Tax filing software portal TurboTax now offers support for cryptocurrency-related tax filings. Missouri-based crypto-centric tax software firm CryptoTrader.Tax announced in a press release (Apr 4) that it has integrated with Intuit TurboTax, allowing taxpayers to import their crypto information into TurboTax to automatically file their taxes.
CryptoTrader.Tax co-founder David Kemmerer explained, “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.”
The annual deadline for filing taxes in the US is on April 15. As the Internal Revenue Service (IRS) defines it, cryptocurrency is considered the property for tax purposes.
Earlier this year, crypto exchange Coinbase also integrated TurboTax to facilitate smoother tax reporting – users can import related information directly into a crypto section on TurboTax Premier.
Last February, TurboTax established a partnership with CoinsTax to provide a crypto tax calculator. Users of its premier service since this 2018 version are able to import crypto trading data directly from major exchanges, such as Coinbase, Gemini, and Poloniex.