TaxBit wants to democratize the crypto tax process
The TaxBit Network allows users to integrate their data from more than 500 supported sources. Participants include BlockFi, OKCoin, Paxos, Coinbase, Strike, Coinlist, CEX.io, Blockchain.com, Gemini, Uphold, FTX.US, Binance.US, and Celsius Network; more traditional fintech companies such as SoFi, PayPal and its subsidiary Venmo; and decentralized finance startups such as SuperRare and Uniswap, among others. TaxBit Network's tax forms will be free for all users, regardless of transaction volume.In the past, taxing cryptocurrencies has been clunky, confusing, and often expensive, with annual tax filing costs running into the thousands of dollars for many crypto owners. TaxBit aims to make it more accessible, both in cost and ease of filing. Users connect their accounts to their TaxBit account, which they can create for free through the network, and the company fills out a free 8949 form for each location the taxpayer has connected. There is no limit on transactions or wallet addresses. Some firms even integrate buttons to sign up for a TaxBit account into their applications.
How is cryptocurrency taxed?
U.S. taxpayers who trade cryptocurrencies prepare Form 8949 to show transaction history for the year when filing with the Internal Revenue Service (IRS). The form illustrates transactions involving capital assets held on a short-term basis, i.e., one year or less. It requires the taxpayer to describe the property, the date of acquisition, the date of sale or disposition, the proceeds, and the cost basis for each short-term transaction. This allows the taxpayer to determine its gain or loss for each transaction."Compliance is a key pillar at Gemini. Proactively providing our investors with access to tax reporting tools helps our clients stay on top of their cryptocurrency tax obligations while regulation continues to evolve," Gemini CEO Tyler Winklevoss said in a press release. Users can simplify this process starting Tuesday with the tax forms, either through the TaxBit Network website or, in most cases, through the participating institution's app.
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