File Crypto Taxes in Minutes
Many would agree that doing taxes is a tedious and complicated process. This process becomes all the more complex once cryptocurrencies are added to the mix. Because the U.S. Internal Revenue System’s (IRS) treats cryptocurrencies as property for taxes, it is mandatory for investors to report capital gains or losses generated from their crypto trades.
To accurately report crypto tax transactions, the investor would need to provide precise details, such as the transaction’s original cost basis, the fair market value in USD of the coin at the time of the trade, and the amount of gain or loss they incurred for every cryptocurrency transaction.
As imagined, it becomes a near possible task to calculate these figures by hand. Especially, considering that such information is not readily available. CryptoTrader.Tax, however, automates the entire process.
Just a couple of months after cryptocurrency exchange Coinbase introduced crypto tax calculation tools, CryptoTrader.Tax has now integrated with Intuit’s cutting-edge tax solution, TurboTax, to make filing taxes an easy task.
David Kemmerer, Co-founder of CryptoTrader.Tax said:
“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.”
“CryptoTrader.Tax makes it extremely easy to calculate your crypto tax liability and save time doing your taxes.”
CryptoTrader.Tax, in its relatively short history, has amassed more than tens of thousands of users. The firm also claims to have processed more than one billion dollars in cryptocurrency transactions.
Lucas Wyland, co-founder of CryptoTrader.Tax, shared his company’s vision, saying:
“What drives all of our product development decisions as a company is our core mission, and that’s to make the world of cryptocurrency easy for everyone.”
Per the press release, the key benefits of using CryptoTrader.Tax are minimum tax liabilities, easy import and export of historical crypto transactions data, and the power to generate multiple financial reports quickly.
That being said, it’s motivating to see an increasing number of cities and countries around the world taking initiatives to slowly and steadily embrace cryptocurrencies.