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The second type of crypto portfolio management tool is a portfolio tracker with tax software included.

This type of crypto management tool focuses more on the tax liability of all your trades. They still offer crypto tracking, but the focus is on tax consequences of crypto trades. In the last chapter I presented lots of info on crypto portfolio trackers. In this chapter I’ll focus just on the crypto tax functionality of two crypto portfolio tax software tools.

Cointracking

Cointracking.info was founded in 2012 and is the oldest crypto management tool. They are located in Munich, Germany. Cointracking.info has robust tools for managing your crypto and your crypto taxes. The platform includes tax planning and tax preparation tools as well as crypto tracking tools.

Some of the tools available are:

  • Trade analysis and statistics
  • Coins and balances by crypto and exchange
  • Missing and duplicate transactions
  • Realized and Unrealized gains
  • Manually enter cryptocoins or upload spreadsheet
  • Import transactions from exchanges or wallets
  • Import transactions directly from blockchain addresses
  • Detailed tax report calculations including Form 8949
  • Full service crypto tax preparation by highly qualified accountants
  • Choose from 11 different capital gains methods, the most in the industry

Cointracking.info is used by tax accountants across the U.S. to provide crypto management services to their clients. It’s also used by intermediate and advanced traders. It’s many features will take time to learn, but there is ample documentation. Even better, it is the only platform offering a LIVE demo of real data. Until you create an account and log-in you can use the entire website (except the tax reporting) using the demo data. This will allow you to try before you buy. In addition, Cointracking.io has a YouTube channel with over 30 instructional videos. In the next lesson I’ll walk you through the setup, show you which videos are most useful, and share some tips and secrets.

Cointracker

Cointracker.io was founded in 2017 so it’s been around a long time too. It is a portfolio tracker and tax manager application. Cointracker is based in San Francisco, California. Like most other platforms Cointracker supports over 8,000 cryptocoins. It’s used by tax accounts and regular crypto traders.

The user interface is very modern and attractive. This matters to some people and less to others. For many beginner and intermediate crypto traders this platform will be just what they need. It doesn’t have as many features as Cointracking.info but while you’re learning you may not need all those features.

Cointracker.io offers three levels of service. One is free the other two are paid subscriptions.

  • Crypto Wallet Tracker – This service is free and is for tracking crypto balances for a small number of trades
  • Crypto Portfolio Assistance – This is a paid service that appears to expand on the free service
  • Crypto Taxes – This is also a paid service for calculating crypto taxes and generating reports

The platform offers lots of information on crypto and taxes in their resources section here.

End Chapter

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