Summ Review: Crypto Tax Reporting And Portfolio Tracking

What Is Summ?

Summ 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 with headquarters in Sydney, but it serves a global audience, with support for many countries worldwide. 

What Does It Offer?

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

Portfolio Tracking And Tax Reporting

Summ brings together your crypto transactions from various sources, allowing you to view them in a single, unified dashboard. This tracking feature displays your holdings, transaction history, and realized gains or losses across your connected accounts.

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

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

Integrations

Summ offers extensive integration support, which is one of its biggest strengths. According to Summ, its platform connects with over 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 activity across multiple exchanges and wallets. 

Crypto Accounting For Web3 Businesses

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

Are There Any Fees?

You can get started with Summ for free. It allows you to import transactions and use its auto-categorization engine, portfolio tracking, SeFi, and NFT support, and smart suggestions. You will need to upgrade to a paid plan to access tax reports, Summ’s tax loss harvest tool, and priority customer support. If you do upgrade, here’s a closer look at U.S. pricing: 

How Does Summ Compare?

Summ is unique in that it not only offers 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’s 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 to over 20,000 brokerages, but it doesn’t 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.  

How Do I Open An Account?

You can open an account with Summ in minutes by clicking the purple “Get Started for Free” button in the top-right corner of its homepage. You’ll need to provide Summ with an email address and create a secure password. Once your account is open, you’ll be prompted to connect your exchange accounts and wallets via API integrations or wallet addresses.

Once you’ve synced your accounts, Summ will import your transaction activity and automatically organize it. You can then review and reconcile your activity before generating any tax reports for your tax filing. 

Is It Safe And Secure?

Summ takes several steps to protect its users’ security and privacy. This includes using a read-only integration model, with API connections that allow Summ to access transaction data without moving any funds or executing trades. While 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 questions or need help, you can email Summ’s support team at info@summ.com. While the company doesn’t list a customer support number, it does display a phone number for its Sydney headquarters:
(02) 9806 3063

Is It Worth It?

Summ is best suited for investors who have moved beyond a simple buy-and-hold crypto investing strategy. If you’re using multiple exchanges, have participated in DeFi, or earned staking rewards, your tax reporting could quickly become more complicated, and you might want to consider using a platform like Summ. 

Summ’s lowest-priced plan is a reasonable $49 annually, and covers most basic features, including unlimited integrations and up to 100 annual transactions. It even supports TurboTax integration. 

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

Check out Summ here >>