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In this Cointelli app review, I will discuss what features the automated Crypto tax tracking platform offers its users. Additionally I will review how Cointelli enables American users to monitor their entire Crypto portfolio across multiple wallets, blockchains and exchanges. I will also review the Cointelli pricing, if it’s legit and show you how to get started. Hopefully you find this Cointelli tax app review helpful in deciding if it’s the platform to use for your Crypto taxes.
What is Cointelli?
The Cointelli tax app was created by CPA’s to simplify your Crypto tax reporting. Subsequently, Cointelli provides an automated tax software platform that aggregates your entire Crypto portfolio. Cointelli provides automated American regulatory compliant tax reports. These reports have been designed by qualified CPA’s that know what the IRS wants to see.
The Cointelli tax app has the ability to differentiate between all your Crypto activity and report them correctly. Therefore Cointelli can track your staking, swapping, airdrops, yield farming, mining, trading and much more.
Cointelli provides a simple Crypto tax solution that automates your tax reporting. It is able to do this by using API integrations. The Cointelli tax app is able to integrate with multiple exchanges, wallets and services. Additionally it will provide American compliant tax reports that your accountant can safely use to file with the IRS. Not only will this save you money, but also significantly reduce the risk involved with filing Crypto taxes.
The API integration provides investors a complete view of their crypto portfolio and the automation makes it a breeze compared to updating a spreadsheet.
Cointelli is currently only available in America, although it has plans to expand shortly. That being said, it integrates with over 41 exchanges, 49+ wallets, 14+ blockchains and 4+ crypto services. The Cointelli tax app offers this integration while also providing American regulatory compliant tax reports. Cointelli offers this all for the extremely reasonable price of $49USD.
Most Crypto investors use multiple platforms and dabble in different income generating activities, such as staking or yield farming. Unfortunately this means we spend a lot of time tracking our portfolios, often on cumbersome spreadsheets.
With the IRS going hard on Crypto, it is imperative to file your taxes accurately. Cointelli handles this with their automated Crypto tax compliant reports.
How Does Cointelli App Work?
The first thing to point out here is that Cointelli specializes in aggregating your Crypto holdings and providing tax compliant reports. Therefore Cointelli is not a crypto exchange and you can’t buy or sell crypto on Cointelli.
The Cointelli tax platform is relatively new to the game of crypto aggregation and tax reporting. However, it has been created by highly qualified CPA’s and they are growing extremely quickly.
As a new platform, Cointelli is currently only available in America, and doesn’t have as vast a range of integrations like Koinly does. However, what Cointelli lacks in integrations it more than makes up for in value for money. I will explore the pricing in greater detail in my Cointelli tax app review.
Have you found that you end up tracking your crypto portfolio on a trusty spreadsheet? If you are lucky your crypto holdings can be found in the google finance integration. However, most of your holdings need to be input and updated manually.
Using the spreadsheet method to update your crypto holdings or investment portfolio should be a thing of the past. Not only is doing this extremely inefficient and a massive waste of your time. It is also risk prone and could cost you serious money if your tax reports are incorrect.
Therefore if you are after an accurate and more efficient tax reporting solution Cointelli could be right for you. Sit back and let the Cointelli tax apps automated reports max tax time a breeze.
Cointelli works by doing the following; Cointelli integrates with your exchanges, wallets and services and collects historical transactions. Additionally it then generates American compliant tax reports that you or your accountant can use.
The Cointelli tax platform is able to integrate with numerous blockchains, services, wallets and crypto exchanges through their API integration. All you need to do is provide Cointelli with read only API access to the relevant platforms and it’s automation will do the rest. All your past and future activity will be automatically tracked through the Cointelli tax app.
One of the things I love about the API integration is how quickly it registered all historical trades. Something that would have taken me hours to track in my spreadsheet takes seconds for the Cointelli tax app to complete. Once the integration is completed, Cointelli will automatically review and update any future transactions through your exchanges or services.
For instance, you could link your Celsius or BlockFi account to the Cointelli tax app. In doing so it will be able to generate a report based on your previous crypto activity. I was truly amazed at the speed of the API integration when I linked up my Celsius account.
The integration with my Crypto platforms and wallets took under 10 mins. This included a few years worth of Crypto transactions. Given Cointelli is still limited in some of its integration partners you may need to upload CSV files. This is also extremely simple and may be required if you aren’t on some of the more popular exchanges or wallets.
It also doesn’t hurt just to check through some of the transactions listed in the review of the report. This way you can get a feel for the level of accuracy that the Cointelli tax app reports provide. A good way to check is just open up your crypto wallet or exchange and see if the transaction details match.
Cointelli Tax Reports
All investors should grasp the impact on their tax liability from investing in crypto. As a result of it being a complex environment, most will use an accountant. However, some investors will brave this area on their own. Either way, utilizing a platform that automates tax compliant reports like Cointelli will be beneficial. Not only saving time, money and effort, but also minimizing the risk of error.
Cointelli specializes in providing American tax compliant reports at a reasonable price. Users are able to generate a few different tax reports through Cointelli.
- Schedule D
- Audit Trail Report
- Income Report
There are many other reports you can also download using Cointelli yourself and you can have them automatically sent to your accountant.
Cointelli, automated USA compliant crypto tax reports. API integration to crypto exchanges, wallets, blockchains & services for a flat $49USD fee.
Schedule D Report
Through the Cointelli tax app you are able to download a Schedule D report. This report will provide you with your capital gains and/or losses through your crypto activity. Therefore this report is extremely important for you or your accountant to understand your gain or loss position.
The Schedule D report is automatically generated by the Cointelli tax app. It shows whether the trades were short or long term trades and whether they produced gains or losses. Additionally the report shows your crypto cost base and calculates your profits from disposing of the assets.
If you are investing in crypto, this automated Schedule D report is extremely valuable. The more actively you invest or trade in crypto the more valuable it is to review and use an automated tax reporting platform like Cointelli. As manually tracking your crypto activity will be a nightmare and increase the risk of filing your taxes incorrectly.
Audit Trail Report
Filling your taxes can be a difficult task even before you include crypto activity. The IRS can come down heavily on you if you or your accountant file your taxes incorrectly. That is why it is extremely important to ensure you file them correctly in the first place.
Cointelli can generate an audit trail report for you and your accountant. This will allow the both of you to assess whether you have included everything in the report. Maybe you didn’t include all of your exchanges or you notice a value that was input through a CSV file was incorrect.
This audit trail report gives you the opportunity to highlight and then subsequently make any changes as required. This way it helps reduce the likelihood of filling your taxes incorrectly and being brought to the attention of the IRS.
Cointelli Crypto Income Report
This is another important report that can be automatically generated by the Cointelli tax app. The income tax report showcases your entire crypto income generating portfolio.
Cointelli’s income report includes all your crypto activity like staking rewards, crypto interest, forks or airdrops to name a few. It is very important for the accuracy of filling your taxes that you differentiate your income to capital gain. Therefore this report is worth its weight in gold for you or your accountant in preparation for filling your taxes.
Cointelli & Turbo Tax
Another report that can be automatically generated by the Cointelli tax app is a Turbo Tax report. Turbo Tax is one of the biggest and easiest tax filing solutions in America. So this Cointelli report functionality makes it simple to add your Crypto activity as well.
Cointelli For Accountants
An accountant is a very valuable person to have on your team if you are looking to manage your money or grow your wealth. Especially if you plan to do this through investing in stocks or crypto. A great accountant can help set you up for financial success with the right investing structures and helping file your taxes.
New age Accountants that understand the world of crypto are worth their weight in gold. Especially ones with knowledge of DeFi, NFTs and the Metaverse. An accountant charges billable hours and often a lot of this comes from them working through all your crypto activity. That is where automated reports like the ones Cointelli generates can save a lot of money. Often as a direct result of reduced billable hours.
The Cointelli tax app is very easy to use for either yourself or your accountant. Cointelli takes your privacy seriously and as such doesn’t allow accountants direct access to your account. So if you are already a paid Cointelli user, you can generate the reports and they can be automatically sent to your accountant.
On the reverse of this Cointelli provides Accountants with the ability to have their own account. This provides the accountants with the ability to invite all their clients and see their reports all in the one dashboard. Therefore making this process a lot simpler and time efficient for the accountant.
The simplicity of the Cointelli app for not only the user but also the Accountant means it is a great solution for your crypto tax reporting. The efficiency and accuracy of reporting not only saves time and money but also reduces the risk of filing taxes incorrectly. It is definitely worth reviewing Cointelli yourself!
What Is The Cointelli Pricing Structure?
Technically the Cointelli tax app operates on a ‘freemium’ model. That is you are able to use the platform for free and integrate with the exchanges. However, you will need to be on a paid plan to access their reporting functionality.
Given that Cointelli is a crypto tax reporting platform, to get the desired outcome of tax reports you will need to pay a small price. However, they do have plenty of free resources and guides on tax that are very helpful.
The Cointelli tax app has made its pricing structure extremely simple. There are 3 tiers you can access on the Cointelli app. Cointelli offers Free, Everyone and Enterprise pricing tiers.
If you are wanting an automated tax reporting solution though, then you are going to end up on the ‘Everyone’ paid tier. As this is the best price and easiest way access to the Cointelli automated tax reports.
With the free plan from Cointelli, there is no cost to the user. The user is able to integrate all of their exchanges, wallets and crypto services. You get access to all of Cointelli’s educational resources including their blog posts and reviews of crypto tax guides.
However, the biggest drawback is the fact that you don’t get any automated crypto tax reporting. I’m guessing if you are reading this Cointelli review that you are actively looking for an automated crypto tax reporting platform. Therefore, the free plan is not what you are after. So you should check out the ‘Everyone’ plan.
The Cointelli tax app ‘Everyone’ plan costs $49USD per year and gives the user complete access to all the Contelli features. One of the things I really like about reviewing the Cointelli pricing structure is how simple it is. Additionally you will get unlimited reports and guides for each fiscal year you have paid for.
The ‘Everyone’ plan tracks up to 100,000 transactions, therefore making this the most cost effective crypto tax reporting platform. For perspective, Koinly has a $49USD plan that only tracks 100 crypto transactions before you have to increase your plan. Similarly, Token Tax has a $65USD plan that only tracks up to 500 transactions before going to a higher tier.
As the name suggests, Cointelli targeted this pricing tier to Everyone. If you
Most of the other automated crypto tax reporting platforms will get people in using their lower level plan. Then with a bit more crypto activity the costs will start to increase quickly for the user. Cointelli counters this by offering their $49USD plan to everyone under 100,000 transactions. You would have to be extremely active in the crypto markets to hit over 100,000 transactions.
If your cryptocurrency activity is not that complex and you are after an automated crypto tax reporting option. Then I highly recommend using Cointelli and their paid ‘Everyone’ plan. It is the best value for money crypto tax platform for Americans.
You will also have access to customer support via live chat, call or email. Additionally there are over 50 video tutorials to assist if you have any issues.
If you are extremely active in crypto trading, have a lot of coins staked, or perhaps day trade for a living. Then it is possible that you may go over the 100,000 transactions available in the Cointelli ‘Everyone’ pricing plan.
If this is the case, then Cointelli provides an ‘Enterprise’ plan. The price of this plan will be customized to your needs and requirements from the platform. If you have or feel like you will be looking to utilize this pricing plan then Cointelli will be able to assist.
Cointelli Review FAQ’s
Hopefully you are enjoying this Cointelli review. In case you had further questions regarding Cointelli that haven’t been answered yet in this review, I have compiled a list of FAQs below.
Does Cointelli Work in Australia?
No, not yet. Cointelli is currently only available in America. Although the team is looking to expand internationally very soon.
Is Cointelli Accurate?
The old saying goes, garbage in, garbage out. Cointelli is extremely accurate with the API integrations. However, it is only as accurate as the information it is given. If you don’t include all your crypto holdings then it won’t provide an accurate crypto tax report.
How Do You Avoid Tax On Cryptocurrency In America?
Tax avoidance is illegal. However, tax minimisation is legal but is something you should seek professional advice on.
Is Cointelli Tax Report Free?
No. You won’t be able to access any form of tax reporting from Cointelli without signing up for their paid version. This is the best value for money crypto tax reporting option on the market, and you can check it out for free first.
Is My Cointelli Plan Tax Deductible?
You will need to consult with your accountant or tax professional as this will depend on your personal circumstances.
How Secure Is Cointelli?
Cointelli employs their own cybersecurity and data protection team that monitors their platform. You should only ever provide the Cointelli tax app with read only access to your relevant APIs.
Which Crypto does Cointelli Support?
Can My Accountant Use Cointelli For Me?
No. Unfortunately this is not possible. As Cointelli wants the user to have ultimate control of their account. You are able to have your reports automatically sent to your accountant. Also, it is very easy and simple to use, so an Accountant shouldn’t be required to generate your reports.
Pros & Cons of Cointelli Australia
- Fixed Price of $49USD, will suit almost everyone
- Simple and fast API integration to crypto exchanges, wallets, blockchains and DeFi platforms
- Delivers a range of American compliant Tax reports
- Accountants dashboard
- Excellent value for money
- Only available in America currently
- Limited range of crypto exchanges, wallets and services
- Not a crypto exchange so you can’t trade crypto
- Doesn’t provide an overview of your total crypto portfolio
Alternatives To Cointelli
Cointelli offers a great service, and is definitely great value for money. Similarly there are a few alternatives to consider, especially if you want a solution outside of America. These alternatives include TokenTax and Koinly.
TokenTax is a premium automated crypto tax reporting platform. Its base level plan is $65USD and covers 500 transactions which is a lot less than Cointelli. However, it only covers tax liabilities for Coinbase and Coinbase Pro exchanges. You would need to pay $199USD per year if you were after functionality on all exchanges and wallets.
The other crypto tax reporting service is Koinly. Koinly provides its services all over the world and integrates with over 350 crypto exchanges. The Newbie plan offered by Koinly also costs $49USD but has a transaction limit of 1,000. Also significantly less than what Cointelli offers. However, Koinly does provide country specific compliant tax reports. This includes America, Australia, the United Kingdom, Canada and more.
If you are an American searching for a compliant crypto tax reporting platform that provides great value for money. Then Cointelli is definitely the option. If you require a more global solution, or your crypto exchange/wallet isn’t available then Koinly may be a better option.
Is Cointelli Worth It?
If you are still reading this far into my Cointelli tax review then I am pretty confident you can guess my answer. Cointelli is by far the best value for money you can get in a compliant crypto tax reporting platform. Subsequently, Cointelli is definitely worth the $49USD to provide you with peace of mind knowing your tax reports are accurate.
If you are spending hours tracking your crypto portfolio in a spreadsheet. Then ask yourself isn;t there something else you would rather be doing? By using Cointelli you could get all that time back and have this done automatically for you.
Not only does the Cointelli tax app integration save you time, but it will also save your accountant time too. As a result this will save you money when it comes time to prepare your taxes.
That is why, in my opinion, spending $49USD to get an accurate, compliant tax report from Cointelli is definitely worth it. It prevents any worry around mistakes in crypto tax reporting and frees up time to do other enjoyable things.
If having automated, accurate and compliant tax reports that save you money and time sounds good to you. Then you are definitely going to love Cointelli. With a great product offering and the best value for money on the market, the Cointelli tax app is worth reviewing.
The API integration with multiple crypto wallets, blockchains, exchanges and crypto services as well as automated investment updates make Cointelli a great platform. It has the power to save you hours of time tracking your crypto tax liability. Not to mention save lots of billable hours from your Accountant in tax preparation.
Whether you have a simple or complex crypto portfolio, Cointelli will be a great solution for you. The only caveat to this is if your complex portfolio includes platforms that don’t integrate with Cointelli yet. In which case you should look at Koinly instead. Otherwise, Cointelli is a great platform to review your crypto tax liability through automated reporting.
Cointelli, automated USA compliant crypto tax reports. API integration to crypto exchanges, wallets, blockchains & services for a flat $49USD fee.
Sign Up Here
If after reading this Cointelli review you want to make your life easier with automated crypto tax reporting then you can sign up here. If you sign up through this link you will receive 20% off.