Coinbase Integrates TurboTax to Help US Clients File Crypto Taxes

Coinbase customers who need to file taxes in the U.S. this year can get a boost from TurboTax, the tax-filing software offered by Intuit Consumer Tax Group.

The companies announced Tuesday that they were teaming up to allow Coinbase and Coinbase Pro clients upload their transactions, gains and losses in 2018 directly to TurboTax Premier, one of the tax firm's products.

Coinbase customers can upload as many as 100 transactions at once, according to a press statement from Coinbase.

TurboTax Premier will then help customers determine how to file their taxes from the last year.

The list of transactions that are not taxable include customers who bought cryptocurrencies and have not yet sold, gifted cryptocurrencies or purchased cryptocurrencies with a Self-Directed IRA or Solo 401(k), the release continued.

In addition to working with TurboTax and CoinTracker, Coinbase noted that it was also launching a tax resource center and publishing a "Crypto and Bitcoin Taxes in the U.S." guide for 2018 to help its customers understand any tax obligations they may have.

To further help customers, Coinbase is integrating with CoinTracker, a Y Combinator-backed crypto and bitcoin tax software manager built by former Google employees.

CoinTracker said in its own release that it would help customers aggregate necessary transaction data across "All wallets and exchanges" that they may use, effectively summarizing all transaction activity for 2018.

The company supports more than 2,500 cryptocurrencies and has automated integrations for 20 of the largest crypto exchanges by volume.

Brennan Snow, co-founder at BitTaxer, told CoinDesk that he hopes the partnership will help Americans claim losses from their crypto holdings, noting that "CreditKarma projected that of the $5.1b in BTC losses for Americans last year, only $1.7b will be claimed."