Tracking your crypto transactions manually can be overwhelming, especially if you trade frequently or use multiple wallets and exchanges.
Fortunately, there are many software tools available to help you automate this process. Popular options include CoinTracker, Koinly, CoinLedger (formerly CryptoTrader.Tax), and ZenLedger. These platforms can import transaction history, calculate capital gains and losses, and generate tax reports.
These tools also help with identifying your cost basis, calculating holding periods, and generating IRS-compliant forms like Form 8949 and Schedule D. Some tools even integrate directly with tax filing software like TurboTax or provide CPAs with direct access.
Using a reliable tracking tool can save you time, reduce errors, and help you stay compliant with IRS regulations. Be sure to choose a platform that supports all your exchanges and wallets for accurate recordkeeping.
