The new tool coinbase It is available free of charge for users and people external to the platform, in order to support the calculation of the respective amounts for the payment of Income Tax in April of this year.
The US-based international cryptocurrency trading platform, coinbase, announced the launch of a new section specially designed so that users can make calculations on profits and losses for purposes associated with the declaration of the Income Tax (ISR).
The new section launched by coinbase is known as “Tax Center”, which will reflect all the data necessary to make the corresponding declaration, showing in detail the activity of the users subject to the payment of the respective taxation, detailing both short- and long-term gains and losses.
The new Tax Center from coinbase
This was announced by the team coinbase in a publication through his official blog, where he indicated that the importance of “Tax Center” lies in supporting users so that they do not have to do these calculations manually outside the platform, thus avoiding errors and mistakes when making the corresponding reports. In this regard it reads:
“We are simplifying the process by showing each customer a personalized summary of their taxable activity on Coinbase, breaking out profit/loss and miscellaneous income over time. Clients can use these amounts to prepare and file their tax returns with their personal accountants, or directly with specialized software like TurboTax.”
In a screenshot published on the exchange’s official blog, it can be seen that this service is capable of detailing the estimated profits and losses, considering the exchange between various cryptocurrencies, tokens sold and cryptocurrencies used for other purposes, all this both in the short and long term. in the long run.
However, a particularly noteworthy aspect is that this tool is also available for users of Coinbase Pro, and even for those who use an external wallet, since it is possible to export the data and do the proper treatment through Coin Tracker, all completely free of charge.
USA and taxes on cryptocurrencies
Although there are still no federal laws that regulate and establish regulations applicable to cryptocurrency trading, the incorporation of this information in tax reports has always been on the table, becoming much more important in recent times due to the stir they have generated. cryptocurrencies in recent years.
Currently, the US authorities are leaning more and more in favor of the sector being a very good source of income for the nation, especially in the framework of the modifications to the infrastructure law that seeks to raise large amounts of capital. In the past, the interest of regulators was mainly on whales handling large amounts of crypto funds, but between 2020 and so far this year, the I.R.S. has been changing its perspective and is acting much more incisively to find all those who market these assets.
In the framework of the above, in addition to introducing changes to the tax return forms that incorporate information on cryptocurrencies, the tax authorities are also working on the design of compliance and monitoring tools for the sector.
Angel Di Matteo version / DailyBitcoin
Picture of unsplash
WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.