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2026-01-19

How Investing vs Trading impacts tax

In most cases of buying and selling cryptocurrency as a retail investor, you are participating in investing rather than trading. The two are treated differently for tax purposes.

  • Investing is subject to capital gains tax or income tax, depending on the nature of the transaction.
  • Trading in this case refers to self-employment which is subject to income tax and National Insurance Contributions.

The key difference between investing and trading – along with the different tax treatments, is how losses generated in the crypto-activity can be used.

In their guidance, HMRC have explicitly stated that they would expect it to be exceedingly rare that any crypto-activity constituting buying & selling crypto would be classified as “trading”.

If you are uncertain, speak to a tax advisor as there are always exceptions, including but not limited to, developing tokens and large scale mining.

How is crypto tax calculated in the United States?

You can be liable for both capital gains and income tax depending on the type of cryptocurrency transaction, and your individual circumstances. For example, you might need to pay capital gains on profits from buying and selling cryptocurrency, or pay income tax on interest earned when holding crypto.

CoinLedger

CoinLedger is an accessible crypto tax platform with over 1,000 exchange and wallet integrations.

Best for: Users who want a simple, straightforward experience without complex DeFi needs.

Key differentiator: Offers an unlimited transaction plan for high-volume traders at a fixed price.

Pricing: $49 (100 transactions) to $499+ (10,000+ transactions).

Limitation: Does not generate Schedule D forms - you will need to complete this manually or with other software.

Notable: Strong NFT support with OpenSea integration.

CoinTracker

CoinTracker is a portfolio tracker and tax calculator supporting over 30,000 cryptocurrencies.

Best for: Users who prioritize portfolio tracking alongside tax reporting.

Key differentiator: Direct integrations with TurboTax and H&R Block Desktop.

Pricing: $59 (100 transactions) to $599 (10,000 transactions), with full-service options up to $3,499.

Limitation: Customer support is limited on lower-tier plans - priority support requires the $599 Ultra plan.

Notable: Good security with end-to-end encryption and SOC 2 compliance.

ZenLedger

ZenLedger offers both DIY crypto tax reports and professional full-service accounting.

Best for: Users who want tax loss harvesting included at every pricing tier.

Key differentiator: Tax loss harvesting is available on all plans, not just premium tiers.

Pricing: $49 (100 transactions) to $399 (15,000 transactions).

Limitation: Only offers 400+ exchange integrations - significantly fewer than competitors. Some users report customer support issues with long wait times.

Notable: TurboTax integration and 14-day refund policy.

blog
Jan 19
,
 
2026
 - 
10
min read

Product Update: Polymarket and Monad support now live

Summ now supports Polymarket and Monad. Import your betting and transaction data via wallet address or CSV for complete tax reporting.

Key takeaways
This tax guide is regularly updated: Last Update  

If you've been placing bets on when the next Stranger Things episode drops, who'll win the Super Bowl, or where Bitcoin's heading on Polymarket, here's your next win: Summ now supports Polymarket.

We've also added direct support for Monad EVM. If you're betting or transacting on either platform, your activity now imports directly into your tax reports.

Polymarket integration

Polymarket lets you bet on almost anything, from entertainment releases to election outcomes to crypto price movements. Popular? That's an understatement. It's one of the most talked-about platforms in crypto right now.

Your Polymarket activity now syncs directly into Summ for your tax reporting. Connect using your public wallet address or upload your data via CSV.

Monad EVM support

Monad is an EVM-compatible Layer 1 blockchain built for high-performance decentralized applications. If you're transacting on Monad, we support two import methods:

Wallet address import: Add your public wallet address in the integrations section. Your transaction history pulls in automatically.

CSV upload: Download your transaction data from Monad and upload it directly into Summ.

Either method gives you full transaction coverage for accurate tax reporting.

Getting started

More integrations means more complete data. When your transactions import automatically across all of the platforms you use, you spend less time hunting down CSVs and more time understanding your actual tax position.

Both integrations are live now. Log in or sign up to connect your accounts.

Questions about Polymarket or Monad imports? Contact support via the in-app chat.

The information provided on this website is general in nature and is not tax, accounting or legal advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek professional advice. Summ (formerly Crypto Tax Calculator) disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information in this website is no substitute for specialist advice.

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Try Summ today

Import your transactions and generate a free report preview.

Blog

16 January 2026

X

 Min read

Product Update: Polymarket and Monad support now live

Summ now supports Polymarket and Monad. Import your betting and transaction data via wallet address or CSV for complete tax reporting.

Team Summ

This tax guide is regularly updated: Last Update 

....

January

19

2026

If you've been placing bets on when the next Stranger Things episode drops, who'll win the Super Bowl, or where Bitcoin's heading on Polymarket, here's your next win: Summ now supports Polymarket.

We've also added direct support for Monad EVM. If you're betting or transacting on either platform, your activity now imports directly into your tax reports.

Polymarket integration

Polymarket lets you bet on almost anything, from entertainment releases to election outcomes to crypto price movements. Popular? That's an understatement. It's one of the most talked-about platforms in crypto right now.

Your Polymarket activity now syncs directly into Summ for your tax reporting. Connect using your public wallet address or upload your data via CSV.

Monad EVM support

Monad is an EVM-compatible Layer 1 blockchain built for high-performance decentralized applications. If you're transacting on Monad, we support two import methods:

Wallet address import: Add your public wallet address in the integrations section. Your transaction history pulls in automatically.

CSV upload: Download your transaction data from Monad and upload it directly into Summ.

Either method gives you full transaction coverage for accurate tax reporting.

Getting started

More integrations means more complete data. When your transactions import automatically across all of the platforms you use, you spend less time hunting down CSVs and more time understanding your actual tax position.

Both integrations are live now. Log in or sign up to connect your accounts.

Questions about Polymarket or Monad imports? Contact support via the in-app chat.

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Frequently asked questions

How is crypto tax calculated in Australia?

You can be liable for both capital gains and income tax depending on the type of cryptocurrency transaction, and your individual circumstances. For example, you might need to pay capital gains on profits from buying and selling cryptocurrency, or pay income tax on interest earned when holding crypto.

How does payment work?

We have an annual subscription which covers all previous tax years. If you need to amend your tax return for previous years you will be covered under the one payment.

Can I use my own accountant?

Yes, Summ (formerly Crypto Tax Calculator) is designed to generate accountant friendly tax reports. You simply import all your transaction history and export your report. This means you can get your books up to date yourself, allowing you to save significant time, and reduce the bill charged by your accountant. You can discuss tax scenarios with your accountant, and have them review the report.

Do you support NFT transactions?

We do! We have integrations with many NFT marketplaces, as well as categorisation options for any NFT related activity (minting, buying, selling, trading).

How does the free trial work?

The platform is free to use immediately upon signup, allowing you to import your transactions and take advantage of our smart suggestion and auto-categorisation engine, portfolio tracking, DeFi and NFT support. For access to reports, the tax loss harvest tool or chat and priority support, you will need to upgrade to the appropriate paid plan.

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Our application only ever requires 'read-only' access to your data.