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Filing your 2018 taxes has just become much easier with the announcement that CoinsTax, LLC, the owner of BitcoinTaxes, has teamed up with TurboTax Online to help users import their data of cryptocurrency capital gains directly into TurboTax Online. This partnership will benefit even casual cryptocurrency traders who could save a substantial amount of time in preparing their taxes.
The Internal Revenue Service has recently opened an e-filing to enable this new initiative. In order to have access to a new Cryptocurrency section, users must purchase the 2018 Premier and above versions of Intuit’s TurboTax Online. It will enable you to upload your capital gains transactions directly into Form 1040 Schedule D within a few clicks.
Colin Mackie, CEO of CoinsTax, said:
“We are working with TurboTax Online to make filing crypto taxes much easier. Until now, tax preparation software has provided limited cryptocurrency support. The new Cryptocurrency section in TurboTax Online with its import from Bitcoin.Tax will save everyone a lot of time.”
Previously, filing your cryptocurrency capital gains information into your tax forms could be a daunting task due to lack of basic support from the major online tax preparation services, and non-convenient design of the current IRS forms which are not quite suitable for cryptocurrency users that have to report every single trade into the tax form. The standard IRS Form 8949 provides only 14 lines per page which means a full-time trader can easily end up with a 5,000-page PDF to print or even more when multiple crypto exchanges are concerned. Thanks to a new file format created by BitcoinTaxes and the TurboTax Online teams that allows you to export all your entries from Bitcoin.Tax account and imported directly into the TurboTax website.
In other words, you can use an ability of BitcoinTaxes to calculate your crypto profits when filing the taxes along with the convenience of TurboTax to prepare and file your taxes. BitcoinTaxes can ease the process for traders and save them significant time when it comes to calculating their crypto taxes, especially when using multiple exchanges, such as Coinbase, Gemini, and Poloniex.
This means users can import their trading entries directly to their BitcoinTaxes account from the major crypto exchanges. TurboTax online will take care of the rest – from calculating the capital gains to create a final tax report.