Basisbook

Crypto tax, in plain numbers · not tax advice

What do you actually owe on crypto?

Basisbook explains crypto tax in plain English — which actions are taxable, how gains and income are worked out, and the software that turns a year of wallets into a filed return. General information, US-focused, not tax advice.

See the software, rankedHow crypto is taxed

Ranked on imports · DeFi/NFT · report formats · accuracy · price

How we weigh tax software

100 points across six things you can check for yourself — not one of them a promise about your refund.

Exchanges & wallets25
DeFi / NFT coverage20
Report formats20
Accuracy & reconciliation15
Price & free tier12
Accountant access8

Import coverage carries the most weight: a tool that cannot read the places your crypto actually lived will produce a wrong number, however cheap or slick it is.

Latest guides

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Crypto.com and Kraken Tax Documents: Where to Find Them and What They Show

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How to Report Crypto on Taxes in TurboTax or by Hand: Form 8949, Line by Line

The digital-asset question, Form 8949 boxes G to L, Schedule D and Schedule 1, with a sample filled-in 8949 and the TurboTax routes.

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Koinly Review 2026: Pricing, Accuracy and Who It's For

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Best Crypto Tax Software for DeFi

For heavy DeFi and multi-wallet years, most tools struggle. Here's what to look for, plus the two that handle it best — for different budgets.

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Crypto tax has a reputation for being terrifying, and most of that fear comes from not knowing which everyday actions actually count. The short version is calmer than the headlines: in the US, crypto is taxed as property, so you owe when you dispose of it or receive it as income — and not for simply holding it while the price moves. Basisbook exists to make that plain, and to help you pick a tool that does the paperwork without selling you one you don't need.

Start with what's taxable

Three actions cover most tax questions. Disposing of crypto — selling it, swapping it for another coin, or spending it — creates a capital gain or loss. Receiving new crypto as staking, mining, an airdrop, interest or pay is ordinary income at its value that day. And buying-and-holding, or moving coins between your own wallets, is generally not taxed at all. Get those three straight and the rest is detail; our guide to taxable versus non-taxable crypto events lays out every common case.

Then decide if you need software

If your year was a few trades on one exchange, you can very likely file for free with the exchange's own reports and a short spreadsheet. Once you have volume, several wallets, or any DeFi and staking, a dedicated tool that reconciles everything is worth it — so our ranking of the best crypto tax software scores tools on import coverage, DeFi handling and report formats, and says plainly when the honest answer is a spreadsheet that costs nothing. One of our top picks pays this site nothing, on purpose.

What this site won't do

We are not tax advisors, and nothing here is tax advice or a substitute for one. We cover the well-established basics and legal ways to keep your bill down, like loss harvesting and holding periods, but we do not help anyone hide income or evade tax — that is illegal, and increasingly detectable now that exchanges report to the IRS. If you have missed past years, the honest guide to what happens if you don't report is about fixing it properly, not dodging it. Everything here is general information for the 2025 tax year, US-focused unless noted; confirm current rules for your country and talk to a professional before you file.

Frequently asked questions

Do you have to pay taxes on crypto?
In the US, generally yes — when you have a taxable event, not simply for owning crypto. The IRS treats crypto as property, so selling it, swapping one coin for another, or spending it can produce a capital gain or loss, and receiving crypto as staking rewards, mining, an airdrop, interest or pay is ordinary income at its value when received. Just buying and holding is not taxed until you dispose of it. This is general information for the 2025 tax year, not tax advice, and other countries have their own rules.
Do I owe tax on crypto I haven't sold?
Generally no. Under current US rules, an unrealised gain — crypto that has gone up while you simply hold it — is not taxed, and moving coins between wallets you own is not a disposal either. Tax is triggered when you dispose of the asset or receive new crypto as income. Rules vary by country and can change, so confirm the current position where you live before you file.
Do I need crypto tax software, or is a spreadsheet enough?
It depends on how much activity you had. If you made a handful of buys and sells on one exchange, a spreadsheet and the exchange's own reports may be all you need, and paid software would be spending money you don't have to. Once you have hundreds of transactions, multiple wallets, or any DeFi, NFT or staking activity, dedicated software that reconciles it all is usually worth it — and often cheaper than the accountant time it saves. We say plainly where a free tool or a spreadsheet is the honest answer.
Can I write off crypto losses?
In the US, capital losses on crypto can offset capital gains, and up to $3,000 of net losses can offset ordinary income each year, with the rest carried forward — so a bad year can genuinely lower your bill. Selling at a loss on purpose to bank it, known as tax-loss harvesting, is a legal strategy, not a loophole. As of the 2025 tax year the wash-sale rule generally does not apply to crypto, but Congress has repeatedly proposed changing that, so check the current rule before relying on it.
What happens if you don't report crypto on your taxes?
It is a growing risk, not a free pass. Not reporting taxable crypto can lead to back taxes, interest and penalties, and willful evasion is a crime — this site never helps anyone evade tax. It also matters that the IRS now receives data directly: from the 2025 tax year, US custodial exchanges report your sales on the new Form 1099-DA, so unreported activity is far easier to match. If you have missed past years, the right move is to speak to a qualified tax professional about correcting it.