Defitaxes.us — a website to do your defi taxes for free.

I posted this a year ago. I’ve been working on this cumulatively for about a year and a half now.

This is hands-down the best tool to do your blockchain taxes, however it will NOT automatically process everything for you. Your input is required to correctly classify many of your transactions, and there are tools to do it in a reasonable amount of time even if you have thousands of transactions (extremely ballpark estimate: 1 hour of work per 300 transactions or so, once you familiarize yourself with the available tools).

 

Most important features:

1) Support for 29 blockchains — including Ethereum, Solana, BSC, Polygon, Arbitrum, Avalanche, Fantom. Basically everything Etherscan team made scanners for + all Blockscout-based scanners + Solana, straight off the RPC.

2) Counterparty recognition — I page-scraped Etherscan&co label clouds for counterparty names (and also Solscan). What this means is in many cases I can guess who you are transacting with, which will help you identify the transactions. No competitor has this.

3) Custom types — this to my mind is the killer feature here. If you repetitively made the same kind of transaction many times, this allows you to apply the correct tax treatment to all of them at once. For example, if you claimed reward from some shitcoin.finance a hundred times, you need exactly three clicks to apply the right tax treatment to all of those rewards: click on one of those transactions, click on “select transactions with the same operation & counterparty”, and click on provided “Claim reward” custom type. No competitor has this.

4) Rebase & discrepancy detection — my site will query debank for your balances and compare it to what it calculated. If there’s a mismatch, that means it’s a rebasing token. I believe only Koinly has something similar.

5) Intuitive UI — every transaction is color-coded by how certain I am of processing it correctly.

6) It’s completely free, and will stay that way until it gets some traction. Then I am planning to charge a tiny percentage of your assets.

 

Biggest deficiencies — at the moment:

1) No support for CEX.

2) No way to upload your own data via CSV. You can add manual transactions one by one.

3) Lack of protocol-specific support.

4) No way to import data from the other tax tools.

5) US-specific.

 

I am neck-deep in DeFi myself and this was a labor of love to make a website that can actually be used to do your taxes (I tried several competitors and found them all lacking). I’ve done my own taxes using this last year, and will be doing them again using it. I have several thousand transactions across a bunch of blockchains.

Let me know what bugs and problems you encounter! And I also need help with it, let me know if interested!

1) I need a promotion guy (or gal). Someone with twitter following who can hawk this thing 🙂 So eventually it can be a real business.

2) A second programmer to work on, basically, deficiency #3 — churn out protocol support code so that most of our users’ transactions get correctly auto-classified. There are hundreds of protocols. I just can’t do it alone. Code’s in python.

3) A token-maker? Maybe? I dunno. On the one hand, I like money. On the other, I think it’ll distract from making core features and improving the product. I’ve tried several data providers for this thing and the ones with a token (Ankr, Covalent) were worse than the ones without (Debank, simplehash). Let me know. This is a real working project, a rarity among tokens.

Yes, I am not gonna pay you! This is solely in hopes of making this into a real business and profit-sharing in the future, or for an altruistic desire to make a defi tax tool that’s actually usable.

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