LukkaTax Features Include...
Comprehensive Coverage
- Support for crypto-crypto, margin/shorting, mining income transactions
- 3700+ crypto assets supported
- File integration with most popular crypto exchanges and wallets to provide the most comprehensive calculation
Industry-Trusted Accuracy
- Variable cost basis methods to support crypto transactions
- Optimize your gain/loss using accounting methodologies of your choice (FIFO, LIFO, Optimized)
- Uses the only Fair Market Value pricing methodology
Security
- The only SOC 1 Type 2 crypto tax provider
- Multi-factor authentication
Downloadable Gain/Loss Reports
- Flexible outputs to use with your traditional software
- Detailed tax lot, unrealized holdings, and income reports
Do I need to report gains, losses, and other income involving crypto transactions on my tax return?
Yes, you always need to report any income (including capital gains) on your tax return to the IRS. Additionally, transactions involving crypto currency are attracting greater attention from the IRS.
Note: there have been multiple public actions and communications on this topic including:
Summons on crypto exchanges trading activity
Notification letters to exchange customers
IRS warning letters to virtual currency owners
IRS FAQs on virtual currency transactions
IRS ruling on Forks and Airdrops
Please consult your professional advisors before making any tax, legal or accounting decisions.
What if I had gains or losses in prior years and didn’t report them?
The IRS has indicated taxpayers should amend prior year returns. To support our customers, LukkaTax software is built to handle multiple tax years. A subscription to LukkaTax is specific to a particular tax year. You can extend your subscription to add additional tax years when you pre-order or you can add them throughout the tax year.
Note, LukkaTax will generate an unrealized holdings (or “roll-forward” report”) if applicable that you can use in subsequent years. If you are buying LukkaTax subscriptions for multiple years, we recommend starting with your earliest year first.
Which exchanges and wallets does LukkaTax support?
LukkaTax can accept data from any exchange and/or wallet providers provided they offer required fields. LukkaTax accepts batch files or you can add individual trade and/or transfers through our interface.
Additionally, for your convenience, we have mapped trade and transfer files (usually .CSV) for a significant number of exchanges and wallets that you can drag and drop into LukkaTax. We will continue to add to this list based on customer demand.
What types of transactions does LukkaTax support?
LukkaTax supports crypto trades (crypto/fiat pairs, crypto/crypto pairs, including margin/shorting), transfers (on/off blockchain, sometimes labeled withdrawals or deposits in transaction files), airdrops (often resulting from forks), income (from mining, staking, interest, etc) and has several methods to import or input this data through our guided experience. After importing all of your transactions, LukkaTax will convert it all into a uniform format to ensure like assets are grouped and can be matched using one of several accounting methods (FIFO, LIFO, Optimized).
How do I get access to LukkaTax?
First, purchase LukkaTax using one of the Sign-up buttons on this page. You will be sent an account activation email through which you may activate your account and set up your user name and password. Then, bookmark the signup/login page for future use or use the Login button on this page to return to the LukkaTax app.
FAQs
© 2020 Lukka, Inc. | All rights reserved.
The Preferred Solution of...
Have you saved this tax season?
Prepare your cryptocurrency taxes and see your summary for free.
No limit on number of transactions, exchanges or wallets.
Terms and conditions apply.
The IRS is asking...
For the 2019 tax season, the IRS is explicitly asking ALL taxpayers about their cryptocurrency, or "virtual currency".
Use LukkaTax with whatever traditional software you use.
Use the software that the pros count on for accuracy.
Refile and potentially get money back from previous year returns.
Join the thousands of weekly tax filers who have saved this tax season.
*Customer names and/or photos may have been anonymized for privacy purposes, but all quotes are from actual customers.
Why is my gain/loss lower in LukkaTax?
Know what questions to ask.
Are my acquisitions and disposals matched?
Exchange level matching? or across all my data?
What pricing source is used to derive "Fair Market Value" (FMV) for cost basis?
How do you treat my trade fees in USD? What about the fees in crypto?
1.
2.
3.
If the answer is yes, you are likely going to pay more taxes than you are required to.
Ensure matching is "global" across all of your accounts for each like asset.
If the answer is a third-party "index" or "VWAP" then you aren't using an executed exchange price which may misrepresent FMV.
This may result in an inaccurate cost basis or proceeds value.
USD fees on an acquisition should adjust your cost basis. Ignoring them is plain wrong.
Crypto is a capital asset, so make sure crypto fees are treated as disposals and the value in USD adjusts your cost basis.
Not all crypto tax software is created equally.
See your capital gains in FIFO, LIFO, and Optimized, side-by-side for FREE.
Select your preferred method and generate all of your reports for ONLY $39.95.
LukkaTax organizes all of your messy cryptocurrency data into clean tax lots for each of your cryptocurrency assets so you can report your capital gains accurately. Income is also calculated if you have situations such as mining and staking that should also be reported.
Make crypto less cryptic this tax season.
LukkaTax has mapped all of the most common exchange and wallet files for you so that you can drag and drop them without having to figure out all of the formats.
Easily import your trades.
Reduce your taxable income.
Download detail tax reports.
Why don't we use APIs?
Simply put, they are unreliable. Lukka DOES use APIs in some other products when they are appropriate to use, but for tax reporting, why risk missing a transaction? Just drag and drop your files.
Margin?
Yes, LukkaTax helps you identify and sort through all of these situations so that you can trust that you've done everything possible to optimize your crypto for tax reporting.
Staking?
Shorting?
Missing cost basis?
Missing
acquisitions?
Mining?
Download all of the attachments and forms that you need.
LukkaTax gives you flexibility when downloading the reports that you need to file your taxes. Download your Crypto 8949, Schedule 1, attachments if you have more tax lots than will fit on a single form OR download your lots in CSV format with all the exchanges listed and lots matched for you.