CoinLedger Review: A Seamless Crypto Tax Solution with Minor Shortcomings

The Bottom Line:
CoinLedger is a relatively easy-to-use and cost-efficient crypto tax solution, offering seamless transaction imports and automated tax classification. However, its transaction categorization can be messy at times, and ironically, it does not accept cryptocurrency payments.

Overview of CoinLedger

Cryptocurrency taxation can be a nightmare for investors, traders, and even tax professionals. Governments classify crypto as an asset, requiring accurate reporting of capital gains, losses, and income. CoinLedger simplifies this process by integrating with over 400 exchanges and wallets, automatically classifying transactions, and generating IRS-compliant tax reports.

Originally launched as CryptoTrader.Tax in 2018, CoinLedger has since expanded its services to include tax loss harvesting, NFT and DeFi support, and integrations with popular tax filing software like TurboTax and H&R Block. With pricing ranging from $49 to $299 per year, CoinLedger caters to casual investors, day traders, and high-volume users alike.

Key Features

✅ Automated Transaction Import – CoinLedger connects with exchanges like Coinbase, Binance, and Kraken, along with wallets such as MetaMask and Ledger, to import transaction histories automatically. If a platform isn’t supported, users can manually upload CSV files.

✅ Multi-Tier Pricing – With four tiers ranging from $49 to $299 per year, CoinLedger provides options for all levels of crypto investors.

✅ Tax Filing Integrations – Users can export tax reports directly to TurboTax, TaxACT, TaxSlayer, or H&R Block, making filing much simpler.

✅ Tax Loss Harvesting – Available in all tiers, this feature helps users optimize their tax burden by identifying opportunities to offset gains with losses.

✅ NFT and DeFi Support – CoinLedger supports transactions from OpenSea and DeFi platforms like Uniswap and SushiSwap.

✅ Portfolio Tracking – Users get a consolidated view of their holdings across multiple exchanges and wallets.

How CoinLedger Works

Import Transactions: Sync exchanges and wallets via API, upload CSV files, or manually enter transactions.
Automatic Classification: CoinLedger categorizes transactions into taxable and non-taxable events.
Generate Reports: The platform calculates gains, losses, and income, producing reports in IRS-compliant formats.
Export Data: Users can export reports to tax software or download them for personal filing or CPA review.

New Features in 2022

📌 Polygon Integration: Users can now import transactions from the Polygon blockchain, simplifying tax calculations for decentralized applications (DApps).

📌 Expanded Exchange Support: CoinLedger continuously updates its list of supported exchanges and wallets, increasing its accessibility to crypto users worldwide.

Pricing and Plans

Plan	Price	Transaction Limit	Features
Hobbyist	$49/year	100	Portfolio tracking, tax loss harvesting
Day Trader	$99/year	1,500	All features included
High Volume	$159/year	5,000	All features included
Unlimited	$299/year	Unlimited	All features included

All plans include email and live chat support, making it easy to get assistance if needed.

Pros and Cons

Pros:

✅ User-friendly interface for tax reporting
✅ Wide range of exchange and wallet integrations
✅ Tax loss harvesting included in all plans
✅ Ability to generate CPA-ready reports
✅ NFT and DeFi support
✅ Multi-platform tax software integration

Cons:

❌ Transaction classification can sometimes be inaccurate
❌ No direct crypto payment option for purchasing plans
❌ Manual data entry can be tedious for unsupported exchanges

Final Verdict

CoinLedger is an excellent tool for crypto investors looking for a streamlined, automated tax reporting solution. Its extensive integrations, competitive pricing, and tax optimization features make it a solid choice. However, minor drawbacks like occasional transaction classification issues and the lack of crypto payment options slightly detract from its overall appeal.

For crypto users seeking a hassle-free tax solution, CoinLedger remains one of the best options available.