The tax preparation software from United States TurboTax Online has reportedly partnered with CoinTax LLC to have the ability to calculate crypto taxes and add to its services according to a press release that reached our digital currency news today.
The United States Internal Revenue Service (IRS) has recently opened a tax return filing and TurboTax will be also launching a section for crypto taxation that users who purchased the 2018 version of the software will be able to use the services.
This way, users can import all of the trading data directly from all the major crypto exchanges such as Poloniex or Coinbase and once the software does the calculation, all of the income reports and capital gains will be available for download directly into a Form 1040 Schedule D.
CoinTax owns an app named Bitcoin Tax that allows users to calculate capital gains and losses which in the end provide all of the important information to build the infrastructure of TurboTax. The CEO of CoinTax Colin Mackie strongly believes that this new section will make filing for crypto taxes much easier and time-saving.
In 2018, Ohio was the first US state to allow its residents to pay their taxes in Bitcoin. Starting in 2019, Coinbase provided resources about crypto taxation for all of the US customers which were really helpful for the crypto community.
Also, in October 2018, the IRS advisory committee urged the agency to provide further guidelines for cryptocurrency taxation.
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