Coinbase Adds TurboTax To Exchange Platform To Support US Customers File Crypto Taxes
Coinbase Adds TurboTax To Their Platform To Support US Customers File Crypto Taxes
Earlier today, one of the biggest names in the crypto community, Coinbase, announced that they are adding more resources to their platform to help their users in the United States with their crypto taxes.
The announcement on their blog post said that they have added 3 major functionalities, first they added more resources to their platform to help customers with better crypto tax education. Second, they TurboTax is giving a discount for Coinbase Customers. Finally, they have integrated CoinTracker to their platform.
Let us take a look at each of the added features.
Resources For Better Tax Education
Customers are generally very confused about crypto taxes. They do not know if they qualify for a 1099-K or not. If they owe the government any taxes or not. The two things added are “Crypto and Bitcoin Taxes in the US, 2018 Edition” and “Tax Resource Center”, which is their new version of Coinbase Support for the tax season.
TurboTax is an American tax preparation software package. They have created a new crypto tax segment in its TurboTax Premier product allowing crypto traders to upload their transactions and account for gains and losses. The users can upload up to 100 Coinbase transactions at once and can get up to $20 discount on the services provided by TurboTax.
Most cryptocurrency exchanges cannot provide all of the transaction information you need to calculate your full cryptocurrency tax picture because doing so requires aggregation of all of a users’ transactions across all wallets and exchanges. CoinTracker does exactly this. They have partnered with Coinbase and TurboTax to make it simple to calculate and file cryptocurrency taxes.
People might criticize Coinbase to be centralized, however, there is no denying that they are trailblazers when it comes to pushing cryptocurrency adoption to the mainstream. Streamlining crypto taxes seems to be the latest in one of their endeavours.