How Do You Report Bitcoin on Your Taxes? 🤔 New Software Node40 Has The Solution

NODE40 is a software which can help you handle your complicated tax situation with both Bitcoin and Dash. I firmly believe that the only thing left for cryptocurrency to prove is mainstream legitimacy. The technology is there. It is better than fiat. The only thing left is acceptance. And in order for that to happen, everything is going to need to be handled appropriately in terms of taxes. It sucks, but that's part of it. Until now there has not been a good way to track gains/losses with cryptocurrency. NODE40 is trying to solve that.

Perry Woodin, NODE40 CEO:

"Not only is blockchain accounting inherently complicated, it’s currently under heavy legal scrutiny. Since the IRS considers digital currency property, each and every input to a transaction has a potential gain or loss. Tracking the cost basis and days carried on every input to a transaction is simply not possible without sophisticated software. Nobody wants to think about gains and losses when purchasing goods or services, much less manually record transactions in a spreadsheet for future record keeping. NODE40 Balance allows digital currency owners to use the blockchain as the public ledger it was always intended to be, and provides users with the most accurate data for their reporting obligations at tax time.”

Coinbase is now in a legal battle with the IRS, who want access to user data to determine who's reporting their taxes. Here's what Wooding had to say on this subject:

"The IRS Coinbase summons motivated Dash owners to use our service and get their records in order for the 2016 tax season, and Bitcoin owners have well and truly been put on notice. The voluntary compliance rate for United States citizens is over 80%, which makes it obvious that most people take reporting their tax liability seriously; we believe bitcoin users haven’t had the right tools available yet. If the industry wants digital currency transactions to become commonplace, an integrated service like NODE40 Balance is essential. It validates the legitimacy of a new, complex form of transacting, and compliance is crucial to bringing a new technology into the mainstream."

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