CoinTracker Review 2024, Yes or Nah?
Mytips.id - In this in-depth review of CoinTracker, I embarked on a journey to test out this well-known crypto tax software.
Despite encountering a few anticipated challenges along the way, I found that CoinTracker offers an array of intuitive tools to ensure accurate calculations.
What would have taken me weeks to complete on my own, CoinTracker effortlessly accomplished within minutes.
Overview
CoinTracker operates on a pricing model ranging from $59 to $1999 per year, with a free version available, albeit without the ability to generate reports.
By using our exclusive CoinTracker discount link, you can enjoy a 10% sign-up bonus on any plan. The platform integrates with over 500 sources, including popular exchanges such as Coinbase, Gemini, and Binance.
With support for more than 10,000 cryptocurrencies and over 20,000 smart contracts in the realm of DeFi, CoinTracker stands out as a versatile tool for crypto enthusiasts.
What Exactly is CoinTracker?
CoinTracker serves as a comprehensive crypto portfolio application designed to streamline the process of preparing tax forms for submission to the IRS.
As digital assets are considered property by the IRS, the complexities arise when it comes time to file taxes.
Every crypto transaction or trade triggers a taxable event, necessitating the need for a tool like CoinTracker to decipher and organise the information efficiently.
Even seemingly straightforward processes, such as trading one crypto for another, pose challenges as the IRS views each transaction as a sale followed by a new purchase, all measured in US dollars.
Understanding and navigating these nuances can be confusing and overwhelming for individuals, which is where CoinTracker steps in to ease the burden by automating complex calculations.
How Does CoinTracker Operate?
CoinTracker operates by connecting to the crypto exchanges and wallets you utilise, consolidating data to establish a clear money trail.
Each transaction is categorised as a gain, loss, or income, ultimately culminating in tax-ready reports such as IRS Form 8949 and 1040 Schedule D. The platform seamlessly integrates with leading tax software applications like TurboTax and H&R Block.
Alternatively, users have the option to export data to TaxAct or H&R Block for efficient tax filing.
Key Features
CoinTracker boasts a user-friendly interface with easy integration of accounts from various exchanges and wallets. It enables seamless export of data to popular tax software applications like H&R Block and TurboTax.
Notably, CoinTracker supports tracking of NFT purchases and sales, along with compatibility with over 20,000 DeFi protocols such as Uniswap and Aave.
Adding Exchanges and Wallets
Commencing with a blank canvas, the process of adding wallets and exchanges on CoinTracker unfolded seamlessly.
However, for beginners, this step might prove slightly ambiguous. It is crucial to add all relevant exchanges and wallets under the 'Wallets' menu to ensure a comprehensive overview of your crypto activities. CoinTracker supports over 500 exchanges and wallets, enabling broad connectivity for users.
Wallet, Exchange, and Protocol Support
In total, CoinTracker extends support to 500 wallets and exchanges, accompanied by compatibility with over 20,000 DeFi protocols.
Noteworthy examples include Coinbase, Binance, MetaMask, Uniswap, Ledger, and Trezor, among others. While CoinTracker mentions support for over 8,000 blockchains on their blog, the platform covers the most prominent blockchains for a seamless user experience.
Pricing
CoinTracker presents a tiered pricing structure, starting with a free plan that offers a demo-like experience but limits access to tax forms.
Paid plans commence with the 'Base' option at $59 per year, offering enhanced transaction tracking capabilities compared to the free version. Subsequent tiers, 'Prime/Prime+' ($199/$299 per year) and 'Ultra/Ultra+' ($599/$1999 per year), cater to varying transaction volumes and feature sets to accommodate diverse user needs.
Premium plans offer additional benefits such as unlimited staking values, performance tracking, and tax loss harvesting features.
In conclusion, CoinTracker emerges as a robust tool for simplifying crypto tax obligations, providing users with a comprehensive platform to navigate the complexities of digital asset taxation.
Its seamless integration with leading exchanges, wallets, and tax software applications coupled with a user-friendly interface positions CoinTracker as a valuable asset for crypto enthusiasts seeking efficient tax solutions.