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Coinbase has taken this step to offer tax guidance to its users to make them aware of the tax obligations that cryptocurrency traders have to face. According to a blog post, this move is accomplished through collaboration with TurboTax, which is a digital assets exchange.
Moreover, the exchange Coinbase decides to automatically offer their customers a “1099-K tax form” who face acquiring gross proceeding over worth $20,000 and who have accomplished above 200 transactions in 2018. Also, the company writes:
The law requires Coinbase to provide these forms, but we recognize that these recipients make up just a small fraction of the users who have questions about tax season. That’s why we’ve heavily invested in partnerships and educational resources.
The collaboration with TurboTax now let clients upload at the max 100 transactions in one attempt. And they can retrieve a discount to the filing service. The users using this platform can now download their transaction history. They can also import the details right into the interface.