Cointelli Makes It Easy to Report Coinbase, Binance, and Kraken Transactions to the IRS

Many crypto exchanges ship tax varieties to the IRS, every with their very own checklist of supported tokens and information that doesn’t essentially match up. This can create numerous confusion for U.S. taxpayers. Luckily, Cointelli can swiftly and reliably create a unified tax report with the push of a button.

And if there are any inter-platform inconsistencies, Cointelli has a robust error correction characteristic that lets customers simply edit knowledge. Cointelli’s algorithms make it straightforward to compile all the knowledge from Coinbase, Binance, Kraken, and plenty of others into one tax report. And all for the very reasonably priced worth of simply $49!

What is the Best Software for Crypto Taxes?

American cryptocurrency merchants and traders want all the assistance they’ll get with regards to navigating the tax system successfully. Cryptocurrency has made issues difficult for many individuals, because the IRS classifies it as ‘property’ for taxation functions — dismantling a standard false impression that there is no such thing as a tax on crypto. U.S. traders, specifically, are having to pay extra consideration to reporting taxes on cryptocurrency. With bullish progress in cryptocurrency funding, and the market anticipated to develop massively, the U.S. authorities has ramped up its efforts to get its slice of the pie. The IRS first drafted its cryptocurrency tax guidelines again in 2014, and Washington has not too long ago given the company one other $80 billion to trace and catch tax evaders.

Crypto taxes aren’t straightforward to wrap your head round. Doing them accurately usually entails precisely reporting complicated transactions throughout many crypto platforms. Thus, having the suitable software program generally is a lifesaver with regards to getting it proper in a well timed method. Cointelli is a cloud-based crypto tax preparation software program resolution that makes use of its distinctive know-how to assist people, companies, and CPAs save extra on crypto taxes. Cointelli focuses on serving to customers reap essentially the most crypto tax advantages doable whereas reporting their crypto taxes precisely.

So, what else sets Cointelli apart? Well, the crucial first step in calculating your crypto taxes with tax software program is amassing and importing your transaction knowledge from throughout a number of exchanges and wallets. This course of might look simple, however there are some important steps you want to take to make sure accuracy.

First, it’s a must to test what number of crypto exchanges and wallets the software program helps. Cointelli, for instance, helps a significantly bigger variety of main crypto exchanges than many opponents — and with full import capabilities. Examples of exchanges supported by Cointelli embrace main ones like Coinbase, Binance, KuCoin, and plenty of extra area of interest exchanges as properly. To add to this, Cointelli additionally options assist for not less than 15 blockchains, together with widespread ones like Bitcoin, Ethereum, and even Dogecoin.

Cointelli presents assist for extra wallets and exchanges and gives the simplest strategies of importing transaction knowledge from throughout these platforms. These advantages additionally make Cointelli very straightforward to make use of for first-timers, making it a wonderful choose when selecting your crypto tax software program.

Reporting Taxes to the IRS

Many vital exchanges like Coinbase, Binance, and Kraken ship totally different tax varieties to the IRS (as an illustration, Coinbase studies 1099-MISCs and Kraken studies further sorts of 1099 varieties). However, these exchanges solely know concerning the transactions that occur in their very own methods. Each vital alternate additionally has its personal checklist of supported cryptocurrencies, which gained’t essentially match up with different lists. This is why it’s so necessary to have a crypto tax software program resolution that rapidly and precisely aggregates all of this info in a single place and processes it for you.

Cointelli not solely delivers these companies, however makes them attainable for all, with full entry obtainable for a simple, flat-fee of $49 per yr and no hidden prices. In addition, customers can run this system without cost to see how a lot they are going to be paying in crypto taxes, and gained’t pay something till they determine to obtain the finished Form 8949. In addition to creating it straightforward to fill out and obtain the finished studies and varieties, Cointelli additionally has a seamless and easy-to-use interface and gives 24/7 customer support.

Importing transaction knowledge into Cointelli from numerous exchanges like Coinbase, Kraken and Binance.US is an easy affair. But for anybody having hassle, Cointelli gives detailed and instructive guides and walkthroughs to indicate you precisely the way it’s achieved.

For instance, to import your knowledge from Binance.US, you’ll merely comply with the steps beneath:

How to Import Exchange Data from Binance.US

• First, sign up on Cointelli

• Then, log in to Binance and create your API key

• Copy and paste your API key into the web page, as beneath

Once the import is full, and the transaction knowledge has been efficiently added, it is possible for you to to substantiate your transactions. Once that’s achieved, Cointelli will then prepare your Form 8949.

But what for those who’ve traded elsewhere, like on Kraken or Coinbase? No drawback! Just comply with Cointelli’s directions for every alternate, and shortly you’ll have your tax varieties in hand.

Click here for extra info.

• This article is meant to offer common monetary info designed to teach a broad section of the general public; it doesn’t give customized tax, funding, authorized, or different enterprise {and professional} recommendation. Before taking any motion, you need to all the time seek the advice of with your personal skilled tax advisor for recommendation on taxes, your investments, the legislation, or some other enterprise {and professional} issues that have an effect on your self or what you are promoting.
• Cointelli is presently solely obtainable within the US. The above monetary and tax info pertains to the US market.

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