Crypto accounting company TaxBit has released a network that lets users connect their accounts across the crypto ecosystem in order to generate their history of transactions when they fill their taxes.
US taxpayers who are trading crypto can generate Form 8949 in order to access the transaction history for the year when filing with the IRS. The form shows transactions that involve capital assets held in the short-term aka maximum a year. It asks taxpayers to present a description of the property, the date when it was acquired or sold, the proceeds, and the cost basis for all short-term transactions.
In the cases of those who trade crypto on more than one platform, this can be quite a burden. Some traders can record thousands of transactions yearly and often the only choice they have is to use a software or an accountant to deal with all of the transactions made on all platforms. TaxBit will simply this as it will permit users to integrate their data from more than 500 supported sources.
Among those sources, we can mention FTX.US, PayPal, Binance.US, Coinbase, and Gemini, but also Uniswap, Nifty Gateway, and SuperRare.
Customers just have to connect their accounts on those platforms to their TaxBit account for free and there is no limit for transaction or wallet addresses. Some companies are reported to include a button that allows to sign up for a TaxBit account.