Cointracker is a unique web application that is responsible for monitoring, tracking and collecting updated information about a user's crypto portfolio and at the same time automatically generates tax forms for that person.
With just a few clicks, users can do many things across different exchanges. The platform also allows users to be notified of transactions and other relevant developments that may be related to their portfolio.
The overall goal of the application is to help users track the value of their crypto portfolio while organizing the data for tax purposes.
Cointracker was founded on August 22, 2017 by Chandan Lodha and Jon Lerner. The company is based in San Francisco, California and is a portfolio and tax manager for virtual currencies. It specializes in accounting, Fintech, Blockchain, digital currencies and some other financial services.
The company's services are available to users around the world and the platform supports / tracks over 2,500 crypto coins, including Bitcoin, Ethereum, Ripple, Litecoin, Binance Coin and many more.
Cointracker has a unified dashboard that displays everything that happens to the user's assets. The dashboard shows real-time token prices, historical data, deposits, withdrawals and market capitalization.
Unlike some other platforms that offer the same services as Cointracker, this application is not completely free. Users are expected to pay a subscription fee to get access to the platform's leading feature. Tax return.
However, the fee varies depending on the value of the user's assets.
Generation of tax forms The application does not only follow developments regarding crypto portfolios. Users can use it to generate a capital gains report that is consistent with their crypto assets. IRS Form 8949 is used to generate the tax form, and users can easily reduce the taxes they pay to the agencies concerned by making prudent use of the losses incurred by crypto tokens. As a result, users can spend their trading profits more wisely.
Automatic Wallet Synchronization Although this is common with wallet tracking apps, the cointracker application takes this feature to the next level by enabling automatic synchronization of a user's portfolio data across thousands of cryptotokens. The app also adjusts the value of the user's portfolio based on real-time developments in the crypto market. It takes advantage of the fact that multiple exchanges support automatic wallet synchronization. So far, there are 13 synchronized exchanges. However, it is possible to add this list manually.
Multiple cost base methods Cointracker is ideal for people who are afraid of being audited. The application offers the user five different cost-based methods to create their tax forms. These include FIFO (First In First Out), HIFO (Highest In First Out), LIFO (Last In First Out), AS (Share Pooling) and ACB (Adjusted Cost Base).
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