The Daily: Turbo Tax Adds Crypto Section, Venezuela’s Localbitcoins Record
February 5th, 2019
In this edition of The Daily, tax filing software Turbo Tax has integrated a feature that allows crypto investors to report their capital gains online. Also, Venezuelans have set a new record in P2P trade on Localbitcoins and Brazilians can now pay for movie tickets with digital coins.
Traders Can Upload Capital Gains Data Into Turbo Tax
Turbo Tax, the popular tax filing platform in the U.S., is adding a “cryptocurrency section.” The new feature will be provided through a partnership with Coins Tax, the operator of crypto tax calculator Bitcoin Taxes. It will be available to taxpayers who have bought the 2018 Premier and above versions of Intuit’s Turbo Tax Online.
According to a press release by Coins Tax, Bitcoin Taxes now has a report functionality that enables users to import their cryptocurrency capital gains into Turbo Tax Online. The company claims the integration will save crypto traders time in tax preparation by allowing them to upload their transactions directly into Form 1040 Schedule D. Coin Tax CEO Colin Mackie commented:
We are working with Turbo Tax Online to make filing crypto taxes much easier. Until now, tax preparation software has provided limited cryptocurrency support. The new Cryptocurrency section in Turbo Tax Online with its import from Bitcoin.tax will save everyone a lot of time.
Bitcoin Taxes is one of the earliest tax calculators for crypto investors. The online platform allows users to import data for their purchases and sales of cryptocurrency throughout the year from a number of major crypto exchanges such as Coinbase, Gemini and Poloniex. It’s one of several available tax filing and calculation tools cryptocurrency traders can use this tax season.
Venezuelans Set New Record in Localbitcoins Trade
While the government in Caracas is trying to regulate decentralized cryptocurrencies, Venezuelans have achieved a new record in the volume of their crypto trade on Localbitcoins. Data compiled by Coin Dance shows that in the week of Feb. 2, 2019, they exchanged over 17.3 billion bolivar worth of bitcoin core on the peer-to-peer cryptocurrency trading platform. That’s more than 2,000 BTC, an all-time high for the market.
The news came just as Venezuelan authorities adopted regulations for digital coins in the country. The decree establishing a legal framework for cryptocurrencies entered into force with its publication in the country’s official gazette, as news.Bitcoin.com reported. It introduces rules for an array of crypto-related activities such as the purchase, sale, use, distribution, and exchange of digital assets. It will also enforce penalties for non-compliance including fines and confiscations.
Movie Theater in Brazil Accepts Coins for Tickets
Cine Multi has reportedly become the first Brazilian cinema to accept cryptocurrency for the tickets it sells thanks to a partnership with crypto payments provider Bancryp – the company maintains POS terminals accepting digital coins. The movie theater is located in the Multi Open Shopping center in the city of Florianópolis, capital of the southern Brazilian state of Santa Catarina. According to a post on Medium, Bancryp, which advertises itself as a cryptobank, targets millions of users in Brazil in an effort to provide more people with access to cryptocurrencies.