As Tax Deadline Looms, TurboTax Partners With CoinTracker to Simplify Crypto Reporting

If you traded crypto over the last year, you may need to include it in your taxes.

Julian Dossett Writer
Julian is a staff writer at CNET. He's covered a range of topics, such as tech, travel, sports and commerce. His past work has appeared at print and online publications, including New Mexico Magazine, TV Guide, Mental Floss and NextAdvisor with TIME. On his days off, you can find him at Isotopes Park in Albuquerque watching the ballgame.
Julian Dossett

With the April 18 tax deadline coming up fast, TurboTax users who trade cryptocurrency can now import crypto transactions automatically from exchanges.

Tax software provider TurboTax has partnered with CoinTracker, a cryptocurrency tax and portfolio software provider, to expand features for TurboTax users who need to report crypto transactions on income taxes. 

The partnership, announced Wednesday, will allow TurboTax users to automatically import their crypto transactions from select cryptocurrency exchanges -- including Gemini, FTX, Coinbase Pro and Binance.US -- into their TurboTax profile. 

Serving as a crypto tax aggregator, CoinTracker will permit taxpayers to import up to 4,000 transactions directly into TurboTax at once. TurboTax users with transactions across multiple exchanges or wallets, or those who purchased NFTs or interacted with decentralized finance, will be automatically redirected to CoinTracker. From there, users can pull together a complete portfolio of crypto assets that will sync with TurboTax's tax filing software

In November, Pew Research found that 16% of Americans say they have bought or traded cryptocurrency. As more Americans invest in crypto assets, reporting cryptocurrency on income taxes has become a greater concern.