Cryptocurrency has much to do with information security. There’s electronic commerce implications – remember Overstock.com was the first major online merchant to accept bitcoins. Then, there’s all that cryptowallet technology – making sure you coins aren’t stolen. Then we have the world of Ransomware and crypto mining malware. Not to mention the blockchain and all of the spinoff usages from insurance applications and claims to fiat currency banking to e-voting and so much more.
Meanwhile, folks in the USA, many whom have become cryptocurrency millionaires may not like the fact that the IRS thrives off capital gains reporting. Should you even be a small crypto investor, there’s still the risk that your crypto, despite recent rulings, will be treated as investments, like real estate.
Enter CoinsTax, LLC, the owner of BitcoinTaxes (https://bitcoin.tax/) who has just announced that it has teamed up with TurboTax Online® from Intuit®. BitcoinTaxes now has a report that enables users to import their cryptocurrency capital gains directly into TurboTax Online. The combination of BitcoinTaxes and TurboTax Online will save even a casual trader a substantial amount of time in preparing their taxes.
Now the IRS has opened e-filing, taxpayers who purchase the 2018 Premier and above versions of Intuit’s TurboTax Online will have access to a new Cryptocurrency section. With a few clicks, capital gains transactions can be uploaded directly into Form 1040 Schedule D.
Colin Mackie, CEO of CoinsTax, said “We are working with TurboTax Online to make filing crypto taxes much easier. Until now, tax preparation software has provided limited cryptocurrency support. The new Cryptocurrency section in TurboTax Online with its import from Bitcoin.Tax will save everyone a lot of time.”
BitcoinTaxes significantly reduces the work involved for traders to calculate their crypto taxes, especially when using multiple exchanges, such as Coinbase, Gemini, and Poloniex. The service provides the ability to import trading data directly from major exchanges into the user’s account. Capitals gains and income reports are calculated and available to download for use with tax software or sending to a user’s accountant.
BitcoinTaxes has provided more information and instructions on how to import using TurboTax Online, which can be found on their website at:
A free, limited version of BitcoinTaxes is available at https://bitcoin.tax/signup. Paid versions of BitcoinTaxes start at $29.95 per tax year for up to 1,000 transactions. Getting started with BitcoinTaxes is easy for even non-technical users and new customers can follow the 7 Easy Steps Guide to use their account.
About CoinsTax, LLC – Launched in 2014, BitcoinTaxes was the original do-it-yourself tax calculation software for the active cryptocurrency trader. The system is proved as Software-as-a-Service (SaaS) and is a leader in the rapidly growing cryptocurrency tools segment of Fintech. For more information about the company, please go to the CoinsTax website at https://coins.tax.
Source: CoinsTax, LLC
Covered by Gary S. Miliefsky, Publisher, Cyber Defense Magazine
and Bestselling Author of Cryptoconomy – Bitcoins, Blockchains and BadGuys