This can cause confusion for U.S. taxpayers. Cointelli is able to quickly and reliably generate a single tax report by pressing a button.
Cointelli also offers an error correction feature to correct any inconsistencies between platforms. Cointelli’s algorithms allow you to combine all data from Coinbase and Binance into one tax report. All this for a very low price of $49
Which software is best for crypto taxes?
American crypto traders and investors need to be able to navigate the tax system efficiently. The IRS has classified cryptocurrency as property for taxation purposes. This dispels a common misconception that there is no taxes on crypto. Particularly U.S. investors are now required to report cryptocurrency taxes more carefully. The U.S. government is attempting to increase its share of cryptocurrency investments, which are experiencing a bullish trend. In 2014, the IRS created its first cryptocurrency tax rules. Washington recently gave $80 billion to the IRS to help catch tax evaders.
It can be difficult to understand crypto taxes. Correctly reporting complex transactions across multiple crypto platforms is often required in order to do them correctly. The right software can make it easy to get it done quickly and accurately. Cointelli, a cloud-based, crypto tax preparation software solution, uses its unique technology in order to help individuals and businesses save more crypto taxes. Cointelli is a specialist in helping users to reap the maximum crypto tax benefits while accurately reporting their crypto taxes.
What else distinguishes Cointelli? Collecting and importing transaction data from multiple wallets and exchanges is the first step to calculate your crypto taxes. Although this may seem simple, there are important steps that you must take to ensure accuracy.
You must first check the number of crypto wallets and exchanges that the software supports. Cointelli supports many major crypto exchanges, and has full import capabilities. Cointelli supports major exchanges like Binance, KuCoin and Coinbase. There are also many niche exchanges that Cointelli supports. Cointelli supports at least 15 blockchains including the most popular like Bitcoin, Ethereum and Dogecoin.
Cointelli supports more exchanges and wallets, and offers the easiest way to import transaction data from these platforms. Cointelli is an excellent choice for anyone looking to get crypto tax software.
Reporting taxes to the IRS
Many major exchanges, such as Binance, Kraken, and Coinbase, send different tax forms directly to the IRS. Kraken reports additional types of 1099 forms, while Coinbase reports 1099MISCs. These exchanges are only able to see transactions that occur in their systems. Each major exchange has its own list, which may not match other lists. It is important to have a cryptocurrency tax software solution that accurately and quickly aggregates all this information and processes it for your benefit.
These services are not only provided by Cointelli, but they are also accessible to all for a flat-fee price of $49/year with no hidden fees. Users can also run the program free of charge to find out how much crypto taxes they will pay. They won’t have to pay anything until they download the Form 8949. Cointelli offers 24/7 customer support and a simple interface that makes it easy to fill in and download reports and forms.
It is easy to import transaction data from different exchanges such as Coinbase, Kraken, and Binance.US into Cointelli. Cointelli offers detailed, informative guides and walkthroughs that will help you understand the process.
