Coinbase and TurboTax Offer Tax Refunds in Bitcoin

NotFuzzyWarm

legendary

Activity: 3612

Merit: 2506

Evil beware: We have waffles!

The only downside to it that I see is that you have no control over what the fiat refund to BTC exchange rate is.
You might get lucky with BTC dipping to a low price when the refund system tells Coinbase to buy (good to great) or it may happen at a peak which is not so good... Anywhere in between - meh.

Personally, I'll take the refund as fiat and buy when I like the price. Grin

Quickseller

copper member

Activity: 2870

Merit: 2298

Coinbase is essentially allowing their customers to open something very similar to a bank account as their coinbase account. As with "real" bank accounts, account holders can receive things such as paychecks (or their tax refund) via direct deposit. That is exactly what coinbase is doing. They are allowing people to have their tax refund sent to their coinbase account via direct deposit.

Coinase is partnering with TurboTax to advertise this option.

hugeblack

legendary

Activity: 2506

Merit: 3645

Buy/Sell crypto at BestChange

Starting this year, crypto diehards can receive their refunds in the form of Bitcoin or other cryptocurrencies thanks to a new arrangement between Coinbase and TurboTax.

If you file through TurboTax, you can get your refund directed to a Coinbase account.

On Thursday, the company started a direct deposit program^[1] with the software company TurboTax to send state and federal tax refunds to Coinbase accounts, with the option to automatically convert dollars into cryptocurrency, the DealBook newsletter reports.

Quote

“We’ve seen a rise in alternative investments, in a new class of investors beyond just high-income earners,” said Randy Hellman of TurboTax’s investor segment.

Sources:
- https://decrypt.co/91954/coinbase-tax-refund?utm_source=reddit&utm_medium=social&utm_campaign=sm
- https://www.nytimes.com/2022/02/03/business/turbotax-tax-refunds-coinbase.html

It looks like Coinbase has become compatible with a lot of government financial services and they may be using them if there is a trend for future adoption, which is a good thing against Binance.

[1] https://turbotax.intuit.com/microsite/home.htm?priorityCode=5718400000&cid=all_coinbase_aff_5718400000

Topic: Coinbase and TurboTax Offer Tax Refunds in Bitcoin (Read 114 times)