Saturday, February 27, 2021
Home Crypto News Market Coinbase Users Will Be Able To File Tax Reports By The Coin...

Coinbase Users Will Be Able To File Tax Reports By The Coin Tracker Service

- Advertisement -

Cryptocurrency exchange Coinbase has partnered with tax software provider CoinTracker to make it easier for its users to file tax reports.

CoinTracker co-founder Chandan Lodha said that the service will allow American users of Coinbase to calculate profits and losses from cryptocurrency trading. With CoinTracker, traders will also be able to fill out Form 8949 and Appendix D to declare their digital assets.

The tool can be used by individuals and accountants, as well as used as a supplement to the TurboTax program for tax reporting. Previously, the investment division of Coinbase Ventures invested in CoinTracker, but the amount of investments was not disclosed.

Lodha said that CoinTracker will help increase the legitimacy of the cryptocurrency industry and gain the trust of regulators in digital currencies. The US Internal Revenue Service (IRS) will make sure that people make legitimate transactions with cryptocurrencies and pay taxes, so the regulator’s trust in trading platforms and traders should increase.

The IRS has repeatedly sent letters to cryptocurrency investors demanding that they pay taxes on income from cryptocurrencies, which they did not report when filling out their tax return. Misrepresentation or concealment of such information is considered tax fraud in the United States. This can lead to fines, and even jail time.

Last month, the IRS added a para about cryptocurrencies to the main part of Form 1040, which is filled out by American citizens when filing tax reports. Previously, not all taxpayers could answer the question about owning cryptocurrencies.

Recall that six months ago, Coinbase began working with the IRS and the Drug Enforcement Administration (DEA), which allowed them to use the analytical tools of Coinbase Analytics to analyze the blockchain and track cryptocurrency transactions.

Join Our Community: Twitter, Facebook, Telegram

Donate Crypto

We are a small team striving to provide best content on Cryptocurrency. 

Your Donations will keep us alive.














Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

ASIC Miner Manufacturer Ebang To Start Mining LTC And DODGE

Mining equipment manufacturer Ebang, which is engaged in Bitcoin mining, plans to expand mining operations on Litecoin (LTC) and Dogecoin (DOGE). For mining these cryptocurrencies,...

Cardano Founder Welcome Dubai Firm FD7 Decision To Sell $750 Million Of Bitcoin To Buy Cardano And Polkadot

The Dubai-based crypto fund 'FD7 Ventures' will sell over $750 million in Bitcoin in the coming month to buy Cardano and Polkadot, The company...

Just Starting In Crypto And Confused About All The Crypto Wallet Jargon?

Getting into the cryptocurrency world means that you need to understand the industry background and some of the necessary technical terms and concepts. So,...

President Donald Trump NFT Sold For Record 6.6 Million USD

Digital artwork "Crossroad" by artist Mike Winkelman, known as Beeple, sold for a record $6.6 million. The Non Fungible token (NFT) contains an image...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly