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Coinbase integrates with TurboTax to help US clients in payment of taxes

TurboTax will help customers Coinbase to pay taxes

Coinbase customers who need to file tax returns in the United States, will be able to do this with the help of TurboTax, the tax-filing software offered by Intuit Consumer Tax Group.

This week the companies announced a collaboration, whereby customers Coinbase and Coinbase Pro will be able to download own transactions and data on income and expenditures in TurboTax Premier is one of the products of the tax firm. According to a press release Coinbase, customers will be able to upload up to 100 transactions at a time. According to representatives of the exchange, the integration will be carried out directly via the Coinbase retail platform or its apps for Android and iOS.

TurboTax Premier will provide clients with assistance in filing their tax returns over the past year. Clients who need additional help can use the services of certified public accountants or agents of the Intuit Consumer Tax Group.

One of the representatives of Intuit said:

"Not every cryptocurrency transaction is taxable. We can provide a large number of recommendations that will help you understand what transactions are taxed and how to make such transaction through TurboTax Premier".

He also said that customers who convert cryptocurrency into fiat, selling cryptocurrency, spent for payment of goods and services, or receive free coins through the fork, will need to report that as income.

The list of transactions that are not taxable include customers who bought cryptocurrencies and have not yet sold, gifted cryptocurrencies (with each gift valuing less than $15,000 per recipient) or purchased cryptocurrencies with a Self-Directed IRA or Solo 401(k).

In addition to cooperation with TurboTax and CoinTracker, Coinbase is also launching tax resource center and preparing for publication guide called "Taxes on cryptocurrency and bitcoin in the United States" to help their clients to clarify any questions related to tax obligations.

Coinbase also has agreed to integrate service CoinTracker uniting all cryptocurrency assets and transaction history in one place. The service is supported by the venture capital Fund Y Combinator, which was created by former Google employees.

CoinTracker co-founder Chandan Lodha said:

"We believe that an open financial system improves the world, but we don't have it because it is too difficult to use. Therefore, we are pursuing a different goal: to make the use of cryptocurrencies as simple as possible and convenient. Our first step towards achieving this goal apply to taxes on cryptocurrency".

The company supports more than 2,500 cryptocurrency, and it also has automated integration for the 20 largest cryptocurrency exchanges. The platform tracks every day more than $ 200 million in cryptocurrency assets.


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