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Frequently Asked Questions

Below is a collection of answers to frequently asked questions about the Ledgible Crypto platform (Ledgible FAQ) and how it can help you integrate cryptocurrency into your accounting, tax, and audit efforts. If you don’t see an answer you need, chances are you can find it on our extensive knowledge base, or by simply reaching out to our team. Both options are linked below.

Which cryptocurrencies / blockchains / wallets / exchanges does Ledgible support?

See the list of our supported chains on our Supported Integrations page. Rest assured that we are constantly vetting and evaluating new integrations to support, so don't hesitate to ask if you don't see one you need.

Which accounting platforms does Ledgible support?

We are proud to offer certified integrations for Xero, QuickBooks Online and Netsuite. Through these integrations, you can keep your cryptocurrency assets in sync with your existing Chart of Accounts and run reports. We also offer file-based integrations for many other systems.

What kind of reporting does Ledgible provide?

We offer a core set of reports, including wallet balances, capital gain and loss and exchange orders among many others that allow you to filter and view your entire crypto portfolio in meaningful ways. See our Ledgible Accounting page for more information.

I don't see an integration that is critical to my business or asset portfolio, how will I know if you can support it?

Our team is constantly adding and improving the integrations on the Ledgible Crypto platform. If you don't see something you need, please reach out and ask us if it is on our roadmap.

What happens if I cancel my subscription?

There are no commitments required for our custom monthly plans. These can be canceled at any time once your subscription starts and you can download all of your data at any point. If you signed up for an annual commitment, we will prorate your refund based on the Monthly (non-discounted) rate for the months you were subscribed to the platform.

Where can I learn more about how the Ledgible platform works?

We maintain an active knowledge base for Ledgible users that is populated with detailed instructional content.

Do you pay taxes on crypto?

Yes according to the IRS cryptocurrency guidelines, the sale or other exchange of virtual currencies, or the use of virtual currencies to pay for goods or services, or holding virtual currencies as an investment, generally has tax consequences that could result in tax liability. 

How much is crypto taxed?

Crypto currency tax obligations vary greatly in complexity. Generally speaking, your tax obligations will be based on disposal events. If the disposal date is less than a year after acquisition, it can be considered short-term capital gains and you will be taxed based on your income bracket. If the virtual currency is disposed later than one year, it is considered long-term capital gains and the tax rate is 0%, 15% or 20% depending on your taxable income and filing status.

How can I figure out my specific crypto tax obligation?

By using Ledgible Crypto Tax, you get clear reporting on the gain and/or losses you have incurred during the tax year.

When do preparers get charged when they sign up for Ledgible crypto Tax Pro?

Ledgible Crypto Tax Pro offers flexible billing models. Professionals can bill their clients directly through their practice, or simply have their clients handle payment on their side. Either way, payment happens at the time of report generation. That means you can help your client get their data into the system and see estimated gain/loss without spending a dime.

Which professional tax software does Ledgible offer integrations into?

Ledgible Crypto Tax Pro offers native integrations with Thomson Reuters UltraTax, & GoSystem along with CCH Axcess and all other major professional tax tools.  Our consumer product also integrates with TurboTax. For both professional and consumer tax programs, if native integrations aren't offered, reports from Ledgible can be simply uploaded into your tax software of choice for easy crypto tax filing.

Does Ledgible offer current year planning capabilities to properly account for your crypto tax burden?

Yes. Ledgible offers free, integrated current year planning functionality with its tax products. This industry-leading capability allows consumers and professionals to properly account for cryptocurrency gains and losses throughout the year, not just in the annual tax preparation process.

I'm a tax professional, why do I need to use Ledgible for cryptocurrency taxes?

Ledgible is the only SOC 1 & 2 Audited cryptocurrency tax solution that offers client and team management portals,  an intuitive UI, complimentary use until reporting, transaction tracing for complex crypto scenarios and so much more. In simple terms, for tax preparers confused about the complex cryptocurrency space, Ledgible makes crypto data, legible.

How can I trust Ledgible with my cryptocurrency data?

All tools in the Ledgible Platform are AICPA SOC 1 & 2 Audited. This means that our tools meet and exceed accounting industry data security standards and pass a series of independent inspections.

Ledgible handles cryptocurrency data for many of the top FinTech and Crypto companies around the world. We have rigorous standards and procedures from a security and privacy standpoint for the handling of data.

We’ve taken great measures to make sure that our users’ data is safe. We’ve brought in external auditors to test our systems and include constant security monitoring as part of our operations. We have both SOC1 and SOC2 certification, which makes Verady one of only a handful organizations in the world that is audited and certified to those standards for financial reporting of crypto asset data.

Our platform strictly is for reporting purposes and has no capability to trade or manage any movement of funds whatsoever and we explicitly instruct and use read-only or audit level access for any exchange access and only use public keys for blockchain direct access.

 Feel free to reach out at any time if you run into difficulty adding your data from a particular source and we'll be glad to provide professional guidance.

Does Ledgible offer support for DeFi and NFTs?

Yes, the Ledgible Platform offers full support for DeFi and NFT trading.

I thought cryptocurrency transactions weren't taxed?

Unfortunately for those looking to avoid crypto taxes, the IRS classifies cryptocurrency as property, meaning that buying, selling, trading, or exchanging digital currencies incurs a tax burden in the form of a gain or loss. The IRS is also stepping up its enforcement of those who avoid crypto taxes as well. Luckily, with the Ledgible platform, you don't have to spend hours or weeks compiling your data - just connect your exchanges and Ledgible delivers all the necessary reports and forms you need.

How do I choose which tool in the Ledgible Product Suite to use?

If you're a tax professional or CPA, Ledgible Crypto Tax Pro is the tool for you. If you're a consumer looking to file your own taxes, then choose the Ledgible Crypto Tax - Consumer. Finally, if you're looking for business or enterprise accounting tools for cryptocurrencies, choose our Enterprise Accounting product. All products allow users to get started with the tools first, before setting up payment details.

Does Ledgible offer flexible billing options?

Ledgible Crypto Tax Pro is the only professional crypto tax solution with flexible billing models and no upfront costs. Tax professionals and CPAs can get started with the tools for free, allowing firms to onboard their clients and internal teams without getting billed. Payment for Ledgible occurs at the time of reporting and can be handled one of two ways. Preparers can allow for client pay, meaning that their clients pay for the use of Ledgible directly to us. In the client play model, tax firms never have to pay a dime for the use of Ledgible. Ledgible can also be set up as preparer pays, where firms pay for each report pulled through the tool. In this scenario, tax firms can upsell their cryptocurrency services and bundle Ledgible together for clients into their firm's cryptocurrency tax offerings. Either way, Ledgible is the most affordable and secure professional cryptocurrency tax solution on the market. Designed by professionals, for professionals.

What do I do if I need technical support while using Ledgible? 

Don't see the answer you need? Ask our team now here: ledgible.io/contact

Need Ledgible instructions? Check out the Ledgible Knowledge Base here: verady.zendesk.com

I don't understand cryptocurrency, where can I go to learn more about the industry and its tax laws?

Ledgible employs a team of cryptocurrency and digital currency experts that produce industry-leading support material, both for customer use and for use by business partners. At the top of this page, you can visit our blog and/or our Learning tab to explore all of the cryptocurrency learning material we have on file.

What is a cryptocurrency taxable event?

A taxable event in cryptocurrency is generally a sale or trade of a digital asset. Taxable events occur when a crypto asset is traded/exchanged for cash or another cryptocurrency. Exchanging cryptocurrency for a good or service is also a taxable event. When transferring cryptocurrency from an exchange to another, one wallet or another, or converting digital currency to another, the IRS views all of these transactions as unique taxable events. Cryptocurrency often requires a string of transactions to fully convert or sell the assets. In these scenarios, Ledgible's transaction tracing capability allows users to minimize their tax burdens without having to worry about fully tracing the path of each transaction through various blockchains.

Will I get audited if I traded cryptocurrency?

The IRS is ramping up its enforcement of cryptocurrency tax evasion. For anyone that has failed to report cryptocurrency transactions in the past, now. is the time to report past capital gains and losses. Luckily, Ledgible works for past tax years too, automatically allowing you to generate reports after hooking up your accounts. If you're worried about getting audited, compiling your cryptocurrency taxes with Ledgible is the best solution.
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