Coinbase and TurboTax have brought a new feature for users who want to get their tax refund in the form of cryptocurrencies. The collaboration of the two firms came out just as the tax season in the US kicked off.
Coinbase and TurboTax have brought a new feature for users who want to get their tax refund in the form of cryptocurrencies.
According to a report by The Wall Street Journal, a software package produced by Intuit will now allow users to relocate their refund to Coinbase given that they have an account on the latter.about:blank
Usually, the US government gives the tax refund for the individuals in the form of cash. This payment can be acquired directly through their bank account.
For a change of scene, Coinbase is reportedly bringing a unique way of receiving a tax refund. With that being said, the refund can be converted into crypto and users can choose from more than 100 digital currencies.
“This year, customers can deposit refunds into Coinbase fee-free to start immediately putting their money to work. Coinbase is committed to giving everyone instant and easy access to the cryptoeconomy,” the remote-first crypto exchange platform announced.
Furthermore, the users are also given the option to deposit the tax refund in US dollars. This would give more breathing room for investors who want to put their money in crypto investments.
With regards to the crypto crash, this move is advisable since the bear market continues to hit several cryptocurrencies including Bitcoin and Ethereum.
Amid the persistent drop in the value of the coins, the people should be prepared for the upcoming fluctuations that will happen. In addition, it’s important to remember that the crypto profits are taxable per IRS rules, according to a report by PCMag on Friday, Feb. 4.
Credit to @ techtimes
