We are very excited to announce that CryptoTax Open Beta has been launched today. Investors, traders and users of cryptocurrencies are finally able to generate certified tax documents according to German law.
1. Linking deposits to withdrawals between accounts
In order to profit from the 1 year tax free holding period in Germany, you need to demonstrate the original time and cost of the acquisition. This is a big challenge for many crypto users, as it is very common to transfer the assets between accounts, exchanges and wallets, which makes it very difficult to track the original acquisition data. However with our tool you can flawlessly connect deposits and withdrawals across multiple accounts and automatically transfer the historical acquisition data between account based FIFO chains. This feature will assist our users in profiting from the 1 year tax free holding period, while staying compliant with the legal requiriements.
2. Consideration of Airdrops, ICOs, Hard Forks, OTC Trading, Lending and Staking
Now the user can comfortably consider Airdrops, ICOs, Hard Forks, OTC Trading, Lending and Staking in their tax reports without worrying about the tax classification. Our application will automatically apply the correct tax logic for each transaction marked as one of the above mentioned special cases. For income out of Mining and Masternodes there will be a classification soon.
3. Data Import
With the start of Open Beta we support the following sources for the data import:
- Kraken CSV import
- Poloniex CSV import
- Binance CSV/XLS import
- Bitcoin.de CSV import
- Generic CSV & XLS import for all other sources
We are aware of the need for more integration options and are working hard on implementing additional data sources and API imports. In the meantime the users can use the generic import to consider all of the tax relevant transactions out of different sources in their report.
4. Big 4 certified tax logic and compliance
We have partnered with a Big 4 accounting firm to ensure the maximum compliance with German tax law. Our tax logic has been developed in cooperation with and is approved by our partner. Our tax reports include all relevant tax documents.
How to start?
Register and start using the application here.
However in order to generate a tax report, you will need to purchase a licence at reduced price of EUR 99 instead of EUR 199 per tax year.
We hope we can make your tax reporting process as easy and painless as possible and are looking forward to welcome you on board.
Thank you very much for your support!
Your CryptoTax Team.