TurboTax Partners up with CryptoTrader.Tax to Offer Bitcoin and Cryptocurrency Tax Reporting Services
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CryptoTrader.Tax, a startup that simplifies the cryptocurrency tax reporting process has partnered up with tax giant, Intuit TurboTax for the 2018 tax season. The move is a timely one for consumers that are looking for an easy and cost effective way to report their cryptocurrency transactions on their year end tax return—required by the IRS.
David Kemmerer, Co-Founder comments,
“Traders often utilize many different exchanges, platforms, and tools to transact and trade cryptocurrencies. Due to the way the U.S. and IRS classifies Bitcoin and other cryptocurrencies, as property for tax purposes, it becomes difficult for traders to accurately track the necessary data needed for tax reporting. Our company has one goal: Make the world of cryptocurrency more accessible for the average person. Our partnership with TurboTax advances this goal.”
CryptoTrader.Tax works by pulling together your trading history from all exchanges and platforms that you use. It then runs this data against historical prices to automatically produce the necessary forms that you need for your tax reporting. Now with the TurboTax partnership, these crypto tax forms can be pulled into the TurboTax application and included with your complete tax return.
You can also use the generated reports to file yourself or to send to your CPA or tax professional to file on your behalf.
When it comes to any new, disruptive technology, it takes time for the infrastructure that brings about mainstream adoption to get built out. Due to the nature of cryptocurrency, there will likely always be tax implications, especially as more security tokens come into the mainstream. Companies that reduce friction will enable more and more consumers to enter the world of crypto. For anyone who is a believer in blockchain and cryptocurrency technologies, this is a very good thing.
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