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4 Useful Bitcoin Tax Reporting Advice and Profit Loss Tracker Tools

Bitcoin is in a constant state of flux. One day, the value of Bitcoin is at the all-time high, only to crash the very next day before the whole cycle repeats. Exchanges and Bitcoin-related services come and go, and lawmakers can barely keep up with the booming world of cryptocurrencies. In this environment, it’s not easy to keep track of your coins and stay on top of your financial and legal obligations. Fortunately, there are plenty of great tools and communities that you may turn to for help and advice.

Disclaimer: As helpful as they are, the tools and resources featured on our list do not constitute financial, tax, or legal advice as they are provided for information purposes only. For financial or legal advice, please, consult your own Certified Public Accountant.

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CoinTracking

With CoinTracking, you can analyze your past Bitcoin trades and generate real-time graphs and charts that clearly show the value of your coins, realized and unrealized gains, and more. You can group transactions by exchanges, use the interactive search functionality to quickly find the transaction you’re looking for, and prepare the necessary information and documents for tax declaration.

To start using CoinTracking, all you need to do is create a new account, import your previous trades from exchanges and wallets, and that’s all. If you don’t know how to import data from exchanges, don’t worry. CoinTracking has created a comprehensive support page that explains everything in detail. Make sure to also install the official Android app so you can track your Bitcoin no matter where you are.

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