Voyager, CoinLedger Partner on Crypto Tax Reporting

crypto taxes

Cryptocurrency platform Voyager Digital is working with CoinLedger to help users with capital gains, losses and tax reporting.

“The interoperable nature of cryptocurrencies and digital assets, with transfers into and out of platforms such as Voyager, can create tax challenges for users, especially when it comes to tracking cost basis — which is necessary for capital gains tax reporting,” Voyager said in a news release Tuesday (Dec. 7).

CoinLedger, a tax reporting platform for crypto, DeFi, and NFT users, can ease these challenges by integrating with exchanges, wallets, and blockchains to allow users to track their digital-asset transaction history.

Voyager says its customers will be able to use this platform for their 2021 tax returns next year, allowing them to import transactions and get reports on things like capital gains, losses and income. From there, those reports can be imported into tax software like TurboTax or sent to your tax professional.

“Voyager is forward-thinking when it comes to user experience,” said David Kemmerer, CEO and co-founder of CoinLedger. “Early on, the Voyager team realized that relying solely on blanket Form 1099 information reporting may not be sufficient to help customers report and file their crypto taxes. We’re excited to bring CoinLedger’s tax reporting solutions to the Voyager ecosystem and further enhance the user experience of the platform by making tracking and filing taxes easier for its customers.”

Read more: Senators Aim to Amend Infrastructure Bill’s Crypto Rules

Future tax filing seasons could become more complicated for crypto users, thanks to a provision in the recent infrastructure bill.

That provision would require businesses to report digital transactions of greater than $10,000 to the IRS. In addition, anyone engaged in the transfer of digital coins would need to report that information as well. These rules are expected to generate $28 billion in tax revenue over the course of 10 years.

After the bill became law, legislators proposed amending the regulations so that they do not apply to people developing blockchains and wallets.