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    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

    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.

    CoinTracker

    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.

    https://twitter.com/cointracker_io/status/1088590812529647616

    Final Take

    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.

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    Sritanshu Sinha
    Sritanshu Sinha
    Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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