Daily Traders Edge

Coinbase Releases Tax Calculator But Many Users Will Likely Not Qualify

March 13
10:48 2018

US exchange and wallet provider Coinbase released tax reporting tools for users to file to US authorities on March 13.

In a blog post, Coinbase announced some users could use its form generation options to calculate tax owed on cryptocurrency gains ahead of this year’s Internal Revenue Service (IRS)reporting deadline of April 17.

The move comes following years of struggle between the company and the IRS, with court battles over data access dragging on after the agency suspected Coinbase of aiding tax evasion by its users.

“For our customers who have only bought or sold digital assets on Coinbase, we offer a tool that automatically calculates your gains or losses based on a first-in-first-out (FIFO) accounting method,” the post confirms, adding that other calculation methods are also supported.

The number of Coinbase users eligible to use the tool may be limited.

The blog post also contains a list of circumstances which would exempt a user’s transaction history from being compatible, these including participating in an ICO or even simply using another exchange.

Continue Reading at Coin Telegraph

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