Symbol Tax

Cryptocurrency trading has gained quite the status worldwide, and regardless of your opinions on it, it's a valid alternative for those who aren't too intrigued by stock trading. Investing into crypto has its fair share of risks, and although your capital is at risk and it can go down, it can also go up. If it does go up, it can be taxed — so it's best to come prepared, bureaucratically-speaking.

Symbol Tax is a piece of software that makes it more convenient to handle this arguably less exciting part of your crypto trading. Besides providing the means to calculate capital gains and losses for tax purposes, it also allows for simple transaction management, and more.

The program was created in an effort to provide a reliable solution for those looking to more handily manage their cryptocurrency. To start off, you can import your transactions from your Wallet or Exchange, but it's also possible to import everything from a file if that's the case.

After your transactions are recognized, you can start inspecting some of the software's functions. It's worth noting that you can add transactions manually anytime: specify if it's a trade, withdrawal, or deposit, add the relevant symbols and their amounts, and you should be good.

The Reports tab is arguably the spotlight feature here. It's where users can view a summary of their gains and losses, see how their income stacks up, and look at the most and least profitable symbols. Much like the developer states, the software indeed does enable the generation of capital gains reports in a very convenient manner, which you can later submit to the IRS.

Some options under the Settings menu may be of interest to you. You can select between FIFO and LIFO and the calculation methods, as well as import some of your transactions via API keys from a variety of services.

Symbols Tax can prove to be a useful app if you're a cryptocurrency trader. Besides providing an environment where you can log and keep track of your transactions, the Reports generation feature glues everything together to offer a very intriguing solution.