Count on Sheep Guides

What Is Count On Sheep?

Count On Sheep is a crypto tax software platform built specifically for active traders, DeFi users, and NFT collectors who need more than basic exchange CSV imports. It connects to over 300 exchanges via API or CSV upload, automatically imports your full transaction history, and calculates your capital gains, losses, and income in a format ready for tax filing. Unlike generic tax tools that were retrofitted for crypto, Count On Sheep was designed from the ground up to handle the complexity of modern crypto portfolios.

The platform covers spot trading, futures and perpetual contracts, staking rewards, yield farming income, liquidity pool positions, NFT purchases and sales, and on-chain DeFi activity. If you've traded on multiple exchanges, hold assets across several wallets, or have years of transaction history to reconcile, Count On Sheep is built for exactly that use case. It's used by both self-filing traders and CPAs who need clean, verified reports before preparing returns.

How Count On Sheep Works

Getting started with Count On Sheep follows a straightforward workflow. First, you connect your exchanges and wallets — either via read-only API keys or by uploading CSV transaction exports. The platform supports over 300 exchanges including Coinbase, Binance, Kraken, Bybit, OKX, and most major platforms. For on-chain activity, you can connect Ethereum, Solana, and other wallet addresses directly so DeFi transactions are automatically pulled in.

Once your data is imported, Count On Sheep automatically categorizes each transaction — buys, sells, swaps, staking rewards, LP deposits, and more. It calculates your cost basis using your chosen accounting method (FIFO, HIFO, LIFO, or Specific ID) and computes your realized gains and losses for each taxable event. The final output is a set of IRS-ready tax reports including Form 8949, Schedule D summaries, and income reports that you can download, hand to your CPA, or file directly.

Key Features That Set Count On Sheep Apart

Count On Sheep's standout capability is its DeFi and NFT coverage. Many competing tools handle basic exchange trading well but fall apart when you introduce on-chain activity. Count On Sheep natively supports token swaps on decentralized exchanges, liquidity pool deposits and withdrawals, yield farming reward income, lending protocol interactions, and staking rewards across major proof-of-stake networks. Each of these activity types is classified correctly and assigned appropriate tax treatment.

For NFT traders, Count On Sheep tracks purchases, sales, mints, and royalties across multiple marketplaces including OpenSea, Blur, and others. It preserves cost basis per NFT and handles the edge cases that break other tools — including gas fees as part of cost basis, royalty payments as deductible expenses, and bridging activity between chains. Futures traders benefit from automatic Section 1256 classification and 60/40 gain/loss splitting, which can significantly reduce the overall tax rate on futures P&L.

Additional features include multi-year history reconciliation, unknown cost basis identification and resolution tools, transfer matching to prevent wallet moves from appearing as taxable sales, and a CPA collaboration mode that lets your tax professional review your data before filing.

Count On Sheep Pricing — What Each Plan Includes

Count On Sheep offers tiered pricing based on transaction volume, which makes it accessible for casual traders while scaling up for high-frequency users. The entry-level plan covers basic exchange trading for users with a few hundred transactions per year and includes the core tax reports. It's a good fit for someone who only trades on one or two centralized exchanges and doesn't have complex DeFi activity.

Mid-tier plans expand the transaction limit and add DeFi support, NFT tracking, and multi-chain wallet connections. These plans are designed for active traders who use both centralized exchanges and on-chain protocols. The top-tier plans remove transaction limits (or set them very high), include priority support, and offer advanced features like HIFO optimization, multi-year reconciliation assistance, and access to CPA review services. Pricing details and the latest plan structure are available on the Count On Sheep website.

Count On Sheep vs CoinTracker vs Koinly

All three platforms handle basic exchange import and capital gains calculation, but they differ meaningfully in DeFi support, NFT handling, and cost basis method flexibility. Here's a quick comparison of the key dimensions:

The right choice depends on your portfolio. If you have significant DeFi or futures exposure, Count On Sheep's native support for those activity types is a meaningful advantage. For simple spot-only portfolios, any of the three will handle the job.

How to Get Started With Count On Sheep

The onboarding process is designed to get your full transaction history into the platform as quickly as possible. Start by creating an account at Count On Sheep and selecting your plan. Next, connect your exchanges — either by entering read-only API keys (the preferred method, as it pulls complete history automatically) or by uploading CSV exports from each platform. Add any on-chain wallet addresses so the platform can scan your DeFi and NFT activity directly from the blockchain.

Once imports are complete, review your transaction list. The platform will flag any issues — missing cost basis, unmatched transfers, unknown wallet movements — so you can resolve them before generating your reports. After cleanup, select your preferred cost basis method (FIFO is the default; HIFO is often more tax-efficient for long-time holders) and generate your tax reports. Download Form 8949, your Schedule D summary, and any income reports, then provide them to your CPA or import them directly into your tax filing software.

Frequently Asked Questions