Among the taxpayers in the US, who are forming a userbase on the popular cryptocurrency exchange platform Coinbase, are going to get support from Coinbase about tax matters.
Remarkably, Coinbase has teamed up with TurboTax, the tax-filing software which is provided by Intuit Consumer Tax Group. As a result of this association, Coinbase and Coinbase Pro customers can upload their transactions, gains and losses in 2018 directly to TurboTax Premier. The exchange claims that a user can upload as many as 100 transactions at once. TurboTax Premier is one of the products of the tax firm Intuit Consumer Tax Group. There will be a crypto-specific section on TurboTax Premier.
According to Coinbase, it provided the new resources for taxes to make the platform user-friendly. The exchange notes that it has come across the reactions of having confusion from the community regarding crypto transactions on their taxes. TurboTax Premier is able to guide customers on how to file their taxes from the last year. Also, one can use the recently introduced service using Coinbase’s retail platform, or its Android and iOS. For any additional assistance, a user can reach to certified public accountants or enrolled agents at Intuit.
Here, the tax firm Intuit says, “not every cryptocurrency transaction constitutes a taxable event, which is why we have tons of guidance to assist you in understanding and selecting which transactions are taxable while you are in TurboTax Premier.”
Coinbase revealed that it is publishing a “Crypto and Bitcoin Taxes in the U.S,” which is an educational guide on crypto and taxes for its customers. Along with joining with TurboTax and CoinTracker, the largest US-based exchange is also inaugurating a tax resource center. But, further Coinbase admits that it “is not authorized to give tax advice.” It advises its user base to get in touch with a tax professional for questions they may have. Coinbase adds, “our goal is to be the easiest-to-use cryptocurrency exchange by providing the tools and resources that help customers approach tax season with confidence.”
Coinbase has been quite active in terms of the expansion of its services in 2018 despite the bear market. In the past year, it announced support form tokens like Ethereum Classic (ETC), Zcash (ZEC) and Basic Attention Token (BAT). Additionally, Coinbase enabled an over-the-counter (OTC) trading desk for institutional investors, back in November.