Koinly

Koinly is the tool I use for simplifying crypto tax reporting. For over two years, I’ve used Koinly to manage my crypto transactions for assets like PLU (check my Plutus experiment), BTC, ETH, and more. It’s helped me successfully create tax reports for HMRC for the past two years. It automatically syncs data from exchanges and wallets, calculates capital gains, and generates tax forms saving me hours of manual work. I track 14 different wallets with transactions on Binance and Coinbase, and I cannot imagine how to prepare tax reports without Koinly.

Koinly – Crypto Tax Software

I connected several wallets and imported recent trades for PLU and ETH. Koinly matched transfers between wallets, found historical prices, and previewed my capital gains for free. I use the Newbie plan, which covers up to 100 transactions, and I can see the benefit. In fact, Koinly managed all my transactions smoothly, including DeFi activities. For instance, by using it instead of manual spreadsheets, I saved about 10-15 hours each tax season. If you handle multiple cryptocurrencies or exchanges, especially with a high transaction volume annually, this crypto tax software will save you significant time and simplify compliance effortlessly.

How It Works

Here’s a step-by-step based on my experience using Koinly:

1. Sign Up: Use my referral link to create an account. Enter your email, set a password, and verify. It takes just a few minutes. You’ll get $25 off your first subscription!
2. Connect Your Accounts: Add unlimited wallets and exchanges via API (e.g., Coinbase, Kraken) or by uploading CSV files. For blockchains like Bitcoin or Ethereum, simply input your public address for automatic syncing.
3. Import and Track Transactions: Koinly pulls in buys, sells, transfers, staking rewards, and even NFTs/DeFi activities. It calculates cost basis, matches transfers, and provides a dashboard for portfolio ROI and growth tracking with its crypto tax software.
4. Generate Tax Reports: Preview your capital gains for free, then upgrade to a paid plan to download forms like HMRC Summary Report (the one I used), IRS Form 8949, Schedule D, or international equivalents.
5. File and Optimize: Export reports and file your tax declaration to authorities or share with your accountant. Plans start at $49/year for up to 100 transactions (Newbie), $99 for 1,000 (Hodler), and $199+ for 3,000+ (Trader) all per tax year.

Pros and Cons

Pros:

• Automates complex calculations for capital gains, income, and losses across 20+ countries.
• Supports thousands of cryptocurrencies, including BTC, ETH, PLU, Solana, and DeFi/NFTs.
• Free portfolio tracking and gains preview; easy integrations with 100+ exchanges and wallets.
• Cryptocurrency tax software helps minimize taxes; user-friendly interface with email/chat support.

Cons:

• Full reports require a paid subscription (no unlimited free tier for downloads).
• May have a learning curve for very complex portfolios with heavy DeFi involvement.
• Pricing is per tax year, so costs add up if you need reports for multiple years.

Try Koinly Crypto Tax Software

Ready to simplify your crypto taxes and track transactions like a pro? Sign up with Koinly using my referral link for $25 off your first order! It’s a great way to get started on accurate crypto tax reporting.

*Disclaimer: I’m not a financial adviser. Koinly’s great for my crypto tax software needs, but consult with an accountant in case of any doubts before filing your tax report. This is my personal experience.