TurboTax To Offer Crypto Traders Tax Service
The American company TurboTax, which develops software in the taxation field, has entered into a cooperation agreement with CoinsTax to present joint services to the crypto owners, as follows from a press release.
TurboTax opens a new section with the tax report option for crypto traders just at the time when the US IRS announced the deadlines for filing tax returns. The new solution will be obtainable in version 2018 Premier and higher.
Using the service, clients will be able to import information on trading straight from the Coinbase, Gemini, and Poloniex trading platforms. After calculating income, tax data is loaded right into Form 1040, Schedule D.
CoinsTax owns the Bitcoin Tax app, which allows customers to make calculations of the income and losses of a trader when trading bitcoin. According to CoinsTax chief Colin Mackie, the new section will simplify the filing of tax returns and preserve clients sufficient amount of time.
Taxation of crypto owners sometimes causes certain difficulties. The United States have long sought to streamline this procedure. In October 2018, the Advisory Committee at IRS called on the office to develop a document on crypto transaction taxes. Ohio was the first state to allow its residents to pay taxes using bitcoins in November 2018.
As previously reported, the Coinbase crypto exchange provided its users with an educational resource that will help them pay taxes.