We bridged the remainder of our ETH to Arbitrum, a layer-2 scaling solution … … then we swapped this borrowed USDC for stETH (a liquid staking derivative for ETH) on Uniswap.Ĥ. … we borrowed $50 of USDC against this ETH deposit in AAVE … We then deposited some of this ETH into AAVE, the top borrowing/lending platform on Ethereum … We then used some of this ETH to buy an NFT on X2Y2, an NFT trading platform.ģ. For starters, we swapped $500 worth of USDC for ~0.27 ETH on Uniswap, a decentralized exchange on Ethereum.Ģ. We started with ~$500 of USDC, made a bunch of transactions, and then (tried to) calculate our taxes using these eight different providers.įind out which cryptocurrency tax software products were the most accurate, most automated, followed the crypto tax rules, and had the best user experience in preparing a crypto tax report. How We Picked and Tested Crypto Tax Tools Part 1: The Play-By-Play Check the websites for details on the different plans offered.īelow the table, we walk through our methodology and how we went about testing each of these crypto tax tracker tools. So, those with a large number of transactions will need to purchase a more expensive package. In addition, the basic packages have a limit on the number of transactions they will process per tax year. Many of these crypto tax apps offer, limited, free trials. The table below summarizes our overall experience calculating our taxes on crypto with each tool. We then rated our experience with each of them. We spent hours analyzing various crypto tax software. Below, we delve deeper into our findings, providing a comparative analysis to help you choose the right crypto tax software for your needs. While other platforms like CoinTracker and Crypto Tax Calculator also performed well, they didn’t match Awaken.Tax’s ease of use and accuracy. Our goal was to identify platforms that provide the most accurate, automated, and user-friendly experience in preparing a crypto tax report. We started our testing with around $500 in USDC, engaging in various transactions, and then assessed how each software handled tax calculations. It stood out with its intuitive interface, enabling easy manual classifications when needed, and high accuracy in transaction categorization. To ease the burden, we’ve tested seven cryptocurrency tax software platforms to find the one that simplifies this complex task the most-Awaken.Tax emerged as our top pick for October 2023. The realm of cryptocurrency can make tax season feel more daunting.
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