CryptoTrader.Tax Integrates With TurboTax – Details
Cryptocurrency tax software CryptoTrader.Tax has integrated with American tax software Intuit TurboTax.
The integration will allow users to export tax calculations from CryptoTrader.Tax to the TurboTax filing software, which will supposedly make the filing process easier. David Kemmerer, CryptoTrader.Tax co-founder 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.”
The revelation comes ahead of the April 15th deadline for filing taxes in the United States. The agency responsible for collecting taxes and pursuing tax evaders, the Internal Revenue Service (IRS) classifies cryptocurrencies as property when calculating taxes. This simply means that filers need to report the original cost, the fair market value of the coin in U.S. dollars when it was traded and the amount of gain or loss incurred from the transaction.
Cryptocurrency exchange Coinbase has added resources for customers in the U.S. to claim crypto trades on their taxes. Coinbase has also integrated TurboTax, allowing users to automatically import transactions into a crypto-specific section of TurboTax Premier.