CoinLedger vs Koinly vs CoinTracker vs TaxBit - Which Actually Works for Tax Season 2025

CoinLedger: Actually Handles DeFi (But Watch the Gas Fees)

CoinLedger is the only one that doesn't completely shit the bed with DeFi transactions. I've used it for three tax seasons, and here's what actually happens:

The Good Shit:

• Gas fees are automatically linked to trades (other platforms make you do this manually like a caveman)
• Uniswap V3 LP positions are tracked correctly (shocking!)
• Setup took me maybe 30 minutes, not the promised 20, but close enough
• When I mint NFTs, it knows the gas fee is part of my cost basis

The Reality Check:

• API connections break every few months. Coinbase API went down for a week in March 2025
• "10,000+ cryptocurrencies" means fuck all if it doesn't have pricing for the shitcoin you bought
• TurboTax integration works until tax season when everyone uses it and it crashes
• You'll still spend 2-3 hours manually categorizing weird DeFi transactions

Koinly: Works Outside the US (Rare W)

If you don't live in the US, Koinly is basically your only real option. I've helped friends in the UK and Australia use it, and here's the actual story:

Why International Users Love It:

• Actually supports UK tax forms (HMRC compatibility)
• VAT calculations for EU crypto-to-crypto trades (other platforms: "lol good luck")
• Live chat support that responds in actual English, not corporate speak
• Transfer matching works better than others - fewer fake taxable events

The Gotchas:

• Free plan is a fucking tease - you can track everything but can't export tax reports
• Security is just SSL encryption (no 2FA option, which is sketchy in 2025)
• API rate limits mean big imports can take hours
• Pricing data sometimes lags during high volatility (May 2025 crypto crash took 6 hours to update)

CoinTracker: Expensive But the TurboTax Integration Actually Works

CoinTracker charges 2x what everyone else does, but I'll admit their TurboTax integration is the only one that consistently works. Here's what $199 gets you:

The Premium Features:

• TurboTax integration that doesn't crash (worth the price alone)
• Portfolio analytics that don't suck (tracks unrealized gains/losses properly)
• Tax-loss harvesting suggestions (actually saved me $800 in 2024)
• Professional accountant network (if you're desperate and have $500+ to burn)

The Expensive Reality:

• $59 to $599 pricing is insane compared to competition
• The $199 mid-tier plan should be $99 based on features
• High-volume plan at $599 is for people with more money than sense
• "Enterprise focus" means they don't give a shit about regular users complaining about price

TaxBit: Free But Designed by Sadists

TaxBit is free with unlimited transactions, which sounds amazing until you actually try to use it. This thing was built for government compliance, not humans:

The Free Plan Miracle:

• Unlimited transactions (no other platform does this for free)
• Actually decent at linking gas fees to transactions
• Enterprise-grade accuracy (because it's used by the IRS)
• API access if you're building something

The User Experience Nightmare:

• Interface designed by someone who hates humans
• Documentation reads like tax code (because it basically is)
• Learning curve is fucking vertical
• Support assumes you're a compliance officer, not a regular person
• Takes 2 hours to figure out what takes 20 minutes on other platforms

Bottom Line:

Use it if you're broke and have high transaction volume. Otherwise, pay the $50 and use something that doesn't make you want to throw your laptop.

You Just Buy and HODL (The Smart Ones)

If you're just buying BTC and ETH on Coinbase and holding, you're living the dream. Here's what actually works:

TaxBit Free Plan - Best if you're broke:

• Unlimited transactions (amazing for a free plan)
• Actually accurate (because the IRS uses their tech)
• Interface designed by sociopaths but hey, it's free
• Took me 2 hours to figure out, compared to 30 minutes on others
• Worth it if $50 matters to you

CoinLedger at $49 - Best if you want to stay sane:

• Setup took me 25 minutes vs TaxBit's 2 hours
• Interface doesn't make you want to scream
• Gas fee tracking (probably overkill for just buying spot but nice to have)
• Customer support actually responds to emails

You're Deep in DeFi (RIP Your Taxes)

If you're providing liquidity on Uniswap, farming yield across 5 chains, and bridge-hopping like a maniac, your tax situation is fucked. Here's what actually helps:

CoinLedger is the only real option:

• Gas fees are automatically linked to transactions (this alone saves hours)
• Uniswap V3 LP positions tracked correctly (others just see random token swaps)
• Cross-chain bridge transactions are categorized properly
• Polygon and BSC support that doesn't suck
• $99 for 1K transactions vs CoinTracker's $199 for the same shit

The Reality Check:

• You'll still spend 3-4 hours manually categorizing weird DeFi stuff
• New protocols take 2-3 months to be properly supported
• During high gas periods, API connections break and you're back to manual entry
• Gas fee tracking saved me $400 in 2024 by properly calculating cost basis

You Don't Live in the US (Sorry)

If you're not American, most crypto tax software treats you like a second-class citizen. Koinly is basically your only real option:

Why Koinly Works Internationally:

• UK tax forms that HMRC actually accepts (tested this personally)
• VAT calculations for crypto-to-crypto trades in EU (others: "good luck")
• Currency conversion that doesn't break during volatile periods
• Live chat support that understands non-US tax laws
• 700+ exchange integrations including weird European/Asian exchanges

The International Reality:

• Still costs the same as US-focused platforms despite serving smaller markets
• Some country-specific features are half-baked
• Documentation assumes you understand your local tax laws (you probably don't)
• API connections to international exchanges are less reliable

You Day Trade Crypto (Why?)

If you're doing thousands of trades per month, you need industrial-strength tax software and probably therapy:

CoinTracker at $599 - If money isn't an object:

• Direct TurboTax integration that actually works consistently
• Tax-loss harvesting suggestions (saved me $1,200 in 2024)
• Portfolio analytics that don't suck
• Professional accountant network ($500+ for consultation)
• Margin trading and futures support

TaxBit Free - If you're broke but busy:

• Unlimited transactions (perfect for high-volume trading)
• Enterprise-grade accuracy
• Interface will make you suffer but it's free
• API connections are more reliable than consumer platforms

Reality for Day Traders:

• You're going to spend 10+ hours on taxes regardless of platform
• Most day traders lose money, so tax-loss harvesting becomes crucial
• $599 for CoinTracker is worth it if you're actually profitable

You Collect NFTs (Expensive Mistake)

NFT tax tracking is a nightmare because gas fees often cost more than the NFT itself. Here's what works:

CoinLedger dominates NFT tracking:

• Gas fees are properly tracked and added to cost basis (crucial for NFTs)
• OpenSea, Blur, Magic Eden transactions are categorized correctly
• Royalty payments are tracked separately (important for creators)
• Mint costs include gas fees automatically

The NFT Tax Reality:

• Gas fees during busy periods can be 50-200% of NFT value
• Most NFT "investments" are tax losses (silver lining: writeoffs)
• Creator royalties are taxable income (surprise!)
• Cross-marketplace transfers get messy quickly

Personal Experience:

• Minted 20 NFTs in 2022, paid $2,000 in gas fees for $500 worth of JPEGs
• CoinLedger properly calculated the $2,500 total cost basis
• Sold everything for $300 total - claimed $2,200 loss on taxes

You're Running a Business/Institution

If you're managing crypto taxes for a company or fund, consumer platforms won't cut it:

TaxBit Enterprise - The only real option:

• API access for custom integrations (minimum $10K/year)
• White-label solutions for platforms
• Compliance features that satisfy auditors
• Blockchain analytics used by government agencies
• Support team that understands institutional needs

What This Means for Regular People:

• TaxBit's consumer platform is a side project to their real business
• The free plan exists to get you hooked on their ecosystem
• Support priorities go: Enterprise > Government > Individual users
• Features are designed for compliance officers, not humans

Bottom Line for Institutions:

• Budget $25K-100K+ annually for proper enterprise crypto tax infrastructure
• Custom development required for most integrations
• TaxBit is basically the only game in town for serious institutional needs