For crypto owners looking to estimate how much they owe in taxes, there are some platforms with a free crypto tax calculator. They integrate with major crypto exchanges and wallets, allowing you to import your crypto transaction data and start calculating your taxes for free. Some of them also integrate with leading tax filing software such as Turbotax.
Calculating Tax on Cryptocurrency Transactions
As cryptocurrencies become more popular and their adoption rises, governments worldwide are ramping up their efforts to tax them. In the U.S., the Internal Revenue Service (IRS) has named cryptocurrency a top priority this year. Not only has the agency sent out over 10,000 letters to remind crypto owners they must pay taxes, but its main tax form used by over 150 million U.S. filers now includes a cryptocurrency question.
For crypto owners who want to calculate how much they owe in taxes, there are many tax preparation platforms with a crypto tax calculator to help them minimize their tax liabilities and claim all the deductions possible. Most online crypto tax calculators require you to import your transaction data from exchanges or wallets in order to calculate your tax obligations. They will also generate various reports to help you with tax reporting and filing. Some have even partnered with leading tax filing services such as Turbotax. Below are some popular platforms with a cryptocurrency tax calculator. For more options, see our post on 10 useful tax tools for crypto owners.
Crypto Trader Tax
Crypto Trader Tax by Coin Ledger is a tax reporting platform with a built-in crypto tax calculator.