Summ Review: Crypto tax reporting and portfolio tracking

Sum originally launched as Crypto Tax Calculator, but rebranded as Summ after expanding its features to include broader tracking and accounting tools. Summ is an Australian-based company headquartered in Sydney, but serves a global audience, with support for many countries around the world.

Here’s a closer look at Summ’s key features:

Portfolio tracking and tax reporting

Sum brings together your crypto transactions from different sources so you can view them in a single dashboard. This tracking feature displays your holdings, transaction history, and realized profits or losses on your connected accounts.

You can generate tax reports that support tax reporting requirements in your home country. This includes capital gains summaries and income reporting for wagering rewards and similar income.

For US taxpayers, Summ’s reporting meets IRS standards and includes Form 8949 and Schedule D documentation. If you have frequently traded or used DeFi platforms, Summ’s automation can significantly reduce your tax preparation time.

Summ offers extensive integration support, which is one of its biggest strengths. According to Summ, the platform connects to more than 3,500 crypto exchanges, wallets and blockchain protocols worldwide, allowing users to automatically sync their transaction data.

The robust syncing is great for crypto investors, many of whom tend to spread their activities across multiple exchanges and wallets.

Crypto accounting for Web3 companies

Web3 companies use blockchain technology and decentralized networks instead of traditional internet platforms. Summ offers special accounting tools for these types of companies, allowing them to track treasury holdings, categorize on-chain transactions, and maintain appropriate accounting records. This is something that most traditional accounting software programs struggle with.

You can get started with Summ for free. It allows you to import transactions and use the automatic categorization engine, portfolio tracking, SeFi and NFT support, and smart suggestions. You must upgrade to a paid subscription to access tax reports, Summ’s tax loss harvesting tool, and priority customer support. If you’re upgrading, here’s a closer look at US pricing:

How does Summ compare?

Summ is unique in that it offers not only crypto portfolio tracking but also crypto tax reporting.

Delta by eToro doesn’t offer the detailed tax reporting that Summ does, but like Summ, it lets you connect your crypto wallets and exchanges and provides a consolidated view of your transactions for seamless portfolio tracking. If you’re just looking for portfolio tracking, Delta is worth considering as an alternative to Summ. It does offer a free tier, but it is very limited.

Kubera is another wealth tracking app that allows users to track a wide range of asset classes under one roof, including crypto, stocks, and precious metals. You can even manually add assets such as cars, houses and private equity. Kubera syncs with over 20,000 brokers, but does not offer detailed crypto tax reporting like Summ. However, if you’re a high-net-worth investor who invests in multiple asset classes, Kubera can handle just about anything you can throw at it.

That’s possible Open an account with Summ in just a few minutes by clicking the purple “Get started for free” button in the top right corner of the homepage. You must provide Summ with an email address and create a secure password. Once your account is opened, you will be prompted to connect your exchange accounts and wallets via API integrations or wallet addresses.

Once you sync your accounts, Summ will import and automatically organize your transaction activity. You can then review and fine-tune your activities before generating tax reports for your tax return.

Sum takes several steps to protect the security and privacy of its users. This includes using a read-only integration model, with API connections that allow Summ to access transaction data without moving funds or making transactions. Although Summ uses secure authentication methods to protect your data, you should always follow standard account security practices, including enabling two-factor authentication.

How do I contact Summ?

If you have any questions or need assistance, please email Summ’s support team at [email protected]. While the company doesn’t list a customer support number, it does list a phone number for its Sydney headquarters:
(02) 9806 3063

Is it worth it?

Sum is best suited for investors who have gone beyond a simple buy-and-hold crypto investment strategy. If you use multiple exchanges, have participated in DeFi, or have been earning staking rewards, your tax return can quickly become more complicated and you may want to consider using a platform like Summ.

Summ’s cheapest plan costs a reasonable $49 per year and includes most of the basic features, including unlimited integrations and up to 100 annual transactions. It even supports TurboTax integration.

If your crypto holdings are minimal and you are following a buy-and-hold strategy, you are better off saving your $49 and generating your own tax forms.