Now TurboTax users can easily import their cryptocurrency trades and automatically file crypto taxes.
KANSAS CITY, MO, USA [June 26, 2019] – CryptoTrader.Tax, a cryptocurrency software development start-up, has announced its partnership with tax giant Intuit TurboTax. With this partnership, consumers are now able to import their crypto tax data directly into TurboTax for easy filing with the goal of bringing cryptocurrency tax compliance to the mainstream.
Reporting Cryptocurrency on Taxes
How do you report cryptocurrency on taxes? The IRS treats cryptocurrency as property for tax purposes. This means you are required to report capital gains and losses on your crypto transactions. To properly report these transactions, you need to report the 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 you incurred for every cryptocurrency transaction on Form 8949. This becomes nearly impossible to do by hand as the historical USD price for all coins is not readily available. CryptoTrader.Tax automates the entire process for calculating your bitcoin tax liability.
“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,” said David Kemmerer, Co-Founder and CEO of CryptoTrader.Tax. “CryptoTrader.Tax makes it extremely easy to calculate your crypto tax liability and save time doing your taxes.”
CryptoTrader.Tax boasts thousands of users on its platform today and has processed over one billion dollars in cryptocurrency transactions.
- Minimize your tax liability: CryptoTrader.Tax calculates your crypto taxes using the same First-In-First-Out method that CPAs use. It assures that you are paying the correct amount and minimizing your tax liability.
- Easily Import your historical data: CryptoTrader.Tax makes it easy to import your trading history across all cryptocurrency exchanges. In less than 10 minutes, you can have the year’s trading history ready for review.
- Export your tax documents for easy filing: You can download your IRS forms to either file yourself, send to your CPA, or import into TurboTax.
- Generate Multiple Reports: The software generates the following reports for each tax season:
- Cryptocurrency Income Report
- Short & Long Term Sales Report
- IRS Form 8949
- Audit Trail Report
- End of Year Positions Report
- TurboTax Online Direct Import
CryptoTrader.Tax is available for Free when you get started.