The cryptocurrency industry is gearing up to make the procedure of filing of taxes easier as CryptoTrader.Tax has integrated with the US tax software Intuit TuboTax.
As per David Kemmerer who is the co-founder of the company says that- Those who will file the taxes in the CryptoTrader will be automatically diverted to the TurboTax software and it is very easy as all it requires is importing the cryptocurrenct trades in the platform using the technology and the data will be updated automatically with the calculation of amount of the tax which is required to be paid.
Cryptocurrency has been classified as an ‘earned asset’ by Us’s Internal Revenue System. The filers will need to report the original value of coin which is followed by the market value of the coin in US dollar from the database.
Filers will also need to file the gain that they have incurred. It is believed by the experts that the lack of tax filing is also due to the ignorance of filing up the form as the instructions given by the committee is still unclear.
The Us-based crypto trader owe the property taxes on their crypto-coins but only if they will be traded.
CoinBase also added the resource for the customer to claim the cryptocurrency tax trade and has also provided the educational guide for filing the taxes. CoinBase has also integrated with the TurboTax and allows the users to import the transactions to the new platform automatically.
It is said that the TurboTax has partnered itself with the CoinsTax, LLC so that they can offer combined services for filing of income tax. The new service will be available for those who will purchase the 2018 premier edition and other versions.
Trading data will be exchanged from exchanges like Gemini, Poloniex and CoinBase.
Some of the Features TurboTax will include are:
Tax HistoryExpense estimatorDonation trackerMobile appsInvestment assistanceTax payment optionStock plans
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Source of Information: cryptonewsz.com
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