Hello, dear community!
Taxes are a topic that most people hate because of its complexity and time-consumption. And there is a common misconception that crypto is not something that you need to pay taxes on. But in fact, you do.
It is very difficult to keep track of all your profits and losses during the year when it comes to cryptocurrency due to its volatility and a big number of transactions in general.
So Coinbase is integrating a service that will make this process much easier. The users will be able to upload their transaction history and account details. In this way, you do not need to do all the work manually.
There are some requirements that need to be met, though. Coinbase will be required to provide a 1099-K form and those who meet the requirements for the form will see a new section in their TurboTax Premier which will be used for all the following steps.
Such integration will give people a better understanding of how cryptocurrency is taxed and will make the process much quicker and less stressful.