📊 Crypto tracking features

Features for cryptocurrency portfolio, tax, and accounting apps

Team

• Legal, accounting, and crypto expertise
• New feature development
• Customer support
• Technical issue resolution
• Partnerships and investors

Form generation

• Sales and Other Dispositions of Capital Assets (8949)
• Additional Income and Adjustments to Income (1040)
• TurboTax compatibility

Transaction accuracy

• Transfer out
• Transfer in
• Multiple in multiple out (MIMO) asset transactions
• Transaction amount
• Transaction type
• Transaction fee
• Timestamp
• Blockchain explorer links

Protocols

Bitcoin

• Hierarchical deterministic (HD) accounts
  • A new address is generated per transaction for security purposes
  • To research: Ledger, Trezor, and other wallet's strategy to accurately track HD accounts
  • Potential solution: Integrate directly with hierarchical deterministic (HD) accounts to pull read-only transaction data, e.g. Ledger and Trezor.
  • See What are Hierarchical Deterministic (HD) Wallets? by Ledger 2022-10-27
• Layer 2s
  • Lightning network
  • Bitcoin Liquid Network

Ethereum

• Tokens
  • E.g. ERC-20, ERC-721, and etc.
• Staking
  • Actions: Deposit, withdrawal, and earn interest
  • E.g. Lido, Coinbase, Gemini, Binance US, Rocket Pool, and etc.
• Layer 2s
  • Bridges
    • E.g. Hop, Li.Fi, Connext, Across, and etc.
  • Centralized exchange (CEX) integrations
  • Arbitrum
  • Optimism
  • Polygon
  • etc.
• Gasless decentralized exchange (DEX) trades, e.g. Cow Swap

Other

• Wrapped tokens
  • E.g. Wrapped Ethereum (wETH)
  • Transfer cost basis?
• Arweave
• IPFS
• etc.

Exchanges

• Coinbase
  • Support for past account structures
    • Coinbase sub-accounts
    • GDAX
    • Coinbase Pro sub-accounts
    • Advanced Trade
• Gemini
• Ledn
• Binance US
• etc.

Edits

• Save changes made when accounts resync
  • Manual transaction edits
  • Add transaction(s)
  • Delete transaction(s)
• Change history log
  • Useful for debugging
  • Revert changes and/or revert to past versions
  • Can backup and download versions in a CSV format
  • Same CSV format that is supported for imports and exports
• Lock transactions
  • Per tax year and/or source account
• Account source balance tracker
  • Useful for debugging
  • See the balance of an asset(s) leading up to a given transaction from each account source and identify where potential missing transfer outs/ins may have occurred.
• Bulk delete
  • Useful for spam assets received without permission
• Asset price estimate in the edit tool feature
  • Based on the timestamp and account source

Filters

• Time
• Account address
  • Centralized exchangs (CEX) accounts
  • Externally owned accounts (EOAs)
    • E.g. Ledger, Trezor, MetaMask, and etc.
  • Safe accounts (Formerly Gnosis Safe)
  • Other multisig accounts
• Transaction hash
• Protocol
  • Layer 1 and layer 2 networks
  • E.g. Bitcoin, Ethereum, Arweave, IPFS, Polygon, Arbitrum, Optimism, and etc.
• Asset
  • Coin, token, or NFT collection
  • E.g. BTC, ETH, Bored Ape Yacht Club (BAYC), and etc.
• App
  • E.g. Uniswap, Cow Swap, Lido, Rocket Pool, Lens, Farcaster, and etc.
• Source
  • API
  • Manual (UI and/or import)
• Error type
  • E.g. Missing cost basis (MCB)
• Saved filters
  • Save the current filter view to quickly reopen for future usage.

Optimize

• Accounting method: Highest in first out (HIFO)/Specific ID
• Tax-loss harvest tracking

CSV support

• Import and export data in the same format
• Detailed error messages
  • Issue type, e.g., Data type, format, and etc.
  • Example(s) of row(s) and column(s)
• Multiple in multiple out (MIMO) asset transactions
  • Separate assets with a delimeter in the field, e.g., ETH,WETH,WBTC.

User support

• Audit protection support
  • E.g. TurboTax audit protection
• User access controls
  • Different levels of customer support
  • Certified public agent (CPA) support
    • Tax lot reports
• Issue tracker
  • Tracker for personal and support team related issues
  • Includes case/ticket #s for support related issues
• Feature roadmap
  • Public
  • Users can vote and comment

Security

Multi-factor authentication (MFA)

• Hardware keys
  • FIDO2: Fast Identity Online
• Apps
  • OATH-TOTP: Time-based One-Time Password

Backups

• Offline working file backups
• Similar to TurboTax's .tax files

Transfer cost basis across services

• Importing and exporting data across services is not possible because the cost basis cannot be accurately transferred.
• Loss of manual edits required to resolve various issues

Platforms

• Web
• Desktop: Windows, macOS, and Linux
  • Useful for offline work
• Mobile

Products

Crypto tax software open info (OI)

This is not financial, legal, or technical advice. Do your own research and consult professionals.