Using crypto tax software, and checking its output
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 6 min
In short
With a high trade count, calculation software is the realistic choice. Taking its output on trust is not: you need to verify the cost basis setting, check for failed imports, and reconcile against year-end balances. The output is material for your return, not a guarantee of correctness. Check National Tax Agency guidance and take final judgements to a tax professional.
Key points
- Always verify which cost basis method the tool is set to
- Check for transactions that failed to import and for unsupported venues or chains
- Reconcile the tool's implied year-end balance against what you actually hold
- The output is supporting material, not a guarantee of correctness
Definition
A tool that imports exchange and wallet history and computes crypto gains automatically. Its output is only as correct as the input data and the settings.
A few dozen trades fit in a spreadsheet; crypto-to-crypto swaps and DeFi push manual work past its limits quickly. Using calculation software is a sensible decision. It does not, however, produce correct figures automatically.
Check the cost basis setting first. Total average and moving average produce different annual figures, and a tool's default is often not what you assumed. Open the settings and confirm which one is active.
Next, check coverage. Supported exchanges and chains are limited, and not every venue you used will be among them. Even supported ones can break — an API connection that silently stopped, or a CSV format change that dropped rows on import. Look for import error logs and compare transaction counts against what you expect.
The most effective check is the year-end reconciliation. The calculation implies a quantity held at year end; compare it with your actual exchange and wallet balances. A match suggests the history is substantially complete. A mismatch means something is missing or duplicated. You cannot eyeball whether a gain figure is right, but you can compare a quantity against the real thing.
Finally, the output is supporting material for your return, and responsibility for the content rests with the person filing. Submitting it as-is and discovering an error later is not something the tool answers for. Where the amounts are significant, or DeFi and overseas venues are involved, have a tax professional review the output with you.
Watch out for
- · This page is a general orientation, not tax advice
- · Do not use the output without reconciling it — wrong settings and failed imports are the classic error sources
- · Responsibility for the return rests with you; take anything uncertain to a tax professional
Frequently asked questions
What about history from an exchange the tool does not support?
Most tools accept a manual import in a generic format. Mapping the columns wrongly skews the result, so always verify counts and balances after importing. If it proves difficult, consult a tax professional.