Calculation tools for reporting your crypto gains
In the world of crypto trading, accuracy in tax reporting is essential. To correctly calculate your precise gains and losses and declare them in your tax return, various tools are available. These tools make it easy to track your buys and sells and calculate the corresponding tax-relevant gains and losses.
Free subscriptions
Are you new to the crypto scene, making only a few trades a year, or just not keen to spend money on expensive tools for calculating your crypto gains, losses and taxes? Many tools offer a limited free version alongside their paid plans.
These free options are available from the following crypto tax tools:
CoinTracking: The free version allows you to track up to 200 transactions, import CSV files up to 5 MB from your trading platform, and generate a tax report limited to 1,000 entries.
Blockpit: Blockpit's free version gives a user-friendly overview of your crypto transactions and includes features like automatic detection and categorisation of transactions and accurate fee tracking. However, tax report generation isn’t available in the free version.
Koinly: The free Koinly plan supports up to 10,000 transactions, portfolio tracking, capital gain forecasts and API-based data import. It does not, however, allow you to generate a tax report.
Paid subscriptions
If you’re more deeply involved in crypto or handle a higher volume of transactions, various paid subscription models offer a wide range of features needed to calculate your personal tax liability.
Here’s what the paid versions of these providers offer:
CoinTracking: The Pro subscription supports up to 3,500 transactions, while the Unlimited plan has no transaction limit. It allows large CSV exports (20 to 200 MB) and API portfolio access. You can also generate tax reports with unlimited entries.
Blockpit: In addition to all features from the free version, the paid version lets you generate a detailed tax report with your earnings and capital gains broken down for submission to the relevant tax authorities.
Koinly: Koinly’s paid options include tax report generation, custom file import, detailed cost analysis, and the ability to export your tax report into extended tax software.
Country-specific differences in cryptocurrency taxation
Crypto taxes vary significantly by country. These differences include how gains are classified, the applicable tax rates, speculation periods and annual tax-free thresholds.
Because of these regional distinctions, it’s important to familiarise yourself with the specific tax rules in your country. To handle your crypto taxes safely, it’s strongly recommended to consult a tax expert.
Crypto taxes in Germany
According to the German Federal Ministry of Finance’s 2022 guidance on taxing virtual currencies, crypto gains in Germany are generally taxable. Taxes on gains from trading Bitcoin and other cryptocurrencies are based on your income tax rate. For financial products like crypto-based certificates, a flat capital gains tax of 25% applies.
There’s also a €600 exemption threshold. Only gains above this amount are taxable. If you sell coins and tokens like Bitcoin at a lower price than you paid, the capital loss can be offset against gains. Germany also has a one-year speculation period. If you hold your crypto for more than a year before selling, the gain is tax-free.
Taxation of crypto gains in Austria
Since the 2022 tax reform from Austria’s Federal Ministry of Finance, a flat tax rate of 27.5% applies to almost all crypto transactions. Swapping one cryptocurrency for another is tax-free. Tax is only due when converting crypto to fiat. However, the original purchase costs are carried over when swapping cryptocurrencies. This means you may still pay tax on gains from the originally acquired crypto when you later sell.
Crypto gains are no longer considered speculative income, so the former €440 exemption is no longer valid. Since 2024, if you trade with a domestic broker or exchange and are taxable in Austria, the capital gains tax is automatically deducted.
Crypto tax rules in Switzerland
In its 2022 guidance paper, the Swiss Federal Tax Administration outlined current regulations. For private individuals, crypto gains are generally not taxable as they're considered private assets. However, you must include them in your wealth tax return. Specific treatment varies by canton. Losses from crypto trading usually can’t be used to offset your tax burden. Due to the distinctions between private and commercial trading and the cantonal differences, it’s advisable to consult a local tax adviser. They can assess your situation and explain the rules in your canton of residence.
Different factors in calculating crypto taxes
Taxing cryptocurrencies involves several aspects, including capital gains, capital losses, holding periods and speculation periods. Additionally, gains from crypto staking or mining may be treated differently.
Efficiently offsetting capital gains and losses
To efficiently offset gains and losses in crypto trading and save taxes, you should keep detailed records of all transactions. A user-friendly broker like Bitpanda offers comprehensive export functions so you can clearly document and view your trades. To calculate your tax burden accurately, the FIFO method (First In, First Out) can be used to determine which coins were sold first. It’s also wise to understand the relevant holding periods. This helps prove which gains are tax-free due to exceeding the speculation period and which are within the exemption threshold after subtracting losses. Alternatively, a smart crypto tax tool can help with this.
Taxation of staking and mining gains
As with trading gains, the taxation of staking and mining rewards also varies by country. In most cases, they’re considered additional income and are taxable. Keep precise records of all staking and mining income to simplify your tax return. In some cases, mining expenses may be tax-deductible. Careful planning and guidance from a tax expert can help optimise your tax burden and avoid unpleasant surprises.
Consequences of tax evasion in cryptocurrencies
Evading crypto taxes can lead to serious consequences. In Germany, depending on the severity of the offence, you could face fines or even imprisonment. Penalties depend on the amount of tax evaded, your criminal history and other factors. Generally, tax offices are more interested in recovering unpaid taxes and applying late penalties than issuing jail sentences. Late payment or undeclared crypto taxes may incur surcharges. Proper documentation of all transactions is key to a compliant tax return. Professional support from a crypto-savvy tax adviser can help you minimise legal risk and optimise your tax situation.
If you're taxable in Austria and trade with Bitpanda, we’ve automatically deducted your tax since 2024. This means you don’t have to worry about taxation when buying or selling crypto. You'll also receive a detailed tax report from us the following year.
