Coinbase procures new tax support features as IRS increases crypto scrutiny

Crypto exchange giants, Coinbase, have partnered with CoinTracker to provide detailed accounting of capital gains and losses.

As Bitcoin and a host of other cryptocurrencies continue to plummet Monday, Coinbase rolled out a number of new features aimed at providing customers with tax support.

The Coinbase Tax Center will allow US users to view all of their taxable cryptocurrency-related activities in one place on the platform.

The company will also send 1099 MISC forms to users who made at least $600 in 2021 through rewards, interest, forks, and airdrops.

Coinbase procures new tax support features as IRS increases crypto scrutiny | Coinscreed
Coinbase partners with Cryptocurrency tax company, CoinTracker amid rising scrutiny from the government.

As part of its new tax support release, The crypto exchange company previously partnered with CoinTracker, a cryptocurrency tax software provider.

When sending and receiving from Coinbase Pro or external cryptocurrency wallets, it’s users can receive a CoinTracker report of up to 3,000 transactions.

The exchange tycoons are also offering customers a $20 rebate on Intuit’s TurboTax tax filing software.

People who bought and held cryptocurrencies on their exchange or elsewhere in 2021 will not have to declare anything when they return this year.

However, the IRS, which would take a closer look at cryptocurrency trading, requires that capital gains or losses incurred when selling or trading an asset be reported.

Learn more about determining if you owe taxes on your cryptocurrency transactions.

The company’s customers can view all of their taxable activity to see if they owe taxes and how much they owe.

Coinbase provides a summary of your activity, including assets you’ve bought, sold, shipped, or received, categorized by date, realized gain/loss, and their tax implications.