As per a press release dated April 4, CryptoTrader (crypto focussed tax software) has joined hands with TurboTax (America’s leading tax software intuit). According to reports, the integration will enable users to export tax calculations from CryptoTrader.Tax to TurboTax filling software which possibly will make the filing process simpler.
According to David Kemmerer – CryptoTrader.Tax co-founder, “You simply import your cryptocurrency trades into the platform using the technology we have built. The software will automatically crunch your capital gains and losses numbers and generate the necessary tax documents including the IRS form 8949.”
The announcement was floated before the deadline – April 15 for filing taxes in the United States. IRS (Internal Revenue Service) is the agency which is responsible for collecting taxes and following people evading tax – labels cryptocurrencies as property when collecting the Tax.
In any case, filers are required to report the original cost along with the fair market cost of the coin in the US dollars when it was traded and the amount of profit and loss by the transactions. Earlier in 2019, Coinbase (Major US-based crypto exchange) added more resources for their users in the U.S. in order to claim crypto trades on their taxes.
Apart from adding an educational guide concerning taxes and crypto. The platform has also added TurboTax which essentially enables users to automatically import transactions in a specific section especially for crypto of TurboTax Premier.
In the month of February, TurboTax also joined hands with CoinsTax, LLC in order to offer crypto tax calculation to its services. Reports suggest that the new facility will be available for users who have bought 2018 premiere and versions above, and will permit the users to import trading data directly from significant crypto exchanges like Coinbase, Gemini and Poloniex