Best Crypto Tax Software - Koinly, Coinpanda, CoinTracking?
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- Опубліковано 6 лип 2024
- Crypto tax software can make your life a whole lot easier when it comes to doing your crypto taxes at the end of the year. What are the best crypto tax platforms? We run through some options that you may want to check out: Koinly, Coinpanda and CoinTracking
Discount Links (You only pay if you decide to download a report 👍)
🪙 $20* Koinly Discount: koinly.io/?via=7C9CF056
🐼 $15 Coinpanda Discount: coinpanda.io/?ref=e8b77490107e
💰 10% Off CoinTracking Plans: cointracking.info?ref=T840038
*Update: They changed our Koinly discount to 10% off any plan!
👉 Subscribe to the channel: bit.ly/3fFal32
🌐 Visit our website: www.thelearningsreport.com
💡 Best Crypto Tax Software:
00:00 1️⃣ Intro
01:34 2️⃣ The benefits
02:12 3️⃣ Koinly Review
03:23 4️⃣ Coinpanda Review
04:35 5️⃣ CoinTracking Review
05:11 6️⃣ Other Platforms
05:42 7️⃣ Price Comparison
06:01 8️⃣ Binance/Koinly - Integration Example
15:36 9️⃣ Outro
📝 Resources:
Koinly Tax Guides: koinly.io/guides/
Koinly UA-cam Channel: / koinly
Common Mistakes (Koinly): help.koinly.io/en/articles/36...
Coinpanda Blog: coinpanda.io/blog/
Koinly Pricing: koinly.io/pricing/
Coinpanda Pricing: coinpanda.io/pricing/
CoinTracking Pricing: cointracking.info/pro.php
🔗 Useful Links:
Binance Tax Reporting (API): www.binance.com/en/support/an...
Binance Tax Reporting FAQs: www.binance.com/en/support/fa...
Koinly/Binance CSV Issues: help.koinly.io/en/articles/56...
Binance Tax Reporting Tool (Blog): www.binance.com/en/blog/ecosy...
How To Generate Account Statements (Binance): www.binance.com/en/support/fa...
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📌 Topics
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Questions or comments? Let us know! Cheers for watching. 👌
Updates since posting:
- Koinly updated our viewer discount from $20 to 10% off any plan
so should I include the trust wallet even If its not taxable event? I didn't get that pls explain and do you lodge the tax for the previous year and next year you lodge for this year or all together? thank you
Hi, in which of these softwares can the LIFO method be set? And in which is the possibility of inserting a wallet with an address on the Ultron network?
None of these connect to Kukai wallet...Where do I find that?
Awesome!!! You are doing great job covering cruicial topics....
Cheers Erik 🍻
Great useful video!!!!!!!!
A question... In regards to "Allowable expenses", Im a bit confused in regards to fees on Coinbase (lets say), do all of them count as allowable expense and can be deducted from profits?
And a great question. One we’re still not 100% sure on (when it comes to crypto specifically anyway). However, correlations can be made to stocks. For example, you can add a trading fee to your cost basis when trading stocks, so we would assume thats the same for crypto (as revenue say same rules apply for crypto as stocks). So if you buy $10 of Bitcoin, and Coinbase charges you $2 for the transaction, your cost basis is $12 instead of $10.
This will help marginally reduce your tax bill when you to calculate future gains.
Hope this helps?
- Ste
Greate video! Even with the software/exchange issues, just glad there is a software to help with this thing :D
Us too, Elvis! I’m optimistic that its relatively early days for these tax software offerings also, so I’m sure they’ll improve with time. Tbh, the issues seem to be more on the exchange side rather than the tax software side! We’ll likely see a couple of big acquisitions no doubt (e.g I would be surprised if we don’t see Intuit/TurboTax make some acquisitions in the space). Thanks for watching.
- Ste
This is very helpful!! ⭐
Thanks for watching, Danny!
- Cian
Thanks for a fine video. I tried using the promo link but it does not give me a discount when I come to paying for the plan, probably because I had already registered. Do you have just a promo code by any chance? ... keep up the good work lads!
Hey Steve - ah thats good to know that you need to actually sign up with the link to begin with! Which service are you trying to join? It might be worth emailing/messaging the tax team and just copy and paste the link. I’d be surprised if they didn’t honour the discount 👍🏻 The end of the url usually contains the reference code, so have a look at ours and see if you can grab it there.
Thanks again for offering to use our one 🙏🏼
- Ste
It would be great to see a demo using a Meta Mask and Ledger wallet. My question is how will the software report on transaction when staking for gains and losses
Cheers for the suggestion Farrel. It might be a little while before we can do a video on this, so going to link to a Koinly version in the meantime! Hope this helps.
help.koinly.io/en/articles/4928636-staking#:~:text=Receiving%20staking%20rewards,it%20in%20your%20tax%20returns.
- Ste
Which one does liquidity pool calculations the best?
Hey InternetGuy,
Thanks for watching!
The three platforms are fairly similar in terms of functionality. I think it would most likely depend on the amount of transactions you are doing and what price your willing to pay.
No harm in seeing up a few account with the three and seeing how they work.
- Cian
Awesome video, it was super informative. I've been using koinly and it has honestly been super great for my needs. As I do not want to go through the tedious task of doing it on my own, the free plan is just right for me
Hey Alanna - cheers for the great feedback and agreed, Koinly have a great offering!
- Ste
Really helpful videos guys. Thanks again for breaking it down and making it so easy to follow 🙌🏻
Thanks Jenny! Glad you enjoyed.
- Ste
totally agreed they are really good!
@@ladesancho88 appreciate the comment, Gabryrel. Stay tuned for more!
Is that transactions as in money going into your bank account or buying/selling within your exchange. Because some people use trading bots and they can do hundreds of transactions a day. How would that work? Cheers guys love the channel
Hey Az B,
It is the transactions both within the exchange, between wallets and to your bank account.
It can be an issue if the integrations aren't there for the platforms/ wallets that you are using. Re the bots, if the transactions show up on the exchange, it should be OK but worth testing.
These software offerings are at an early stage so that the major drawback is how comprehensive they are at this stage - we would be hopeful that they would introduce more and clean up the current integrations.
- Cian
I want to investigate etf investing. I have really good pension and also have a avc maxed out.
I’m unsure how to proceed because of tax complications and keeping trackof investment over the next 8 years before it would be payable. Is there a similar app to track this in etf’s
Great video 👍
Heya Michael. Fair play on the pension stuff, good hustle.
So other than being taxed considerably, etf purchases shouldn’t be too tricky to sort out. Basically the deemed disposal rule applies on the 8th anniversary of when your first bought the etf. So your profits up until that moment are what will be used for the tax calculation. We recommend checking out our etf video if you haven’t already:
ua-cam.com/video/InfLTMTllg4/v-deo.html
- Ste
Oh and in terms of an app, your broker/exchange will have records of the purchases you make. So you’ll be able to see your history of etf purchases in your brokerage account 👍🏻
Do you know if these work with stocks as well as crypto?
Sorry for the late response - big summer off!
For now, these are just for crypto. Most stock brokers offer their own reporting that shows your tax liability. Who do you trade with?
Gents, do any of these allow you to choose between FIFO or HIFO accounting methods? Thanks!
Yep, they all do 👍 Cheers for the question.
- Ste
@vikx k you should really look this stuff up, one comment on UA-cam isn't gonna get you where you need to be my friend. Good luck!
@vikx k Are you based in Ireland? If so, as far as we're aware, FIFO is the rule here.
@vikx k www.warriortrading.com/lifo-vs-fifo-which-is-better-for-day-traders/
The above explainer might help (but ignore the short term vs long term tax rates if you're not based in the US - as that's specific to them)
@vikx k Cool well if you're in the US, then that article is perfect for you :)
Which is best for defi ? Thank you
Hey Destiny,
They all do defi and have fairly similar functionality. It would probably depend on your level of transactions, the country and the integrations that you want.
No harm in seeing up the free accounts on the platforms to see which one works best for you, definitely worth putting the time in now to save you hundreds of hours in the future.
- Cian
Hey guys I was wondering what is the max late fee for capital gains does it cap out at 10% or go above it
Hey so it's a little vague on that front, and you'd need to ask revenue to get a clear answer. All the documentation says is that the penalty applies at a rate of 0.0219 percent per day of late payment. Let us know if revenue give you a clearer picture!
They may be flexible with you if your are late filing (as of course, as they want you to continue to file in the future) so no harm in checking.
- Ste
Oh ok thanks I'm tryna sort out paying my capital gains for my crypto at the moment I didn't know you had to calculate the fee previously on each individual exchange between cryptos earlier and I have about a hundred transactions which makes it about impossible to calculate so I think I'm just going to take my initial investment over profits and work from there 😑 it doesn't help I'm only about 18 doing it for the first time as well 👌
@@deceivingshadow5659 yeah, can be very frustrating hence why these software offerings were created. 18 - welcome to adulting! 😮
- Cian
I bought Cointracking because using bots it is practically impossible to do the calculations by hand. Is it possible to deduct the cost of Cointraking as an expense for the purposes of the CGT? Thanks you are super.
Cheers Lucas - so we haven't got a clear answer on deducting the cost of the service from your gains (some say you can some say you can't). The bottom line is you'd probably want to speak with revenue directly (or a tax advisor) to get the official ruling on it! Glad you're enjoying the videos
I think there was a mistake with the transactions allowed on the Koinly plans. The free plan allowed 10k and the 49$ plan allowed only 100 according to your video.
That's correct - but the free plan doesn't allow you to download a tax form, so the 10,000 transactions are really only for illustrative purposes. Use the link below to see the price breakdown:
koinly.io/pricing/
hi , i opened an account with binance but im still thinking about buying or not, could revenue tell me something, if im not doing anything with the account? i didnt make any transaction/buy/sell.
Hey - no, just having the account won't make you liable for any enquiries! You only start needing to think taxes etc. once you actually start trading. Nothing to concern yourself with by just 'having' an account 👍
@@TheLearningsReport thanks very much, actually your video was the only one which explains all kind of detail in a clear way, so thank you so much!
@@ladesancho88 no worries! Best of luck with it.
Hi lads. I recently bought an NFT for €60 with fiat and sold for €1500. On cash out there was a €300 20% platform fee deducted from the €1500 leaving me with €1200. How would I do my government taxes on this? Many thanks for any help.
Hey Davey - congrats on the sale. Nice profit!
So this is an interesting one. My understanding is that CGT is due on profit from the sale, but what I'm not 100% sure on is how/if the platform fee is tax deductible or whether it can be added to your cost basis to decrease your final tax liability. My guess (again, just a guess) is that it probably could be added to your cost basis (i.e €60 + €300) meaning that your taxable gain would be €1140, and you would pay 33% of this.
However, I'd certainly suggest getting formal advice on that, just to be safe! Curious to hear what you end up doing though, so please let us know 👍
- Ste
@@TheLearningsReport Thanks a mill for the reply. I'll be sure to let ye know.
Gentlemen, Thank You.
No worries Mike - hope it saves you a bit of time!
Which iss better
I personally like Koinly!
Can you video on credit cards Ireland?
Hi Prabagaran,
What would you want to see on credit cards? Compare and contrast?
In general, we recommend clearing credit card debt for all investors as it is an extremely costly form of debt. Compound interest working against you!
- Cian
@@TheLearningsReport thanks you so much 😊, right advice for right time 👍
Just want to see an post credit card , 0% interest for 12 months , thought of transferring that money to my actuall debt , bad finish it off and paying 0% interest in anpost ,
Can we do money transfer from an post credit card to normal bank account ?
@@prabagaran.s1285 Always would err on the side of caution when it comes to using debt to pay back other debt (0% interest or not!).
But cool thanks for the suggestion. Will keep it on the radar!
- Ste
Thanks guys for confirming that everybody's go-to monolith (Binance) should be avoided like the plague.
Wish I knew sooner. Oh well... :-\
Haha despite their drawbacks, we still use ourselves - but agreed, they can be a bit awkward at times. I trust they'll improve the processes with time 🤞
Has the discount link expired?
Hey, it should still be working but we are aware that Koinly have been having some issues on that front.
Mind telling us what happens when you try and click through? Will help us pass the info back to Koinly!
Cheers, Ste
@@TheLearningsReport The link just takes me to the website. When trying to purchase a tax plan discount doesn't show up. I even tried to copy and paste the link in the promo code box and nothing happens
Hmm ok let me have a look at it and get back to you - thats annoying, they told us it was working again.
@@pg123ton6 So as far as we can tell, the link should still be working (but I do know that Koinly are in the process of changing our discount to 10% as opposed to $20).
Out of interest, did you click our link and then go and create an account? Or did you do it in reverse order?
- Ste
COINTRAKING is a lousy Software and its customer service is even more lousy. It does not perform the calculations well even though everything is configured correctly.
I have had a year of experience and the only thing that has helped me is to unbalance the Profit and Loss accounts.
Good to know, and thanks for the suggestions! Have you played around with any of the other softwares we mention?