Crypto exchange Coinbase launches simplified tax filing service

time:2022-01-25 02:00 source:Internet

U.S.-based crypto exchange Coinbase announced on Monday the launch of a new “tax hub,” which showcases users’ taxable activities, including short- and long-term gains and losses. U.S. taxpayers must report cryptocurrency sales, conversions, payments, and income to the Internal Revenue Service (IRS), and these transactions may be taxed as capital gains/losses or as regular income. “We simplify the process by presenting each customer with a personalized summary of their taxable activity on Coinbase, broken down by realized gain/loss and miscellaneous income over time,” the company said. These amounts can be used to prepare and file tax returns to their personal accountant or directly using tax preparation software such as TurboTax." Coinbase further explained that users who rely on its Pro product or trade with external wallets can get free crypto tax reporting from its partner CoinTracker.

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