A new tool on Coinbase to calculate the taxes

The platform to trade in crypto-currencies, Coinbase has decided to launch a new tool to help the different users of the website. In fact, it is now possible to establish a balance of transactions and generate a report to calculate the taxes.

Taxable gains

Maybe didn’t know you, but the gains on sales and exchanges of the digital currency are taxable, at least in France. This is a key point for investors who are in the obligation to declare their earnings. Which is not necessarily obvious !

This is to facilitate the task that the giant Coinbase has launched a brand new tool. Through it, customers can establish in a few clicks a balance sheet of all of their transactions digital assets.

Thus, by generating this report includes the transactions related to the account Coinbase, they can get a more-or-less official. Thus, the client may calculate its gains and its losses, as explained by the spokesman of the american company : “For our customers who have performed transactions, only on Coinbase, we propose a tool that automatically calculates your gains or losses, depending on the method of first-in-first-out (FIFO). […] This tool provides a preliminary calculation of gains and losses in order to help our clients, but it should not be used as tax documentation official without validating the results with your tax advisor. “

A useful tool

For the moment, the use of this tool is still limited, and all users of the platform Coinbase may not have access to it. Indeed, in the press release, the company explained that this provision could not be used by those who have bought or sold assets on digital platforms other than Coinbase. This seems quite logical.

Pixabay – MichaelWuensch /In France, the gains made through crypto-currencies are taxable.

This tool can be especially useful for those just starting out in the sale and purchase of crypto-currencies.

Source : CoinBase