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Coinbase To Help Customers Pay Crypto Trading Taxes

Coinbase To Help Customers Pay Crypto Trading Taxes

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Coinbase, the leading US crypto platform, has provided its users with a new resource that will help them pay taxes on crypto transactions, as reported on the company’s blog.

Crypto owners in the United States are often confused when paying taxes on transactions, and the questions arise whether their operations are taxed, which ones, whether they should pay taxes at all, etc.

The problem arose not by chance. To date, there is no specific clarification on crypto taxation. Different government institutions consider cryptocurrencies in their own way. The Securities and Exchange Commission equates them to securities. The Commodity Futures Trading Commission considers them a commodity. The FinCEN considers cryptocurrency as cash. Tax authorities consider digital assets as property.

Coinbase decided to help its users, who can now find various resources on the company’s website. Among them is a tax payment handbook for crypto owners for 2018 and another link to tax information in 2019.

Apart from these data, Coinbase has combined its resources with the popular tax program called TurboTax, which allows to calculate the amount of a tax on certain operations. Coinbase.com and Coinbase Pro clients can automatically upload data on monetary transactions in the TurboTax Premier crypto section.

As previously reported, Coinbase acquired Blockspring, a startup developing solutions for collecting information from various interfaces.

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