All of ZenLedger's plans include comprehensive tax reports for your cryptocurrency activity. Below are the IRS tax forms that we provide, in addition to the unique additional forms that can only be found in the ZenLedger software.
Forms we provide:
IRS Form 8949 - This form is used to report capital gains and losses from your crypto investments. It accounts for sells and trades you have made throughout the tax year.
IRS Schedule D - This form is used to compute capital gains and losses incurred during the tax year. It takes subtotals from the Form 8949 and then calculates the gain or loss in aggregate.
FINCEN 114 and FBAR - This form must be filed if you have a financial interest in foreign financial accounts that exceeds $10,000 at any time during the year. ZenLedger provides your peak holdings number for the year in non-US Based accounts so you know if you need to file this form or not. This form is filed with the the Office of Financial Crimes Enforcement Network (FinCEN), separate from your tax return.
FATCA - This is the Foreign Account Tax Compliance Act. ZenLedger calculates your Foreign Exchange Holding amount so you can know if you need to file the Form 8938 with your annual tax return to comply with FACTA. This form needs to be filed if you hold foreign financial assets of at least $50,000 on the last tax day of the year or $75,000 at any point throughout the year. This includes cryptocurrency that is held in non-US based exchanges.
Grand Unified Accounting - This is a unique product feature you will only find within the ZenLedger software! It is an Excel spreadsheet you can download within your account that provides a detailed summary of all of your transactions and tax liability. It’s based on every transaction you’ve uploaded as well as the cost basis option you’ve selected.
Tax Loss Harvesting - This form provides an automatic analysis of your trade history and offers a list of tax savings opportunities to take advantage of (coins you can sell at a loss) before the annual December 31st deadline.
The tax reports that we provide are the necessary tax reports needed for comprehensively reporting your cryptocurrency taxes. We are not a full tax reporting software like TurboTax or TaxAct, so, you will need to combine what ZenLedger offers with a service like TurboTax or TaxAct to complete your tax return (if you are filing without the services of a CPA). For more information on how to import your reports from ZenLedger into TurboTax (which we have direct integration with!) please review this article.