The Best Crypto Tax Software: A Koinly Alternative.
Comparisons
Comparing Tax Calculators
How does Chainometry compare with other tax calculators?
In this series of comparisons were are going to add a few simple transactions to other crypto tax calculator service providers and see how they handle the data. You will notice a wide variety of inconsistencies and issues when viewing the outputs from these services.
Example Transactions
We are going to add six trades and one deposit. Here is the data as shown in a spreadsheet.
Trades:
Deposits:
There's nothing overly complicated here except the use of a currency to buy another currency when we buy Litecoin (LTC) with Ethereum (ETH). The challenge here is that we started with Bitcoin (BTC) and then traded this for Ethereum (ETH) without selling it back to Bitcoin but trading it again for another cryptocurrency, Litecoin.
Notice also that we deposited BTC at the height of the most recent boom when Bitcoin (BTC) was approaching 20K per coin. This is important as we'll see later that not accounting for the release of currency BTC leads to large tax over payments.
See the following comparisons to see how different tax calculators handled the above transactions:
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