Coinbase Releases Cryptocurrency Tax Calculator

[CryptoGirl]

Coinbase has launched a new gain/loss calculating tool as part of an effort to help its user base keep up with U.S. tax requirements.

 the calculator can be used to generate a report which outlines their capital gains (or losses) on its platform, using a first-in-first-out (FIFO) accounting method.

The tool comes with a few caveats, however, namely that it's primarily aimed at users who have bought and sold on Coinbase exclusively - and isn't recommended for those who have purchased digital assets elsewhere or participated in an initial coin offering, per the blog.

"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,"


https://blog.coinbase.com/new-tax-tools-on-coinbase-4d2598544d9e

[dragononcrypto]

Of course they did! There is so much pressure for them to hand over customer information they'll do anything to make themselves look compliant.