-exchange transactions
    • Smart contract interactions
    • Uncategorized wallet interactions
  • Support
    • Help desk
    • Chat support

*not included in the investor level

Accountant Suite

There is one more, non-personal option for professional accountants and bookkeepers. This includes all of the benefits of the highest-level trader service, plus the ability to add clients. It goes without saying, but this is only needed if you are a tax professional who needs cryptocurrency tax help.

Here are the additional benefits of the accountant suite service:

  • Includes 10 client accounts
  • Up to 100,000 transactions per client
  • Additional accounts are $50 per client each year

How Much Does Crypto Tax Calculator Cost? 

Crypto Tax Calculator’s tax service plans vary in cost based on the needs of the user. Please refer to the section above to help determine which level is best for you.

  • Rookie, $49/tax year
  • Hobbyist, $99/tax year
  • Investor, $189/tax year
  • Trader, $299/tax year
  • Accountant Suite, $499/tax year

Is Crypto Tax Calculator Accurate?

It is impossible to verify that the Crypto Tax Calculator tax service is 100 percent accurate. Information is taken directly from exchanges, platforms, or CSV files that the user uploads. Crypto Tax Calculator should be accurate as long as the inputs in which it is given are accurate.

How to Use Crypto Tax Calculator

Crypto Tax Calculator is simple and easy to use. It takes all the hard work out of preparing crypto and NFT taxes.

To get started, navigate to the Crypto Tax Calculator official website, and locate the “Get Started For Free” button or the “Sign Up” link at the top, right-hand side of the homepage.

To create an account with Crypto Tax Calculator, either sign up using a previously created Google account, or enter your email address and a password. Click on the box provided to agree to the Terms of Service and Privacy Policy, and click “Sign Up.”

Next, select the country in which you reside and click “Continue.”

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, South Africa, Sweden, and the United Kingdom.

After you’ve successfully created your account, you’ll need to import all relevant tax data from the blockchain. Search for the exchanges and wallets you’ve used during the current tax year.

For exchanges, you’ll be asked to either upload a CSV file or sync via API. The instructions on how to do both of these tasks are to the right of the “Import” button.

For wallets, simply enter your wallet address, add a nickname (optional), and click “Add Wallet.”

It will take a few minutes to sync your exchanges and wallets, but once it is completed, all of your transactions and your current wallet or exchange holdings will be available. Click “Review Transactions” to continue.

If there are problems with the wallet or exchange sync, warnings will display on the transactions screen. Double-check all of your transactions are correct and click “Generate Report.”

Once you’ve clicked “Generate Report,” you’ll have to officially sign up for one of the Crypto Tax Calculator pricing levels. After you sign up and pay, the report will be generated and you’re all set.

Lucky Trader’s Crypto Tax Calculator Review Conclusion 

Crypto Tax Calculator is a simple and easy-to-use solution for all your crypto and NFT tax needs. 

With hundreds of wallet and exchange integrations, your tax liability can be calculated in minutes. For crypto beginners, Crypto Tax Calculator offers a basic, cheaper option. And for more advanced investors and traders, DeFi, DEX transactions, NFTs, leveraged trading, staking rewards, airdrops, and even mining rewards are all taken into consideration. There is a solution for every level.

If you need help, chat support and a help desk are available at all levels. You’ll never find yourself frustrated with unanswered questions.

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Do you still have questions about cryptocurrency and NFT tax obligations? Our friends at RKO Tax documented seven key things users should know before the end of the 2022 tax year.

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