In this edition of The Daily, tax filing software Turbo Tax has integrated a feature that allows crypto investors to report their capital gains online. Also, Venezuelans have set a new record in P2P trade on Localbitcoins and Brazilians can now pay for movie tickets with digital coins.
Traders Can Upload Capital Gains Data Into Turbo Tax
Turbo Tax, the popular tax filing platform in the U.S., is adding a “cryptocurrency section.” The new feature will be provided through a partnership with Coins Tax, the operator of crypto tax calculator Bitcoin Taxes. It will be available to taxpayers who have bought the 2018 Premier and above versions of Intuit’s Turbo Tax Online.
According to a press release by Coins Tax, Bitcoin Taxes now has a report functionality that enables users to import their cryptocurrency capital gains into Turbo Tax Online. The company claims the integration will save crypto traders time in tax preparation by allowing them to upload their transactions directly into Form 1040 Schedule D. Coin Tax CEO Colin Mackie commented:
We are working with Turbo Tax Online to make filing crypto taxes much easier. Until now, tax preparation software has provided limited cryptocurrency support. The new Cryptocurrency section in Turbo Tax Online with its import from Bitcoin.tax will save everyone a lot of time.
Bitcoin Taxes is one of the earliest tax calculators for crypto investors. The online platform allows users to import data for their purchases and sales of cryptocurrency throughout the year from a number of major crypto exchanges such as Coinbase, Gemini and Poloniex. It’s one of several available tax filing and calculation tools cryptocurrency traders can use this tax season.