Now that you have successfully mastered the art of investing in cryptocurrencies and making money out of them, are you concerned about your tax obligations? If yes, then you are at the right place.
Crypto.com, the Hong Kong-based one-stop crypto platform, has a novel solution to address the tax concerns of all cryptocurrency investors — Crypto.com Tax. It is a free online Crypto Tax tool (probably the only crypto tax product worldwide that is available at zero cost). This service allows users to generate accurate and organized tax reports, including transaction history and records of short/long-term capital gains and losses, crypto-related taxable and non-taxable transactions.
Crypto.com’s Tax is offering full support for investors in the United States of America and Canada. New jurisdictions are in the pipeline and will soon be added.
Features of Crypto.com Tax
Of course, a free of cost crypto product may sound very appealing. But what makes this online taxation tool a holistic crypto product are its thoughtful features.
Here’s a list of its features and why you should consider using Crypto.com Tax.
1. Integration: Crypto.com Tax is integrated with many of the popular crypto exchanges like Crypto.com Exchange, Binance, Coinbase, Gemini, Kraken etc. and crypto wallets like Crypto.com App, Coinomi, Blockchain.com wallet, Exodus and others. Presently, it supports roughly 1300 coins, each with a market cap in excess of 1 million (based on data collected from CoinGecko) and potentially all the major fiat currencies across the globe.
2. Easy-to-use Interface: Crypto.com has ensured that the users would feel comfortable operating the application interface. The simple design of the Tax Calculator is both intuitive and transparent. The portal’s API and CSV support will also allow users to import their transaction data effortlessly.
3. Holistic Crypto Tax Solution: Crypto.com Tax is suitable for all types of Crypto investors, be it an early-stage investor with a handful of open positions or a veteran crypto investor with thousands of trades.
4. Help Section: The portal hosts a detailed help section with a wide range of informative articles. It also sports guidance notes like “How the tax is calculated”, “How to navigate the Tax Calculator”, “How to import data and edit transactions” etc. It also features tax guidance articles discussing the crypto taxation rules in the United States of America and Canada.
Which tax reports does Crypto.com Tax support?
Crypto.com Tax does a pretty good job of merging a simple UI design with complicated tax reports. Some of the supported tax reports include:
- An income report for cryptocurrency receipts
- Capital gains (or loss) report with details like cost-basis, proceeds, and selling expenses.
- A transaction history report
- Reports on cryptocurrencies sent as gifts, donations and payments
- U.S. specific IRS Forms like Schedule D and Form 8949
- Reports from tax filing software like TurboTax
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