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CoinLedger(4.5 / 5)
CoinLedger offers a complete solution for cryptocurrency tax reporting. The platform imports transactions directly from wallets and exchanges, analyzes complex DeFi and NFT transactions, and automatically generates tax reports in a few minutes. CoinLedger is built for both occasional traders and high-volume investors, providing efficiency, accuracy, and seamless integration with hundreds of crypto platforms to simplify the entire tax reporting experience.
General Information
Launch Date: 2018
Customers: Individual Users & Investors, Partnerships & Business Customers
Platform Supports: Web, Wallets & Smart Wallets, Blockchains Supported Platforms
Download: Click Here
Main Features of CoinLedger
1. CoinLedger offers seamless import and organization of crypto transactions via API or CSV from exchanges and wallets.
2. Unified monitoring of DeFi using various types of activity (swaps, staking, liquidity mining) and NFT trades, such as marketplace purchases and other sales.
3. Automatic identification of capital losses, which can be used to offset capital gains and lessen crypto tax owed to the IRS.
4. The real-time dashboard displays portfolio performance, gains, losses, and other taxable events.
5. Generation of IRS-ready tax forms such as Form 8949 and Schedule D for accurate filing and reporting.
Pros of CoinLedger
1. It offers simple tax management, especially for investors managing transactions across multiple exchanges and wallets. Total transaction tracking is a time and effort saver with CoinLedger, thanks to its ability to integrate with over 100 wallets and exchanges.
2. If a trader is engaging in complex crypto activities (NFTs, DeFi, staking, large volume trades, etc.) CoinLedger enables those operations accurately and reliably.
3. CoinLedger offers a tax report generator that can produce comprehensive tax reports in under 10 minutes, helping to optimize tax reporting deadlines.
4. CoinLedger includes over 20,000 cryptocurrencies, ensuring that all investors have comprehensive asset reporting.
5. Report previews are available at no cost, providing transparency before plan selection.
Cons of CoinLedger
1. Investors cannot download or export any completed reports, tax or otherwise, under the free plan.
2. It is not available on mobile devices and can only be accessed using a web browser on a computer.
3. There are some reported syncing issues with some exchanges' APIs.
4. International tax support is quite limited outside of the US, the UK, Canada, and Australia.
5. The initial setup may have a steeper learning curve for individuals not familiar with crypto integrations
Subscription Information
1. CoinLedger provides five pricing plans ranging from $49 for 100 transactions to $499 for unlimited transactions.
2. The free plan provides wallet connection, gain/loss forecast, and portfolio report, but investors cannot export a report without a paid subscription.
3. Each paid plan includes new features that may be worth considering, such as tax-loss harvesting, records for a tax audit, and integration with TurboTax and H&R Block.
Support Options
1. Help Centre: It offers tutorials, FAQs, and step-by-step guides for everything related to crypto tax reporting, syncing, and getting set up.
2. Customer Support: Email-based customer support for help with syncing, report generation, and signing in problems.
Conclusion
CoinLedger is a reliable and secure crypto tax reporting service. The innovative use of automation, calculations, and extensive integrations allows users to address the complexity of trading, staking, and NFT activity, ultimately providing a reliable service that is easy to navigate. CoinLedger's suite of tools adds a great deal of value to the potential use cases for users seeking effective crypto tax compliance
