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With the tax season underway, you must be wondering if you’re obligated to report your crypto gains to the IRS. While the revenue service doesn’t exactly view cryptocurrency as actual currency, it does categorize it as property, so yes, you will absolutely have to pay tax on crypto.
Similar to stocks and bonds, crypto is subject to capital gains tax, so airdrops, hard forks, crypto earned from mining or lending, and crypto earned in exchange for goods and services are taxable. If all these sound confusing, you may want to enlist the help of Accointing Crypto Tax Software, a platform dedicated to assisting you with all your crypto tax needs. For a limited time, you can sign up for the Hobbyist Plan for an extra 10 percent off with the coupon code REFUND during our Gear Up For Tax Season Sale.
Rated 4.6 out of 5 stars on the App Store, 4.3 out of 5 stars on Play Store, and recipient of the Best Portfolio Tracker award at the 2021 Benzinga Fintech Awards, Accointing lets you track, manage, and report all your cryptocurrency transactions in one place. Dubbed as the most complete and affordable crypto tax software on the market, it features more than 300 integrations, including Binance, Coinbase, and BitStamp, allowing you to import all your crypto transactions and automatically calculate your wins and losses.
With regards to taxes, all it takes is five clicks to generate a customized crypto tax report for your CPA, a TurboTax file to drag and drop online, and a Form 8949 to fill your Schedule D form. It also has a built-in dashboard and crypto tracker that analyzes your performance in real-time, as well as enables you to review the performance of the overall crypto market.
With the Hobbyist Plan, not only will you get to enjoy all these features, but you will also gain access to a portfolio tracking dashboard, tax-loss harvesting tool, and a crypto tracker app. It also allows for up to 500 transactions.
Don’t let taxes rain on your crypto parade. Formerly $79, you can grab an Accointing Hobbyist Plan subscription for $26.99 with the code REFUND.
Prices subject to change.