Coinbase Users can receive Tax Refunds in Crypto

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Coinbase Users can receive Tax Refunds in Crypto
08 Feb 2022
6 min read
TWN In-Focus

News Synopsis

Coinbase Global is allowing its users to get tax refunds in cryptocurrency if they file using TurboTax. It launched a direct deposit program that will allow users to convert US dollars into crypto without any trading fee. 

Users can deposit a maximum amount of $25,000 a day. It has over 100 cryptos to choose from, along with stablecoin and yield-bearing assets. The refunds can also be received in US dollars and these will be directly deposited in their accounts for future trading.

Bipul Sinha, senior product manager at Coinbase as said that customers can deposit refunds into Coinbase fee-free to start immediately putting their money to work. Users will need to file for their taxes from the Coinbase section of the TurboTax website, set up the direct deposit accounts. Customers can even choose if they want to receive their refund in crypto or fiat currency.

Coinbase launched a tax section on its platform in January to help users track their taxable activity in one place. It also said that users can receive free tax reports for up to 3,000 transactions from its crypto tax partner, CoinTracker.

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