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:
Were 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 dont have to repeat their work on tax accountants forms. All cryptocurrency holders should remember that false or incorrect reporting of assets on their US taxes can lead to major fines.