Crypto Tax Firm Makes Half-Baked Bid to Drag Coinbase Through the Mud

CCN received a “consumer warning” this morning from a crypto tax preparation firm. The warning outlines two aspects of crypto tax that the firm believes have been done wrong by other outfits – namely Bitcoin exchange Coinbase and Intuit, the creator of TurboTax. As regards Coinbase, the firm writes: “The online tax guidance provided by Coinbase implies that airdrops are taxable as ordinary income—which is reported on Line 21 of Schedule 1 of Form 1040—rather than as capital gains that only become taxable when the positions are sold.” Bitcoin Exchange Coinbase Clarifies Crypto Tax Guide We reached out to Coinbase,

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source https://www.ccn.com/crypto-tax-firm-makes-half-baked-bid-to-drag-coinbase-through-the-mud

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