{"id":100313,"date":"2020-10-29T15:00:00","date_gmt":"2020-10-29T12:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/winklevoss-gemini-exchange-to-count-crypto-taxes-in-real-time\/"},"modified":"2020-10-29T15:00:00","modified_gmt":"2020-10-29T12:00:00","slug":"winklevoss-gemini-exchange-to-count-crypto-taxes-in-real-time","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/winklevoss-gemini-exchange-to-count-crypto-taxes-in-real-time\/","title":{"rendered":"# Winklevoss\u2019 Gemini exchange to count crypto taxes in real time"},"content":{"rendered":"

“# Winklevoss\u2019 Gemini exchange to count crypto taxes in real time <\/strong>”
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American cryptocurrency exchange Gemini is partnering with tax compliance firm TaxBit to help its customers treport their crypto taxes with TaxBit\u2019s Tax Center Suite solution.<\/p>\n

Tyler Winklevoss, CEO of Gemini exchange, said that TaxBit\u2019s software will help reduce the \u201cpain point of crypto tax,\u201d enabling users to track the real-time tax impact on their crypto trades on Gemini. According to the announcement, the tool will also allow customers to potentially increase their tax refund and lower their tax liability, providing trade alerts when tax-saving opportunities are available.<\/p>\n

TaxBit\u2019s Tax Center Suite solution is the first crypto tax-related tool that Gemini has ever deployed, a spokesperson at Gemini told Cointelegraph. The representative said that the company expects to integrate TaxBit’s solution in the first half of 2021 or sooner, as it anticipates definitive guidance from the\u00a0Internal Revenue Service on how crypto should be reported.<\/p>\n

Once the software is fully implemented on Gemini, the exchange\u2019s customers in the United States will be able to download<\/a> a tax report in a format required by the IRS.<\/p>\n

The Winklevoss brothers invested in TaxBit earlier this year. In January 2020, their family office \u2014 Winklevoss Capital \u2014 participated in a $5 million seed funding round for TaxBit.\u00a0Gemini also has had a referral relationship with TaxBit since the 2019 tax reporting period, a Gemini spokesperson noted.<\/p>\n

Launched in January 2019, TaxBit\u2019s platform supports over 2,000 currencies, according to its website<\/a>.<\/p>\n

Gemini, a cryptocurrency exchange founded by the Winklevoss twins, will soon integrate a new tool enabling users to automate their crypto tax reporting.<\/p>\n