TaxBit launches network in partnership with major exchanges and DEXs
Crypto accounting firm TaxBit has launched a network allowing users to connect accounts across the crypto ecosystem to generate their transaction history when filing their taxes.to show transaction history for the year when filing with the Internal Revenue Service . The form illustrates transactions involving capital assets held in the short-term, meaning a year or less.
For those trading crypto on multiple platforms, this can be an onerous process. Some traders can rack up thousands of transactions each year, and for many, the only recourse is to hire an accountant or buy software to parse through the transactions on each platform. TaxBit is looking to expedite this process.
Its TaxBit Network allows users to integrate their data from over 500+ supported sources. Those firms include large centralized venues like PayPal, Coinbase, Gemini, Binance.US and FTX.US, as well as decentralized finance and non-fungible token platforms like Uniswap, SuperRare and Nifty Gateway. Users connect their accounts to their TaxBit account, which through the network they can create for free, and the firm populates a free Form 8949 for each venue the taxpayer has connected. There is no transaction or wallet address limit. Some firms will even include buttons to sign up for a TaxBit account within their own applications.
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