Koinly vs Zenledger (2023): Comparing Crypto Tax Tools

Hey there today we’re diving into a comparison between two popular crypto tax calculators: Koinly and Zenledger.These tools are a lifesaver when it comes to dealing with taxes on your crypto activities.They offer similar pricing and features but depending on your needs one may come out on top.So let’s take a closer look at what they have to offer.

We all know that taxes can be a pain ,especially when it comes to capital assets like cryptocurrencies. Whether you’re selling crypto for fiat money or trading it for other cryptos using it for purchases ,mining or even dabbling in the exciting world of NFTs you’re required to pay taxes on those transactions.But hey not everything you do with crypto is taxable.If you’re simply buying and holding , donating to charity , gifting or transferring to yourself you can breathe a sigh of relief because those activities won’t land you in the taxman’s clutches.Taxes only come into play when you’re making a profit my friend.

Now let’s talk about the real challenge for regular crypto traders: calculating those taxes.It can be a real headache and eat up a lot of your precious time.But fear not that’s where crypto tax tools like Koinly and Zenledger swoop in to save the day.These tools help you track your crypto transactions and file your cryptocurrency taxes by connecting to your exchanges and wallets.

So what’s the deal with Koinly Well with Koinly you can kiss those manual calculations goodbye.It automatically tracks your fees and exchanges consolidates your reports and reconciles all the information from your accounts and exchanges with just a few clicks.It’s like having a personal assistant for your crypto taxes.Oh and they even offer advanced transaction filtering so you can quickly figure out which transactions contributed the most to your gains.Talk about convenience right? Just remember to download those shiny cryptocurrency tax reports for free you’ll need to sign up for one of their paid plans.

Now ,let’s take a peek at Zenledger.This tool is all about generating reports.They’ve got you covered with all sorts of reports ,including the ones you need to file your taxes.They present your wallet and exchange transactions in a neat and tidy spreadsheet format ,making it super easy to review.But wait ,there’s more! Zenledger goes above and beyond by providing professionals who can assist you with non-crypto taxes too.That’s a handy perk if you want to stay on top of both your crypto and non-crypto tax obligations.And hey ,if you’re not sure if Zenledger is the one for you ,they offer a free plan that covers up to 25 transactions.Pretty cool ,right?

Now ,let’s talk about their supported exchanges.Koinly boasts support for over 360 exchanges ,including popular ones like Coinspot ,Coinjar ,Swyftx and Independent Reserve.They’ve got over 70 wallets ,support more than 35 blockchains and can handle over 6000 cryptocurrencies.That’s a whole lot of crypto covered! Koinly even supports DeFi ,Margin and Futures trading on all their plans ,including the free one.So ,no matter what kind of crypto trading you’re into ,they’ve got your back.

On the other side ,Zenledger supports over 400 cryptocurrency exchanges ,40 different blockchains and 20 DeFi projects.They claim to have the most extensive automated support for exchanges through APIs ,making it a breeze to connect your accounts.They’ve got big names covered ,like Binance ,Bittrex ,Coinbase ,HitBTC ,Huobi ,Kraken ,KuCoin and Poloniex.Impressive ,huh?

When it comes to NFTs ,Zenledger takes the lead.They’ve got your back in calculating the taxes related to those digital collectibles.Koinly is catching up and working on adding NFT support ,but for now ,if you’re in a hurry to file ,you can manually add your NFT transactions in Koinly.They’ll do the calculations for your proceeds ,gains ,or losses once you’ve added them.

So ,to sum it up ,both Koinly and Zenledger are fantastic tools in the realm of crypto tax reporting.They each have their strengths and weaknesses.However ,Koinly takes the slight edge because of its broader support for different countries.It’s always good to have a tool that can handle all your crypto trades ,gains ,losses and taxes ,while also generating those important tax forms.That way ,you can keep a close eye on each transaction and know exactly how much profit or loss you’re making.

So ,my friend ,choose wisely and let one of these handy tools make your crypto tax journey a whole lot smoother.Happy calculating!