Coinbase adds TurboTax: support for paying taxes on bitcoin
Coinbase adds TurboTax: support for paying taxes on bitcoin
Crypto

Coinbase adds TurboTax: support for paying taxes on bitcoin

By Stefania Stimolo - 25 Jan 2019

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In the face of constant confusion in tax matters for US taxpayers, Coinbase has added TurboTax, a section dedicated to crypto taxes.

On the official blog, Coinbase describes the need for better education in tax matters for both platform customers and the entire crypto community, offering resources and support.

The Crypto and Bitcoin Taxes in the US, 2018 Edition guide offers educational solutions on crypto taxes referring to the recently ended fiscal period, while Tax Resource Center is a support service dedicated to the current fiscal season.

TurboTax has created a whole section dedicated to crypto taxes called TurboTax Premier, which allows users to upload transactions so as to keep the real profits and losses under control.

 

coinbase adds turbotax

Thanks to this new partnership with Coinbase, TurboTax will offer a $20 discount for exchange users on all products such as TurboTax Premier, TurboTax Live Premier, TurboTax Self-Employed and TurboTax Self-Employed Live.

If you choose TurboTax Premier, it will be possible for Coinbase customers to upload up to 100 transactions at once.

TurboTax, on its official blog, describes:

“Before, you were required to manually enter each taxable transaction, which could take hours. Now, you can upload up to 100 Coinbase transactions from Coinbase at once, through compatible .csv files to TurboTax Premier. And the uploaded .csv files will include the cost basis of your Coinbase transactions (if available) so TurboTax Premier can easily help you file your cryptocurrency transactions”.

A new partnership between Coinbase and TurboTax with the participation of a third party, CoinTracker, which is used by both platforms in order to simplify the summary of all transaction activities for 2018 and to upload a complete overview of all activities of a single user in the crypto environment.

Finally, to give a more realistic tone to the news, Coinbase says:

“While we’re not a tax advisor and always recommend that customers speak with a tax professional regarding their specific situation, our goal is to be the easiest-to-use cryptocurrency exchange by providing the tools and resources that help customers approach tax season with confidence”.

Stefania Stimolo
Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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