Cryptocurrency exchange Coinbase launches crypto tax calculator
US-based cryptocurrency exchange Coinbase has launched a new gain/loss calculating tool as part of an effort to help its user base keep up with U.S. tax requirements.
In a blog post published on Tuesday (March 13), Coinbase explained that the calculator can be used to generate a report which outlines their capital gains (or losses) on its platform, using a first-in-first-out (FIFO) accounting method.
The tool 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 in an initial coin offering, per the blog.
"This tool provides a preliminary gain/loss calculation to assist our customers, but should not be used as official tax documentation without validating the results with your tax professional," the startup also cautioned.
Source: CoinDesk
Original article here: http://www.aimhighwithvanicci.com/cryptocurrency-exchange-coinbase-launches-crypto-tax-calculator/
*Featured Image via Shutterstock
Let me know what you guys think in the comments below 😀👇
Sounds like a useful tool for those with very simplistic crypto experiences. I wonder just how much money the government is going to try to take from cryptocurrency exchanges. Interesting how they bail out banks, but I can't imagine them doing anything like that for crypto. They'll certainly take what profit they can from it though.
Very well said, @kylie-steem :)