CryptoTrader.Tax Partners With TurboTax to Bring Crypto Tax Reporting to the Mainstream
June 17, 2019 – Kansas City, MO
Easily import your cryptocurrency trades into TurboTax and automatically file your crypto taxes.
CryptoTrader.Tax, a Missouri-based software development start-up, has announced its partnership with Intuit TurboTax. CryptoTrader.Tax is the easiest and the most accurate way to calculate trading gains and prepare your crypto taxes. With this integration, consumers can import crypto tax data directly into TurboTax for easy filing.
Crypto Taxes Done in Minutes!
The IRS treats cryptocurrency as property for tax purposes. This means you are required to report your capital gains and losses from your crypto trades on your taxes. To properly report these transactions, you need to report the original cost basis, the fair market value in USD of the coin at the time of the trade, and the amount of gain or loss you incurred for every cryptocurrency transaction. This becomes nearly impossible to do by hand as the historical USD price for all coins is not readily available. CryptoTrader.Tax automates the entire process for doing your bitcoin taxes.
“You simply import your cryptocurrency trades into the platform using the technology we have built. The software will automatically crunch your capital gains and losses numbers and generate the necessary tax documents including the IRS form 8949,” said David Kemmerer, Co-Founder and CEO of CryptoTrader.Tax. “CryptoTrader.Tax makes it extremely easy to calculate your crypto tax liability and save time doing your taxes.”
The Company
CryptoTrader.Tax boasts thousands of users on its platform today and has processed over one billion dollars in cryptocurrency transactions.
Key Benefits
Minimize your tax liability
CryptoTrader.Tax calculates your crypto tax liability using the same First-In-First-Out method that CPAs use. It assures that you are paying the correct amount and minimizing your tax liability.
Easily import your historical data
CryptoTrader.Tax makes it easy to import your trading history across all cryptocurrency exchanges. In less than 10 minutes, you can have the year’s trading history ready for review.
Export your tax documents for easy filing
You can download your IRS forms to either file yourself, send to your CPA, or import into TurboTax Cryptocurrency.
Generate Multiple Reports
The software generates the following reports for each tax season:
- Cryptocurrency Income Report
- Short & Long Term Sales Report
- IRS Form 8949
- Audit Trail Report
- End of Year Positions Report
- TurboTax Online Direct Import
CryptoTrader.Tax is available for free when you get started.
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