Coinbase, Exchanges

Is Coinbase No Longer Supported on TurboTax?

The popular online tax filing service TurboTax has announced that it will no longer support the use of Coinbase as a source for importing tax information. This is likely to be a major blow to the cryptocurrency exchange, which has been increasingly relying on such partnerships to help legitimize its business.

The news was first reported by Business Insider, who noted that TurboTax had been one of the first major financial institutions to partner with Coinbase back in 2014. At the time, the move was seen as a huge vote of confidence in the young company and its then-new asset, Bitcoin.

However, it appears that TurboTax has now had a change of heart. The company announced on its website that it would no longer be supporting Coinbase as a source for importing tax information, effective immediately.

NOTE: WARNING: Coinbase is no longer supported on TurboTax beginning with the 2021 tax season. If you use Coinbase to record your crypto transactions, you must use an alternative method to report your crypto taxes to TurboTax. Please consult the IRS website for more information about how to accurately report your crypto taxes.

This is likely to be a major setback for Coinbase, which has been working hard to legitimize itself in the eyes of regulators and the traditional financial world. The company has recently hired a number of high-profile executives from the traditional financial world, including former Fannie Mae CEO Tim Mayopoulos and former Goldman Sachs executive Martin Chavez.

It was also recently reported that Coinbase is in talks with the US Securities and Exchange Commission (SEC) about potentially becoming a licensed broker-dealer. Such a move would require Coinbase to register with the SEC and comply with a number of regulations, but would also open up new business opportunities.

The loss of TurboTax support is likely to be a major setback for Coinbase in its efforts to legitimize itself. However, the company remains confident that it can continue to grow and thrive despite this setback.

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