New Cryptocurrency Tax Calculator Released by Coinbase
From BTCManager
The explosion of cryptocurrency prices in 2017 led to an equal explosion in wealth for heaps of investors. While many went mad with their money, spending it on Lamborghinis and the like, few considered the tax liabilities of their trading activities.Read more: https://btcmanager.com/new-cryptocurrency-tax-calculator-released-by-coinbase/Coinbase Calculator
As cryptocurrencies in their nature are secure and relatively anonymous, a lot of people may decide to try their hand at evading taxes on many of these investments.Others may simply struggle to know how they can calculate their crypto tax liabilities, as it is such a new aspect of the taxation process. This is why the team at Coinbase decided to release their own calculator for cryptocurrency taxes.
Coinbase’s new tool helps to calculate the gain or loss that a person has made as a result of their crypto trading. This was released to help keep their users in line with tax requirements in the United States.
Just another sign that these times are changing. All around the world regulators are ramping up. With all these safe guards and tax revenues will we see institutional money come on board and take crypto to staggering new heights? I hope so!
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In my opinion, if you made enough profit from selling cryptocurrencies to worry about how much you have to pay then you should be able to afford an accountant.
Took a look at their "Tax Tool" this morning. It is completely unintelligible to me. I will just do it the old fashioned way; First in first out and be done with it. As with most of their customer support it is too little, too late.
Coinbase would do more service to their customers if they just auto-deleted transaction history after a month. They are not under any obligation to keep it, and if they don't have it they can't turn it over to the IRS.
great article
Haha... This is a good development. Saves us the stress of looking for how to convert coins