Coinbase Releases Cryptocurrency Tax Rekenmachine
Cryptocurrency startup Coinbase has launched a fresh build up/loss calculating instrument spil part of an effort to help its user almohadilla keep up with U.S. tax requirements.
Ter a blog postbode published on Tuesday, the rigid explained that the rekenmachine can be used to generate a report which outlines their renta gains (or losses) on its verhoging, using a first-in-first-out (FIFO) accounting method.
The implement comes with a few caveats, however, namely that it’s primarily aimed at users who have bought and sold on Coinbase exclusively – and isn’t recommended for those who have purchased digital assets elsewhere or participated te an initial coin suggesting, vanaf the blog.
“This implement provides a preliminary build up/loss calculation to assist our customers, but should not be used spil official tax documentation without validating the results with your tax professional,” the startup also cautioned.
Its release goes after an earlier step by Coinbase on the tax vuurlijn, when, ter January, the startup reminded its users that they are liable for U.S. hacienda gains, even going spil far spil posting a consistent banner about the punt.
The kwestie of taxation and cryptocurrencies has always bot someone of a contentious topic, everzwijn since the U.S. Internal Revenue Service announced te 2014 that it would treat such assets spil a taxable form of property rather than, say, a currency.
Concerns overheen the ambiguity of the IRS guidance – ter its fresh blog, Coinbase itself writes that “wij understand taxes for digital currency can be complicated” – have fueled complaints from professional circles.
The topic also carries an added degree of weight for Coinbase specifically, which wasgoed the target of a lawsuit by the IRS spil it sought information on U.S.-based users ter an effort to sniff out potential tax avoiders.
Ultimately, the startup would send information on about 13,000 users who had transacted on the toneelpodium inbetween 2013 and after being ordered to by a U.S. district judge te November .
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