Best For

  • Casual and Intermediate Crypto Asset Investors
  • Professional Crypto Asset Traders
  • Accountants and Organizations
  • Crypto Asset Miners
  • DeFi Users

TokenTax is a platform that features both a crypto tax software program and a tax filing service. Users from any country can calculate their gains, losses, and tax liability by importing their transaction history from any crypto exchange or wallet. TokenTax is based out of New York City and began offering in 2017.

TokenTax Cryptocurrency Tax Software - Comprehensive 2021 Review

Overall Score:

9
Trusted
Compatibility:
9 of 10
Value:
8 of 10
Ease of use:
9 of 10
Transaction Types:
10 of 10
Special Features:
9 of 10
Customer Service:
9 of 10

TokenTax Cryptocurrency Tax Software Overview

Platform TypeAll Traders
Exchanges SupportedAll
Countries SupportedAll Countries
Currencies SupportedAll
Pricing Plans$65 - $1,999 Annually
Payment MethodsDebit & Credit Cards, & Crypto
Transaction Count500 - 20,000
Tax Return AmendmentsUp to 10 years
Portfolio TrackingYes
Personalized AccountingYes
Customer ServicePhone, Chat, Email
PromotionsFree Account for 500 Transactions.

How Does TokenTax Work?

TokenTax allows users to import or upload their crypto exchange and DeFi transaction data in order to calculate their capital gains. The software will then complete the relevant tax forms (usually a Form 8949), which users can then download and import into TurboTax.

Available TokenTax Plans

TokenTax offers a number of available plans that cater to crypto asset investors and traders of all experience levels. Below, we highlight the key differences between each plan and detail their unique benefits.

To file taxes for crypto only, you can buy the Basic ($65 annually), Premium ($199 annually), Pro ($799 annually), or VIP ($1,999 annually) membership plans. To file your complete tax return (including crypto) with assistance from an experienced crypto CPA, you can instead purchase the Bronze ($499 annually), Silver ($799 annually), or Gold ($2499 annually) full filing plans.

The Basic plan is great for casual and intermediate crypto asset investors, as it calculates the taxes owed for up to 500 crypto transactions. The Premium, Pro, and VIP memberships are ideal for professional crypto asset traders. These packages calculate between 5,000 and 30,000 crypto transactions and work with every exchange, while the Basic membership is only compatible with Coinbase, Coinbase Pro, and Binance.

The Bronze and Silver full filing plans calculate your return for up to 5,000 transactions, and the Gold full filing plan allows for up to 30,000 transactions. Each full filing plan supports FBAR filings, is compatible with every crypto exchange, and provides you with a tax loss harvesting dashboard. Those who purchase the Gold full filing plan will enjoy a number of additional perks, including two 30-minute sessions with a tax expert, IRS audit assistance, and support for advanced margin exchanges.

Exchanges & Wallets Supported

TokenTax was the first crypto tax service in the world to be compatible with all crypto exchanges and wallets. The only exception occurs if you purchase the Basic membership plan, which is only compatible with transaction data from Coinbase, Coinbase Pro, and Binance.

Margin Trading

TokenTax makes it easy for users to import their data from margin trading platforms. Support for different margin exchanges fully depends on which crypto tax software plan you purchase.

If you purchase the Basic plan, you will not be able to upload any transactions from margin trading exchanges. Those who purchase the Premium plan will be able to import their data from the BitMEX, Deribit, and Bybit exchanges only. The Pro and VIP plans support transactions from all margin exchanges.

Security

TokenTax eliminates user concerns regarding security issues, as all of the information and traffic runs through TLS encryption. The only personal information that you need to enter when making an account is your name and email address.

TokenTax & Cryptocurrency Mining

Any taxable income you receive from cryptocurrency mining will be automatically calculated by TokenTax and included on your income tax report. The TokenTax software will be able to compute what you owe as long as you know the exact date you mined the cryptocurrency.

TokenTax DeFi Compatibility

Once you have entered all of your ETH addresses into the TokenTax software and imported your transaction activity from the relevant DeFi platforms, you will be able to calculate your interest and lending income. The TokenTax software will also allow you to account for the capital gains and losses you incurred from these DeFi platforms, including any Uniswap income.

TokenTax & Airdrops

Any crypto assets you receive from airdrops are taxable according to the IRS, and the TokenTax crypto tax software will calculate exactly how much you owe. The only information you will need is the date you came into control of the airdrop currency and the price that it was listed at during that time.

Customer Service

To reach the TokenTax customer service department, we recommend using the live chat feature located in the lower right-hand corner of their website. The support representative will usually reply to your query in under 20 minutes.

If you do not wish to speak with a customer service representative through their live chat feature you can send an email to This email address is being protected from spambots. You need JavaScript enabled to view it..

Tax Loss Harvesting

The tax loss harvesting dashboard on TokenTax is a useful tool that will assist you in selling off any assets that you hold at a loss, thus allowing you to reduce your capital gains. If you lose money while investing in crypto, you can use those losses to offset capital gains from your regular income or the stock market.

Every membership plan other than the basic plan will include access to the tax loss harvesting dashboard. If you wish to receive personal assistance from a crypto tax accountant while using the tax loss harvesting dashboard, you will need to purchase the Pro or VIP plans.

TokenTax Cryptocurrency Tax Software Alternatives

Rating9/109/108/10
Pricing$65 - $1,999 Annually$39.95 Annually $0 - $49.99 Monthly
Margin TradingYesYesYes
DeFi SupportYesNoYes
Personalized AccountingYesYesYes
Tax Return AmendmentsUp to 10 yearsYes (2017-2019)No
Tax Loss HarvestingYesYesNo
Learn MoreReviewReviewReview

FAQ

How much does TokenTax cost?

What is the main difference between the different TokenTax memberships?

Can I use TokenTax to correct previous tax filings?

How does TokenTax differ from CoinTracker?

Does TokenTax offer support for DeFi transactions?

Terms To Know

Full Filing Service

Files a full tax return, crypto included.

FBAR

Disclosure form used to report foreign holdings over $10,000.

Tax Loss Harvesting

Strategy used to minimize the taxes owed on capital gains.

DeFi

Stands for "Decentralized Finance."

Form 8949

Tax form for crypto income that is imported into TurboTax.

Pros and Cons

Pros

  • Compatibility - TokenTax was the very first service to be compatible with every crypto wallet and/or exchange. Customer support is easily accessible for users that encounter any issues importing transactions.
  • International Support - TokenTax has the ability to convert your tax documents into any currency of your choice, ensuring that it is easy to file your taxes in every country.
  • Excellent User Experience - Once users sign up for an account, complete their tax profile, and import or upload their crypto transaction data, they will be able to download their completed tax forms. They can then send these forms directly to TurboTax.
  • Tax Loss Harvesting - Every full filing plan includes access to the tax loss harvesting dashboard, which uses fully legal strategies to lower the amount of taxes you owe. With the purchase of a Gold full filing plan at $2,499 per year, you will receive an advisory session with a crypto tax expert to help you obtain the maximum discounts wherever possible.
  • IRS Audit Assistance - If you purchase a Gold full filing membership,TokenTax will provide you with full support and guidance in the event of an IRS audit.
  • Crypto Mining Support - Using the TokenTax software, you will be able to calculate how much taxable income you have made via crypto mining.
  • Margin Trading - By simply inputting your API key into the TokenTax software, you will be able to import your margin trading history and include it in your crypto tax returns. The Premium membership will grant you access to the BitMEX, Deribit, and Bybit exchanges, while the more advanced memberships are compatible with every margin trading exchange.
  • Customer Support - Many other crypto tax programs only offer a support ticket system, which regularly takes days to answer any inquiries. TokenTax has an interactive live chat feature as well as an email address, phone number, and Telegram channel that their customers can utilize in order to quickly get in touch with the support team.
  • Experienced Team - TokenTax has one of the most experienced teams in the crypto tax industry, featuring knowledgeable crypto CPAs and finance professionals. Their full filing tax team has an acute knowledge of all of the ins and outs pertaining to filing crypto taxes, as they have previously dealt with every possible situation.

Cons

  • Expensive Membership Prices - When TokenTax first launched, you could purchase a Basic membership for just $19 annually. The current price of this membership has since increased to $65 annually.
  • Costly Trade Data Retrieval - While TokenTax offers services that help you deal with crypto exchange closures, you will need to purchase a VIP membership plan in order to obtain these services. For the casual investor, a $1,999 membership fee will often be too expensive to justify the service.

Conclusion

TokenTax is one of the better cryptocurrency tax software options available on the market. The platform's extremely user-friendly layout and clear-cut instructions make it an appealing choice for crypto asset investors of all experience levels.

The more advanced membership plans may seem expensive, but are well worth the price given the value they provide to the customer.

Blockfer recommends TokenTax for crypto asset traders, miners, tax professionals, and individuals looking to save valuable time while filing fully-compliant tax returns.

Company Facts

Legal NameToken Tax
Incorporated CountryUnited States
HeadquartersNew York
Year Founded2017
CEOZac McClure
Total Employees11-50
Regulators
Links Website, Twitter, LinkedIn
Make Better Decisions With Your Crypto.
How We Earn Revenue
Make Better Decisions With Your Crypto.
How We Earn Revenue