MetaMask customers in the US will be able to calculate taxes from crypto transactions on the oCoinLedger platform
The integration allows one to load transaction history and generate reports in one click
19.03.2024 - 08:31
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Last updated on Aug 5, 2024
What’s new? US-based digital asset tax software provider CoinLedger has announced a partnership with the team at non-custodial Web 3.0 crypto wallet MeraMask, which has seen the platforms become interoperable. MetaMask users who connect their accounts to CoinLedger can load their transaction history to the tax reporting software with a single click. This will facilitate the process of collecting, transferring, and merging tax reports from different accounts and/or wallets.
What else is known? David Kemmerer, co-founder and CEO of CoinLedger, has revealed that the partnership provides full integration with the MetaMask Portfolio product. This decentralized application (DApp), launched in September 2022, acts as a portfolio tracker and brings together all assets from different blockchains and accounts in one place. Since last April, Portfolio also supports the purchase of cryptocurrencies with fiat using bank cards and the PayPal payment system.
Kemmerer has clarified that users can directly synchronize their portfolio with CoinLedger and then automatically generate tax forms directly from MetaMask Portfolio. He added that simplifying tax calculation and reporting will make the cryptocurrency ecosystem more accessible to a wide range of consumers.
Back in 2022, CoinLedger reported that more than half of crypto investors in the US pay taxes. At the end of 2023, the company said that the average income of crypto investor clients was $887.
In January 2024, a bill was introduced in the Virginia Senate proposing to exempt crypto transactions worth less than $200 from capital gains tax.
US president has again proposed to impose a 30% tax on mining
Last year, the head of the country proposed similar measures, but they were rejected by Congress
In March, MetaMask began testing the first blockchain payment card in partnership with Mastercard, and online bank Revolut allowed MetaMask customers to buy cryptocurrency with fiat.
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