Can I Deduct Crypto Tax Software from my Taxes?
TokenTax content follows strict guidelines for editorial accuracy and integrity. We do not accept money from third party sites, so we can give you the most unbiased and accurate information possible.
Unless you are self employed, you cannot deduct tax preparation expenses from your taxes.
Until 2018, when Donald Trump’s Tax Cuts and Jobs Act (TCJA) went into effect, all taxpayers could deduct tax preparation fees from their taxes if they used itemized deductions. However, the TCJA eliminated this deduction for most people.
Today, you can only deduct tax preparation fees if you are self-employed. The TCJA ends in 2025, although it could be renewed. You are considered self-employed if you’re a contractor, freelancer, or small business owner.
If you are self-employed, you can deduct the following crypto tax preparation expenses:
The cost of crypto tax software
Fees from a tax professional, such as a crypto tax accountant or tax lawyer
Fees associated with e-filing
To stay up to date on the latest, follow TokenTax on Twitter @tokentax.