Coinbase releases a tax calculator but many users will probably not qualify

The exchange provider and portfolios American Coinbase released reporting tools of 39 tax for the US authorities on March 13.

Post, Coinbase announced that some users could use its form generation options to calculate the tax due on cryptocurrency gains before the reporting deadline of the Internal Revenue Service ( IRS) of 17 April.

The move comes after years of struggle between The Company and the IRS, with judicial battles over data access dragging after the agency suspects Coinbase of "the company". help 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 on a first-in, first-out basis (FIFO)", confirms the post, adding that other methods of calculation are also supported.

The blog also contains a list of circumstances that would exclude the transaction history of a user, including by participating in an ICO or even simply by using another exchange.

The company declares:

"Please note that this report will not be accurate only for customers who have not traded outside of Coinbase. Do not use this report if you have:

1. Digital Assets Purchased or Sold on Another Stock Exchange

2. Sending or Receiving Digital Items from # 39, a wallet other than Coinbase

3. Sent or received digital assets from another exchange (including GDAX)

4. Digital assets stored on an external storage device (eg, Trezor, Ledger, etc.)

5. Participates in an ICO

6. Previously used a method other than FIFO to determine your gains / losses on active digital investments "

Coinbase is not the first tax calculation offer to hit the market.In August 2017, the American start-up Node40 launched a computation software, initially focused on Dash but then spread to other currencies, including Bitcoin.