Co-Founder of CoinTracker (https://www.cointracker.io) (YC W18) here. You're exactly right. We built software to specifically automate this crypto tracking and tax compliance process. We've partnered with Coinbase and TurboTax to specifically solve this pain point.
Makes me sad that they are further entrenching their tentacles in our tax system which further discourages the government from simplifying this process.
It's pretty well known that they lobby congress to keep the tax laws complicated to ensure their business.
The solution is less government and simpler taxes.
> But the success of TurboTax rests on a shaky foundation, one that could collapse overnight if the U.S. government did what most wealthy countries did long ago and made tax filing simple and free for most citizens.
If the system is vulnerable to exploitation, that’s not the fault of Intuit. They’re fixing inefficiencies in the market, and adding upsells (common for many companies in tech), is part of their business model.
I don’t get the hate of TurboTax if you’ve actually used it, since it’s incredibly simple and saves time and money (from my experience).
>If the system is vulnerable to exploitation, that’s not the fault of Intuit.
Sure, the vulnerability isn't Intuit's problem. But exploiting it is Intuit's problem.
>They’re fixing inefficiencies in the market, and adding upsells (common for many companies in tech), is part of their business model.
How are they fixing inefficiencies? If they simply wrote software I could see that. But they're lobbying for increasing inefficiencies. That's the opposite of fixing.
>I don’t get the hate of TurboTax if you’ve actually used it, since it’s incredibly simple and saves time and money (from my experience).
TurboTax has many dark paths and misleading sales pitches to bring people in with impression of free and prevent checkout without collecting money. Aside from that, their lobbying has created the mess that essentially requires 3rd party support to file your taxes.
It's not a game and a matter of hate, it's just a fact that filing your taxes is complicated because of Intuit.
Are they looking at solving the fact that spending appreciated "assets" will lead to a tax bill at the end of the year? Do they plan to sell extra to cover the gains, and then withhold them? If they don't and crypto collapses again, people might actually be out money at the end of the year for using their card right?
We support positions across exchanges, wallets, DeFi, and derivatives. Depending on your straddle situation, reach out and we'll find a solution for you. https://www.cointracker.io/contact-us
Most crypto users have custodial assets (e.g. those held on an exchange) which don't have a unique address. Therefore we need some identity layer to tie together a specific users transactions for tax purposes. That can be Google sign-in, Coinbase sign-in, throwaway email + password
Makes me sad that they are further entrenching their tentacles in our tax system which further discourages the government from simplifying this process.