Can I Deduct Crypto Tax Software from my Taxes?

Individual taxpayers used to be able to deduct tax preparation fees, but this changed in 2018. Find out if you can still write them off.

Hannah Foltz
ByHannah FoltzUpdated on April 28, 2022 · minute read

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Key Takeaways

  • 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:

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Hannah Foltz
Hannah FoltzBrand Strategy & Insights at TokenTax
Hannah, who holds an MA in technical communication, joined TokenTax after working in B2B brand strategy.

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