The American wallet service and cryptocurrency exchange company Coinbase introduced a new feature which will assist their customers when it comes to taxes this year.
Aside from the added help guide for taxes and crypto, the company also partnered with TurboTax. This way, those who use Coinbase Pro and Coinbase.com can also access transactions through the newly-installed, crypto-specific feature in TurboTax Premiere.
Coinbase claims that the leap was made for clarity regarding the community’s confusion about how to claim crypto transactions on taxes.
There is still no stated definition of ‘cryptocurrency’ in the laws of United States because most regulatory agencies have given it various meanings. The Securities and Exchange Commission declared cryptocurrencies as securities, but the Commodity Futures Trading Commission treats it as commodities.
In relation to these definition differences, cryptocurrencies are considered money by the Financial Crimes Enforcement Network and the Internal Revenue Service, responsible for tax collection and refunds, classify these kinds of digital assets such as ‘Bitcoin’ and others as property.
Coinbase has added many features, especially in 2018, by introducing support in their newer token. Last November 2018, they established an over-the-counter desk for the trades of institutional investors.
The company has also initiated efforts to educate their customers all about cryptocurrencies. One of the programs the exchange made in line with this is the “Coinbase Earn,” in which customers are learning about the ins and outs of crypto trading while earning.