CoinLedger
CoinLedger
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|---|---|
| URL | coinledger.io |
| Type of site | {{{type}}} |
| Registration | Optional |
| Owner | David Kemmerer, Lucas Wyland, and Mitchell Cookson |
| Created by | {{{author}}} |
| Current status | Online |
CoinLedger is a cryptocurrency tax software that simplifies the process of calculating and filing cryptocurrency taxes. The company offers cryptocurrency tax software that integrates to tax platforms, such as TurboTax and H&R Block. CoinLedger was founded by David Kemmerer, Lucas Wyland, and Mitchell Cookson in 2018.[1]
CoinLedger is headquartered in Kansas City and has a globally distributed digital team.[2] The platform is primarily used by crypto investors and traders. As of December 2023, the company has over 500,000 users globally.[3]
History
CoinLedger, formerly known as CryptoTrader.Tax, was founded in 2018 by David Kemmerer, Lucas Wyland, and Mitchell Cookson.[4] CoinLedger was established in response to the founders' personal difficulties with in reporting over 120,000 trades conducted through arbitrage investing. CoinLedger was designed to help cryptocurrency investors report their transactions across multiple wallets, exchanges, and protocols.[5] Investors often use multiple cryptocurrency exchange platforms, resulting in disorganized transaction data. CoinLedger aggregates investors’ data from various platforms into a single tax report.[6]
CoinLedger released its first version in the spring of 2018 in the United States market.[7] In December 2021, CoinLedger partnered with Voyager Digital to streamline crypto tax reporting for users.[8] In February 2022, CoinLedger raised $6 million to expand its cryptocurrency tax software into portfolio management and accounting software.[9] The funding round included investors from the crypto and venture capital sectors, such as CMT Digital, DRW Venture Capital, FinTech Collective, Volt Capital, Voyager Digital, former Bakkt president Adam White, and The Block co-founder Mike Dudas.[10]
In late 2022, CoinLedger introduced the NFT Loss Harvestor, a tool designed to help investors manage tax implications from declining NFT values, enabling investors to realize losses on their NFT investments during NFT market downturns.[11] [12]
CoinLedger's value started gaining traction and perceived relevance when the IRS sent warning notices to crypto holders, often with inaccuracies, due to the complex nature of crypto transactions.[13] [14]
Product overview
While CoinLedger shares several features with its competitors, its specific offerings like unlimited exchange and wallet integrations and the inclusion of NFT and DeFi transaction support distinguishes it within the market.
CoinLedger offers free unlimited exchanges and wallets, various accounting methods like FIFO, LIFO, Adjusted Cost, and tax software integrations. The more expensive plans cater to users with high transaction volume. CoinLedger offers tax reporting services for investors of any level and a wide range of tax years.[15]
In 2023, the company announced the addition of a free portfolio tracking feature, which allows investors to track their holdings across multiple platforms, offering real-time data on asset performance, market movements, and investment returns.[16]
References
- ↑ "CoinLedger Review for 2024". https://fortunly.com/reviews/coinledger-review/.
- ↑ "CoinLedger". https://www.cbinsights.com/company/cryptotradertax.
- ↑ "Best Crypto Tax Software That Digital Asset Users Must Know". https://coinmarketcap.com/community/articles/656cd288e39cbc77105c15ad.
- ↑ "Best Crypto Tax Software That Digital Asset Users Must Know". https://coinmarketcap.com/community/articles/656cd288e39cbc77105c15ad.
- ↑ "Review of 6 Crypto Tax Software Packages". https://www.coindesk.com/layer2/2022/03/02/review-of-6-crypto-tax-software-packages/.
- ↑ "Crypto Taxes: What You Need to Know". https://www.nytimes.com/2022/03/26/your-money/taxes-crypto-nfts.html.
- ↑ "Review of 6 Crypto Tax Software Packages". https://www.coindesk.com/layer2/2022/03/02/review-of-6-crypto-tax-software-packages/.
- ↑ "Voyager Digital, CoinLedger Partner to Facilitate Tax Reporting". https://www.nasdaq.com/articles/voyager-digital-coinledger-partner-to-facilitate-tax-reporting.
- ↑ "CoinLedger Raises $6M". https://www.builtinaustin.com/2023/coinledger-raises-6m.
- ↑ "CoinLedger Raises $6M". https://www.builtinaustin.com/2023/coinledger-raises-6m.
- ↑ "Save Thousands In Taxes by Harvesting NFT Losses - CoinLedger Explains How". https://www.bitcoin.com/save-thousands-in-taxes-by-harvesting-nft-losses-coinledger-explains-how.
- ↑ "NFT Investors Dump Cratered Tokens in Tax Write-Off Marketplaces". https://news.bloomberglaw.com/nft-investors-dump-cratered-tokens-in-tax-write-off-marketplaces.
- ↑ "The IRS is mistakenly sending warning notices to Coinbase users". https://www.theblock.co/the-irs-is-mistakenly-sending-warning-notices-to-coinbase-users.
- ↑ "IRS sending inaccurate letters to cryptocurrency traders saying they owe thousands in taxes". https://www.foxbusiness.com/irs-sending-inaccurate-letters-to-cryptocurrency-traders-saying-they-owe-thousands-in-taxes.
- ↑ "CoinLedger Expands to Offer Free Portfolio Tracking for Crypto Enthusiasts". https://u.today/coinledger-expands-to-offer-free-portfolio-tracking-for-crypto-enthusiasts.
- ↑ "IRS sending inaccurate letters to cryptocurrency traders saying they owe thousands in taxes". https://www.foxbusiness.com/irs-sending-inaccurate-letters-to-cryptocurrency-traders-saying-they-owe-thousands-in-taxes.
