Coinbase’s new tax center should make filing crypto taxes easier
The new page organizes all of your crypto transaction information in one place.
As tax season swings into full effect, Coinbase is looking to make it easier to understand crypto tax liability. The platform is developing a new tax center for both its app and website to help keep up with customers’ transactions and tax information on the platform.
According to the company, Coinbase is offering a new tax center this year to help users keep up with taxable transactions and activity that occurs on the platform.
Because the IRS views cryptocurrency as digital assets instead of liquid funds, users may be subject to capital gains tax when transactions occur. For that reason, it’s important that people keep up with the price of cryptocurrencies throughout the year. That will make accurate reporting of realized income much easier.
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With Coinbase’s new tax center, tracking capital gains or losses through cryptocurrency is hopefully much easier. The platform will give a detailed summary of taxable activity that has happened throughout the year. And users can easily transfer this information to their accountant or to a dedicated tax software like TurboTax.
Users can find the new tax center through the profile icon on their Coinbase profiles. Just navigate to your profile by clicking on your profile picture and selecting the “Taxes” section on the website. In the app, head to the “Profile and Settings” menu at the top left.
Hopefully, Coinbase’s new tax tools will make dealing with crypto taxes much easier than it has been in the past.
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