Home Cryptocurrency Coinbase Enables Tax Support For US Citizens Through Cryptocurrency

Coinbase Enables Tax Support For US Citizens Through Cryptocurrency

One of the cryptocurrency exchange and wallet service in America in the name of Coinbase has added resources for its customers in America to enable them to claim cryptocurrency trades on their taxes, they also added an educational guide on cryptocurrency and taxes.

They co-opted with TurboTax which is a popular software in the US and their aim for coming together with TurboTax was to enable users to be able to import transactions into a new cryptocurrency specific section of the TurboTax Premier automatically.

Their main reasons was to make the platform easier to use after hearing from the community about the problem they face regarding cryptocurrency transactions on their taxes.

The Commodity Future Trading Commission in the United States sees cryptocurrencies as commodities, While the Securities and Exchange Commission sees cryptocurrencies as a form of security.

The Financial Crimes Enforcement Network on the other hand sees cryptocurrency as money. The Internal Revenue Service which are the ones responsible for distributing refunds and collecting taxes sees cryptocurrency like Bitcoin (BTC) as property.

In 2018, Coinbase supported new coins like Zcash (ZEC), Ethereum Classic (ETC), and Basic Attention Token (BAT). In November 2018 also, Coinbase also added an over the counter (OTC) trading desk to its institutional investors to make their transactions to be easier and faster.


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