The major US-based crypto exchange and wallet Coinbase has announced the addition of tax features for its customers in the United States — to assist them regarding the claim of crypto trades on taxes, an issue surrounded by some disorder.
The exchange created an educational guide on crypto and taxes and integrated the tax software TurboTax. Its users, both from Coinbase and Coinbase Pro, will be able to import transactions automatically into a crypto-specific section of TurboTax Premier.
Nevertheless, the definition of “cryptocurrency” in the United States remains unclear, with regulatory agencies sharing different approaches.
The Securities and Exchange Commission (SEC), for instance, considers cryptocurrencies to be securities, while the Commodity Futures Trading Commission (CFTC) considers them commodities — and other agencies have their own classifications.
Coinbase’s initiative is, therefore, quite opportune.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news