One of the leading cryptocurrency exchanges Coinbase has launched a tool that allows traders to make up approximate profits and losses that have appeared during trading on the stock exchange.
It’s likely that the tool can help to simplify compliance with tax laws. Since the development can only calculate the results of activities on Coinbase, the tool is not recommended if the trader works with other exchanges or has invested money in the initial coin offerings.
“This tool provides a preliminary gain/loss calculation to assist our customers, but should not be used as official tax documentation without validating the results with your tax professional. “
Actually it is not the first time when Coinbase is implementing such decisions in the field of tax legislation. For example, in January it informed all users that all their activities fell under the laws on capital gains. The company also informs traders if their data are to be transferred to the US Internal Revenue Service.
Regarding the transfer of user data, it is worth noting that this applies to those traders whose annual earnings exceed $20 thousand. Coinbase considers this a victory, since initially the IRS required data from half a million users, but Coinbase managed to challenge this claim successfully.