Coinbase, a widely used crypto trading and wallet platform in the United States, today announced the integration of TurboTax on its platform to allow its customers to claim crypto trades on their taxes.
TurboTax, the tax-filing software by Intuit Consumer Tax Group, will be integrated on both Coinbase and Coinbase Pro and customers can directly upload their transactions, gains, and losses in 2018 on the platform. According to the official post, customers will be able to upload up to 100 transactions at a time.
In addition, Coinbase customers seeking assistance while filing taxes can engage with certified public accountants or enrolled agents at Intuit.
Moreover, considering the confusion among crypto investors with taxable crypto transactions, Coinbase has also added educational guidance clearing the tax concepts related to cryptocurrencies.
“Not every cryptocurrency transaction constitutes a taxable event, which is why we have tons of guidance to assist you in understanding and selecting which transactions are taxable while you are in TurboTax Premier,” Intuit stated to clarify the crypto taxes.
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According to Intuit, crypto transactions will be taxable if a customer converts crypto holdings into fiat, spent it to pay for goods or services, or received free coins through a fork or an airdrop.
However, if a customer is holding the cryptocurrencies after making a purchase, then these transactions will not fall under taxable income. This section also includes gifted cryptocurrencies with each receipt value less than $15,000 or any crypto purchase with a self-directed IRA or solo 401(k).
In addition, Coinbase has also partnered with CoinTracker, a Y Combinator-backed crypto and bitcoin tax software manager, to further help its customers in filing taxes.
“For our expert customers, Coinbase is partnering with CoinTracker to make it easy to summarize all of your transaction activity for 2018, no matter what exchanges or wallets you used (including Coinbase Pro). CoinTracker also partners with TurboTax and can be used to upload a comprehensive view of your crypto activity,” Coinbase noted.
Targeting Overseas Market
After making a stronghold in the United States market, Coinbase is now eying to expand its business overseas. The firm recently made a major appointment in the UK to streamline with the country’s compliance needs.