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Coinbase proposes easy crypto tax filing
All taxable bitcoin activity is summarised here.
Coinbase wants to help consumers with their 2021 taxes.
It claimed in a blog post that a new area in its app and website will assist clients report capital gains and losses to the IRS. An accountant or tax software can use a tailored summary of taxable activity.
"Customers will be able to examine all of their taxable activities in one place. If customers used Coinbase Pro or external wallets to transmit or receive crypto, they can get free tax reports for up to 3,000 transactions from our crypto tax partner CoinTracker "Coinbase's Lucy Aziz blogged about it. "The year's most difficult time just became clearer."
Aziz noted that previous year, consumers had to investigate which transactions were taxable, then manually track and sort them to compute their gains or losses. The new tax centre streamlines the process by displaying taxable activity over time as realised gains and losses.
The company also promised instructions and tutorials on how to handle taxes on bitcoin and other digital assets like NFTs in the coming weeks.
The IRS defines crypto transactions broadly, including selling cryptocurrencies for cash, exchanging virtual currencies, and paying with crypto debit cards. Tokens received via airdrops or payments made in cryptocurrency must also be reported as income.
Cryptocurrency market expanded from $1.44 billion in 2020 to $1.63 billion in 2021. Experts anticipate that by 2025, 90% of the world's population will be using cryptocurrencies.
Crypto adoption will undoubtedly lead to more Americans paying crypto taxes. According to a recent Voyager Digital survey, 61% of Americans plan to buy crypto this year, for which they will be taxed.
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By Crypto PiratesAll taxable bitcoin activity is summarised here.
Coinbase wants to help consumers with their 2021 taxes.
It claimed in a blog post that a new area in its app and website will assist clients report capital gains and losses to the IRS. An accountant or tax software can use a tailored summary of taxable activity.
"Customers will be able to examine all of their taxable activities in one place. If customers used Coinbase Pro or external wallets to transmit or receive crypto, they can get free tax reports for up to 3,000 transactions from our crypto tax partner CoinTracker "Coinbase's Lucy Aziz blogged about it. "The year's most difficult time just became clearer."
Aziz noted that previous year, consumers had to investigate which transactions were taxable, then manually track and sort them to compute their gains or losses. The new tax centre streamlines the process by displaying taxable activity over time as realised gains and losses.
The company also promised instructions and tutorials on how to handle taxes on bitcoin and other digital assets like NFTs in the coming weeks.
The IRS defines crypto transactions broadly, including selling cryptocurrencies for cash, exchanging virtual currencies, and paying with crypto debit cards. Tokens received via airdrops or payments made in cryptocurrency must also be reported as income.
Cryptocurrency market expanded from $1.44 billion in 2020 to $1.63 billion in 2021. Experts anticipate that by 2025, 90% of the world's population will be using cryptocurrencies.
Crypto adoption will undoubtedly lead to more Americans paying crypto taxes. According to a recent Voyager Digital survey, 61% of Americans plan to buy crypto this year, for which they will be taxed.
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