Blockfolio users can now import their existing crypto portfolios into TokenTax’s automated software.
The deadline for filing 2019 taxes in the United States is quickly approaching. Even for those declaring traditional income, the process can be lengthy to say the least. One of the biggest challenges for crypto holders in the US and beyond is how to declare their crypto assets and not run afoul of the IRS.
Tax Season for Cryptocurrency Holders Made Simpler
Blockfolio and Token Tax are trying to make this process easier for US residents. TokenTax is a platform for crypto investors which can analyze data from crypto transactions and generate the appropriate tax forms, while Blockfolio is a mobile cryptocurrency portfolio. By integrating these two, users can track crypto in Blockfolio, sign up for TokenTax, and immediately be given the option to import all their transactions. TokenTax co-founder Alex Miles notes:
“One of the biggest time sinks for users is how they get their transactions into the Token Tax system. Given how many people already track their transactions in Blockfolio, an integration just made perfect sense.”
As one of the leading networks for mobile cryptocurrency portfolio tracking and management, Blockfolio CEO Edward Moncada agrees:
“We’re thrilled that through this integration and partnership, the already massively time saving TokenTax experience becomes even easier for our users.”
This integration means current Blockfolio users who have already entered their transaction data don’t have to repeat their work on tax forms. All cryptocurrency holders should remember that false or incorrect reporting of assets on their US taxes can lead to major fines.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.