The deadline for submitting 2019 taxes in the US is shortly approaching. Even for these declaring conventional earnings, the method might be prolonged to say the least. One of many greatest challenges for crypto holders within the US and past is learn how to declare their crypto assets and never run afoul of the IRS.
Tax Season for Cryptocurrency Holders Made Less complicated
Blockfolio and Token Tax try to make this course of simpler for US residents. TokenTax is a platform for crypto buyers which might analyze knowledge from crypto transactions and generate the suitable tax kinds, whereas Blockfolio is a cell cryptocurrency portfolio. By integrating these two, customers can observe crypto in Blockfolio, join TokenTax, and instantly be given the choice to import all their transactions. TokenTax co-founder Alex Miles notes:
“One of many greatest time sinks for customers is how they get their transactions into the Token Tax system. Given how many individuals already observe their transactions in Blockfolio, an integration simply made good sense.”
As one of many main networks for cell cryptocurrency portfolio monitoring and administration, Blockfolio CEO Edward Moncada agrees:
“We’re thrilled that by means of this integration and partnership, the already massively time saving TokenTax expertise turns into even simpler for our customers.”
This integration means present Blockfolio customers who’ve already entered their transaction knowledge don’t should repeat their work on tax kinds. All cryptocurrency holders ought to keep in mind that false or incorrect reporting of assets on their US taxes can result in main fines.