Saturday, May 21, 2022
Home Crypto News Exchanges Coinbase Launches Cryptocurrency Tax Feature To Help Customers With Taxable Crypto Gains

Coinbase Launches Cryptocurrency Tax Feature To Help Customers With Taxable Crypto Gains

- Advertisement -
Follow-Us-On-Google-News

Popular cryptocurrency exchange Coinbase has launched a tax solution dubbed Coinbase Tax Center to enable its customers to better understand and file their crypto taxes without hassles. 



Announcing the development in a blog post, Coinbase said the move will allow its customers to view their crypto taxes on one platform in order to determine whether they are owing to the Internal Revenue Services (IRS) and how much that is being owed. 

Customers will not be required to pay a dime for the service throughout their activities on the San Francisco-based exchange. 

However, the exchange said it will generate tax reports of up to 3,000 cryptocurrency transactions that involvesending or receiving crypto from Coinbase Pro or external wallets.” 

Coinbase Writes:

“This tax season, we’re introducing a tax center so customers can understand and file their crypto taxes with more ease and confidence. Customers will see all of their taxable activity in one place to determine if they owe taxes, and how much.”

The exchange further writes:

“We’re simplifying the process by showing each customer a personalized summary of their taxable activity on Coinbase, broken out over time by realized gains/losses and miscellaneous income. Customers can use these amounts to prepare and file their taxes either with their personal accountants or directly with tax prep software.”

IRS Poised on Taxing Crypto Gains

Last year, the IRS demanded that U.S. residents report their crypto sales, conversions, and payments, to enable the authorities to effectively levy a tax on these transactions. 

Crypto users have had trouble complying with the directive since they do not know which transactions are considered taxable, coupled with the stress of manually calculating their gains and losses. 

With the Coinbase Tax Center, customers will have a personalized summary of their taxable activities on the platform, the announcement adds. 

 

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Burn The Remaining Terra USD (UST) Vote Passed But Failed to Execute Due to Technical Issues

Terra’s Proposal to Burn UST Failed to Execute Due to Technical Issues. window.coinzilla_display = window.coinzilla_display || ; ...

Shiba Inu Lead Developer Says Things Will Get Interesting Next Week 

Something Interesting coming for Shiba Inu community. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

Bill Gates Says He Is Not Invested In Crypto Because It is Valueless to Society 

The former world's richest person does not have any love for crypto. Bill Gates, the co-founder of popular tech company Microsoft disclosed that he does...

Binance CEO Says UST and LUNA Crash Could Have Been Avoided If Terra Used Its Bitcoin Reserve Earlier 

CZ is still not happy with the way Terra handled last week’s situation as he believes the crash could have been avoided if the...

Tether CTO: LUNA And UST Were Flawed In Design But Not A Rug Pull

The team at Terra has been struggling to save LUNA and UST after a sudden crash that sent the price of LUNA spilling down...

Two Major Indicators Suggest Bitcoin (BTC) Possible Price Rebound Above $35,000 

There is a likelihood that Bitcoin's price will rebound soon as it currently sits around major support levels.   Following last week’s market turmoil that...

Majority Of Terra Community Wants New Luna Chain Without UST

The Terra community has been deliberating on the way forward after the crypto lost over 95% of its ATH value. Many in the crypto...

Subscribe To Our Newsletter

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