Coinbase, one of the largest and most popular cryptocurrency exchanges, is adding a new tax center to its app and website to help US customers work out how much they might owe to the IRS as a result of their crypto transactions, the company has announced. The section is designed to gather every taxable transaction into one place to simplify matters come tax day.
Although cryptocurrencies like Bitcoin often appear similar to the fiat money we’re accustomed to, in the eyes of the IRS, the digital assets are actually property, according to from the federal agency. That means cryptocurrency transactions may need to be reported as capital gains or losses, andmeans keeping track of a cryptocurrency’s value as it’s bought and sold over time. Documenting these transactions can get complicated quickly if you’re regularly buying and selling.According to Coinbase, its new section will show “a personalized summary of [a customer’s] taxable activity on Coinbase, broken out over time by realized gains/losses and miscellaneous income.
moonforcetoken
I doubt the crypto bros are reporting taxes.
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