Partnership Between CoinsTax and TurboTax Online Allows Consumers to Import Crypto Gains
As regulatory measures are established in the United States, there is one fact that is certain – consumers will need to consider their crypto profits when they file taxes. The laws around this process are complicated enough, but a collaboration from BitcoinTaxes and TurboTax Online will make the entire process easier.
According to a report from PRWeb,
“CoinsTax, LLC, the owner of BitcoinTaxes (https://bitcoin.tax/) have announced that it has teamed up with TurboTax Online® from Intuit®. BitcoinTaxes now has a report that enables users to import their cryptocurrency capital gains directly into TurboTax Online.”
With the ability to use both of these entities, even the most relaxed traders will save time on preparing their taxes.
E-filing is already available to taxpayers that choose to use the 2018 Premier and higher versions of the tax service, which include the new section on cryptocurrency gains. Capital gains transactions will be imported into Form 1040 Schedule D with little effort for the preparer. Presently, the latest version is available for the importation of trading details from major exchanges including Coinbase, Gemini, and Poloniex.
CEO for CoinsTax, Colin Mackie, said,
“We are working with TurboTax Online to make filing crypto taxes much easier. Until now, tax preparation software has provided limited cryptocurrency support. The new Cryptocurrency section in TurboTax Online with its import from Bitcoin.Tax will save everyone a lot of time.”
Though there are not policies involving payment with the use of crypto at a general level, Ohio recently passed a law that allowed state taxes to be fulfilled with Bitcoin. For other locations, Coinbase presently has tax materials and educational resources for taxation in cryptocurrency. It also includes details about this recent TurboTax integration.
An advisory committee made a request to the IRS in October last year to provide more clarity to the taxation regulations that govern cryptocurrency, considering that the last ruling in 2014 determined that cryptocurrency would be classified as property. This is no longer the case.
At this time, TurboTax representatives have not been available to comment on this story.