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Elec357
Level 2

Crypto Transactions Record Keeping for Taxes - Looking for your Experience (Good and/or Bad)

I am getting into crypto buying, selling and exchanging (across multiple crypto exchanges and wallets) this year and want to ask everyone's opinion on recordkeeping for tax purposes.  I have heard (so far) about two services:

1) Cryptotrader.Tax which they claim you can download all of your crypto activity for the entire year from all exchanges and wallets into a up loadable form for Turbotax. On their website they claim to be in a "partnership" with Turbotax. The service I would need would cost $49/year. I'm a little nervous about how that download from my exchange and wallet accounts would happen.

 

2) Cointracking.info is an excel spreadsheet which you can download to your desktop to manually track each taxable crypto action. Then, it can be put into a form to upload it to Turbotax. That part is a little vague upon first research. 

 

Have any of you used either one of the tools above and, if so, what are your honest thoughts? If you use another method which seems to work well, I would be grateful if you would share that information and your thoughts on it. 

 

Thank you!!!

1 Best answer

Accepted Solutions
LucasTheWalter
Level 3

Crypto Transactions Record Keeping for Taxes - Looking for your Experience (Good and/or Bad)

I've had a super positive experience with CryptoTrader.Tax, had a bit of an import issue with uploading my Binance trades and their support team was able to help me out. I also liked the educational resources they have around weird tax scenarios: https://cryptotrader.tax/blog

View solution in original post

2 Replies
LucasTheWalter
Level 3

Crypto Transactions Record Keeping for Taxes - Looking for your Experience (Good and/or Bad)

I've had a super positive experience with CryptoTrader.Tax, had a bit of an import issue with uploading my Binance trades and their support team was able to help me out. I also liked the educational resources they have around weird tax scenarios: https://cryptotrader.tax/blog

View solution in original post

Elec357
Level 2

Crypto Transactions Record Keeping for Taxes - Looking for your Experience (Good and/or Bad)

Hello LucasTheWalter

 

Do you have to sign up for CryptoTrader.Tax for the entire year or wait to near the end of the year to perform all downloads? In other words, is it better to download as you go throughout the year or wait for one mass download. 

 

Thank you !!

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