Crypto tax reporting software?

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Blueskies123
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Crypto tax reporting software?

Post by Blueskies123 »

This year I have a few sales of Crypto but anticipate more in the future. I have been researching crypto tax software with the most important features to me being, HPFO - Highest price first out, and easy import into TurboTax. The only software I could find that does this is Cointracking.info. While research the product it seems I have to have to get the downloadable version of turbo tax to import, not the web version, which I get for free from FIDO.
Has anyone found else found software that seamlessly handles HPFO and web turbo tax importing?
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David Jay
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Re: Crypto tax reporting software?

Post by David Jay »

Go big. Bite the bullet. Throw caution to the wind.

Spend the 50 bucks on TurboTax Deluxe.
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Gadget
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Re: Crypto tax reporting software?

Post by Gadget »

Your question is better researched on reddit. It's hard to talk about crypto here.

I'd look at /r/cryptotax or /r/CryptoCurrency. The problem with crypto and taxes is that the venn diagram with intersecting knowledge bases between stocks, crypto and taxes is very small. This board is extremely knowledgeable about stocks and taxes. Reddit is very knowledgeable about crypto if you can filter out the pump and dump spam. I feel like you need to first intimately understand how stocks are taxed before you have a chance to understand how crypto is taxed.

Turbotax only covers crypto for someone who knows and can manually enter everything. Or someone with a mostly simple buy and hold crypto plan with limited trades.

Koinly, bitcoin.tax, and cointracker are all very popular. Many will integrate with Turbotax. The best solution depends on the complexity of what you did and how many trades. Cex vs Dex, airdrops, staking, yield farming, etc. I won't be able to give first hand experience until tax time next year.
qwerty123
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Re: Crypto tax reporting software?

Post by qwerty123 »

David Jay wrote: Mon Sep 27, 2021 4:17 pm Go big. Bite the bullet. Throw caution to the wind.

Spend the 50 bucks on TurboTax Deluxe.
Turbotax does not handle cryptocurrency tracking last time I checked.
dukeblue219
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Re: Crypto tax reporting software?

Post by dukeblue219 »

qwerty123 wrote: Mon Sep 27, 2021 6:12 pm
David Jay wrote: Mon Sep 27, 2021 4:17 pm Go big. Bite the bullet. Throw caution to the wind.

Spend the 50 bucks on TurboTax Deluxe.
Turbotax does not handle cryptocurrency tracking last time I checked.
Their website certainly claims they do, though I can't vouch for it myself.
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gobel
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Re: Crypto tax reporting software?

Post by gobel »

Blueskies123 wrote: Sun Sep 26, 2021 10:33 am While research the product it seems I have to have to get the downloadable version of turbo tax to import, not the web version, which I get for free from FIDO.
If you get the link for free TT from Fidelity, you just have to scroll down a bit once on the TT page to the downloadable products link and order that instead. It'll charge you $0.00 and then you get a link to download the installer.
Kaizen Soze
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Re: Crypto tax reporting software?

Post by Kaizen Soze »

I've been using Cointracking.info for years to consolidate and generate tax reports that I then manually enter into TurboTax.
Chip
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Re: Crypto tax reporting software?

Post by Chip »

gobel wrote: Mon Sep 27, 2021 6:30 pm
Blueskies123 wrote: Sun Sep 26, 2021 10:33 am While research the product it seems I have to have to get the downloadable version of turbo tax to import, not the web version, which I get for free from FIDO.
If you get the link for free TT from Fidelity, you just have to scroll down a bit once on the TT page to the downloadable products link and order that instead. It'll charge you $0.00 and then you get a link to download the installer.
This. TurboTax makes it difficult to find, but I've gotten the download version every year for the last several.
400401402
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Re: Crypto tax reporting software?

Post by 400401402 »

I used bitcoin.tax few years ago. I will recommend that.
For a small fee, it can pull transactions from most crypto exchanges, work on tax lots and finally produce IRS capital gain (8949) formatted page.
You can also elect FIFO, LIFO etc and scrub transactions if you like.
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