CoinTracker is a leading cryptocurrency tax software that simplifies crypto accounting and reduces manual processing time. This guide explores its features, pricing, integrations, and ideal use cases, helping you decide if it’s the right tool for your crypto tax needs.
What Is CoinTracker?
CoinTracker is a crypto accounting application designed to track transactions, gains, and losses, streamlining tax filings with the IRS. Cryptocurrency accounting is complex—every trade, sale, or swap is a taxable event requiring meticulous documentation.
For active traders, transaction volumes can quickly become overwhelming. Even crypto-to-crypto trades are treated as taxable sales by the IRS, necessitating dollar-based cost-basis calculations. CoinTracker automates these processes, ensuring accuracy and compliance.
👉 Explore CoinTracker’s automated tax solutions
How Does CoinTracker Work?
- Data Aggregation: Connects directly to 500+ exchanges and wallets (e.g., Coinbase, MetaMask) to import transaction history.
- Tax Event Classification: Identifies gains, losses, and income, then generates IRS-ready forms like Form 8949 and Schedule D.
- Tax Software Integration: Exports data to TurboTax, H&R Block, or allows direct filing via its platform.
Key Features of CoinTracker
| Feature | Description |
|---|---|
| Exchange/Wallet Sync | Supports 500+ platforms, including DeFi protocols like Uniswap and Aave. |
| NFT Tracking | Logs NFT purchases/sales for tax reporting. |
| Tax-Loss Harvesting | (Prime plan only) Identifies loss-offsetting opportunities. |
| Free Portfolio Tracker | Daily updates on crypto holdings. |
Pros and Cons
Pros
– Broad exchange/wallet compatibility.
– Free portfolio tracking.
– TurboTax/H&R Block integration.
Cons
– Tax-loss harvesting requires Prime ($199/year).
– Mixed reviews on customer support.
Supported Platforms
CoinTracker integrates with:
– Exchanges: Binance, Coinbase, Gemini.
– Wallets: MetaMask, Ledger, Trezor.
– DeFi: Uniswap, Aave, Compound (20,000+ protocols).
– Blockchains: Ethereum, Solana, Polygon, Arbitrum.
Pricing Plans
| Plan | Cost (Annual) | Transactions | Features |
|---|---|---|---|
| Free | $0 | Unlimited | Demo only (no tax forms). |
| Base | $29 | 100 | TurboTax export. |
| Prime | $199 | 1,000 | Tax-loss harvesting, priority support. |
| Ultra | $599 | 10,000 | 24/7 support, advanced reporting. |
Reports and Integrations
- IRS Forms: Auto-generates Form 8949 and Schedule D.
- CSV Export: For manual tax filing.
- Tax-Loss Harvesting: Optimizes capital gains (Prime tier).
Who Should Use CoinTracker?
- Centralized exchange traders (e.g., Coinbase users).
- DeFi users on mainstream platforms.
- Small-scale traders (<100 transactions/year).
- Tax optimizers leveraging loss-harvesting.
FAQs
1. Does CoinTracker support NFTs?
Yes, it tracks NFT transactions for tax reporting.
2. Can I use CoinTracker with TurboTax?
Absolutely—it exports directly to TurboTax and H&R Block.
3. Is there a free plan?
Yes, but it doesn’t allow tax form downloads.
4. Which exchanges are supported?
500+, including Binance, Coinbase, and Kraken.
5. How does tax-loss harvesting work?
It identifies losing trades to offset gains (Prime plan feature).
6. Are hardware wallets compatible?
Yes (Ledger, Trezor).
Final Thoughts
CoinTracker excels for exchange traders and DeFi users, offering robust integrations and automated tax forms. While pricing scales with transaction volume, its free portfolio tracker and TurboTax compatibility add value.