Cryptocurrency investments can be highly profitable, but they also come with complex tax obligations. Whether you’re a casual trader or a seasoned investor, accurately reporting your crypto transactions is crucial to avoid IRS penalties. Fortunately, specialized tools like TurboTax Crypto and Koinly simplify the process.
In this guide, we’ll compare the top crypto tax reporting tools, their features, pricing, and which one is best for your needs.
Why Do You Need a Crypto Tax Tool?
Crypto transactions—including trading, staking, mining, and DeFi activities—are taxable events. Manually tracking every buy, sell, or swap is tedious and error-prone. Crypto tax software automates:
✅ Transaction Importing – Syncs data from exchanges & wallets.
✅ Capital Gains Calculation – Tracks profits/losses under FIFO, LIFO, or HIFO.
✅ Tax Form Generation—Prepares IRS forms like Form 8949 & Schedule D.
✅ Audit Protection—Provides detailed reports for compliance.
Now, let’s compare the two leading options.
1. TurboTax Crypto (by Intuit)
Overview
TurboTax is a household name in tax software, and its crypto feature integrates with Coinbase, Gemini, and other exchanges to import transactions directly.
Pros:
✔ Seamless Integration—Works smoothly with TurboTax’s full tax filing system.
✔ User-friendly—Ideal for beginners who already use TurboTax.
✔ Audit Support—This offers expert help in case of IRS scrutiny.
Cons:
❌ Limited Exchange Support—Only major exchanges are supported.
❌ No DeFi or NFT Tracking—Lacks advanced crypto features.
Pricing:
- Free Edition (Basic tax filing, limited crypto support)
- Deluxe ($59) – Includes crypto imports.
- Premier ($89) – Best for investors with stocks & crypto
- Self-Employed ($119) – For freelancers & miners
Best For: Casual crypto investors who already use TurboTax.
2. Koinly
Overview
Koinly is a dedicated crypto tax software supporting 10,000+ cryptocurrencies, DeFi, NFTs, and staking rewards.
Pros:
✔ Wide Exchange & Wallet Support—Works with Binance, Kraken, MetaMask, Ledger, etc.
✔ Advanced Tax Methods – Supports FIFO, LIFO, HIFO, and ACB (for Canada/EU).
✔ DeFi & NFT Tracking—Calculates taxes from Uniswap, Aave, and NFT sales.
✔ Tax-Loss Harvesting—Helps minimize tax liability.
Cons:
❌ No Full Tax Filing—Exports forms but doesn’t file taxes directly.
Pricing:
- Free Plan (Up to 10,000 transactions, no reports)
- Newbie ($59/year) – 100 transactions
- Hodler ($119/year) – 1,000 transactions
- Trader ($239/year) – 10,000+ transactions
Best For: Active traders, DeFi users, and NFT investors.
TurboTax Crypto vs. Koinly: Which One Should You Choose?
| Feature | TurboTax Crypto | Coinly |
|---|---|---|
| Exchange Support | Limited (Major exchanges only) | 700+ exchanges & wallets |
| DeFi & NFT Tax | ❌ No | ✔ Yes |
| Tax Filing | ✔ Full tax filing included | ❌ Exports forms only |
| Pricing | Starts at $59 (with tax filing) | Starts at $59 (reports only) |
| Best For | Beginners using TurboTax | Advanced traders & DeFi users |
Final Verdict:
- Choose TurboTax Crypto if you file taxes with TurboTax and have simple crypto transactions.
- Choose Koinly if you trade on multiple exchanges, use DeFi, or need detailed crypto tax reports.
Bonus: Other Top Crypto Tax Tools
- CoinLedger (formerly CryptoTrader.Tax) – Great for U.S. taxpayers.
- TokenTax – Combines tax reporting with full tax filing.
- ZenLedger—Supports mining, staking, and margin trading.
Conclusion
Filing crypto taxes doesn’t have to be a nightmare. TurboTax Crypto is best for simple tax filing, while Koinly excels for active traders and DeFi users.
Which one will you use this tax season? Let us know in the comments!
🔗 Try Koinly (Free Report) → https://koinly.io
🔗 TurboTax Crypto → https://turbotax.intuit.com