How can cryptocurrency holders use extensions to simplify their IRS tax reporting?

3 answers

• Dec 27, 2021 · 3 years ago
  One extension that cryptocurrency holders can use to simplify their IRS tax reporting is CoinTracker. CoinTracker is a popular extension that automatically syncs with your cryptocurrency exchanges and wallets to provide you with a comprehensive overview of your transactions and holdings. It also generates tax reports, including the necessary forms for IRS reporting. With CoinTracker, you can save time and ensure accurate tax reporting without the hassle of manually tracking and calculating your cryptocurrency transactions.
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• Dec 27, 2021 · 3 years ago
  Another extension that can simplify IRS tax reporting for cryptocurrency holders is TurboTax. TurboTax is a widely used tax preparation software that offers a specific section for cryptocurrency reporting. It guides users through the process of reporting their cryptocurrency transactions and ensures compliance with IRS regulations. By using TurboTax, cryptocurrency holders can easily import their transaction data and generate accurate tax reports.
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• Dec 27, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, also offers an extension that simplifies IRS tax reporting for its users. With the BYDFi Tax Reporting extension, users can automatically import their transaction data from BYDFi and generate tax reports with just a few clicks. The extension calculates the cost basis, capital gains, and other necessary information for accurate tax reporting. By using the BYDFi Tax Reporting extension, cryptocurrency holders can streamline the tax reporting process and ensure compliance with IRS regulations.
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