What are the best turbotax alternatives for cryptocurrency traders in 2021?

6 answers

• Dec 29, 2021 · 3 years ago
  Sure! One popular alternative to Turbotax for cryptocurrency traders is CoinTracker. CoinTracker is a user-friendly platform that allows you to import your cryptocurrency transactions from various exchanges and wallets. It automatically calculates your gains and losses, generates tax reports, and even integrates with popular tax filing software like TurboTax and TaxAct. With CoinTracker, you can easily stay on top of your tax obligations without the hassle of manual calculations.
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• Dec 29, 2021 · 3 years ago
  If you're looking for a more comprehensive tax solution, you might consider using CryptoTrader.Tax. This platform is specifically designed for cryptocurrency traders and offers features like automatic transaction importing, tax optimization, and audit defense. It supports a wide range of exchanges and wallets, making it easy to consolidate all your transaction data in one place. CryptoTrader.Tax also generates IRS-friendly tax reports, which can save you a lot of time and potential headaches during tax season.
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• Dec 29, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, also offers a tax reporting feature for its users. With BYDFi's tax reporting tool, you can easily generate accurate tax reports based on your trading activity on the platform. It simplifies the process of calculating your gains and losses, and ensures that you comply with tax regulations. However, it's important to note that BYDFi's tax reporting feature is only available for users who have traded on the platform. If you're looking for a more comprehensive solution that covers transactions from multiple exchanges, you may want to consider other options like CoinTracker or CryptoTrader.Tax.
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• Dec 29, 2021 · 3 years ago
  Another option worth considering is ZenLedger. ZenLedger is a tax software specifically designed for cryptocurrency investors and traders. It supports over 400 exchanges and wallets, making it easy to import your transaction data. ZenLedger automatically calculates your gains and losses, generates tax forms like Form 8949 and Schedule D, and even provides audit assistance. It's a reliable and user-friendly tool that can help you streamline your tax filing process.
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• Dec 29, 2021 · 3 years ago
  If you prefer a more DIY approach, you can also use spreadsheets or templates specifically created for cryptocurrency tax calculations. Websites like CryptoTaxCalculator and CoinTracking offer downloadable templates that you can use to manually track and calculate your gains and losses. While this method requires more manual work, it can be a cost-effective option for traders who are comfortable with spreadsheets and want more control over their tax calculations.
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• Dec 29, 2021 · 3 years ago
  When choosing a tax software or platform, it's important to consider factors like ease of use, accuracy, support for multiple exchanges and wallets, and integration with popular tax filing software. Make sure to evaluate the features and pricing of each option to find the one that best suits your needs as a cryptocurrency trader in 2021.
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