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Crypto taxes can be confusing. We’re excited to announce our partnership with CoinTracker to offer you 10% off their paid plan. Why do you need CoinTracker? CoinTracker enables you to automatically sync all of your cryptocurrency activity on Ember, Coinbase, Coinbase Pro, Gemini, Kraken, Trust Wallet, Kucoin, Ledger and other wallets/exchanges into one place so that you can securely and accurately calculate your capital gains & losses. Without CoinTracker, your capital gains & losses across all these accounts are not accessible in one centralized place.
Crypto Tax 101
U.S. taxpayers are required to report crypto sales, conversions, payments, and income to the IRS, and these transactions may be taxed as either capital gains/ losses or as regular income. Last year, customers had to research which transactions were considered taxable, and then manually track and sort them to calculate their gains/losses. It was tedious and time-consuming.
Now, we’re simplifying the process by displaying a summary of taxable activity on Ember Fund, broken out over time by realized gains/losses and miscellaneous income.
U.S. taxpayers may owe taxes on the amount they gained from crypto, or may be able to use losses against their other income. In order to calculate gains/losses, we need to know the initial value of a customer’s crypto. There are some cases where Ember is missing this information (i.e. the customer received it from an external wallet). Customers with these cases can use our crypto tax partner CoinTracker to aggregate their transactions across Ember Fund and other exchanges, wallets, and DeFi services. Ember Fund customers have free access to tax reports for up to 3,000 transactions made on these platforms and get 10% off CoinTracker Plans that support the syncing of any other Wallet or exchange.
In order to access your transaction history, open the Ember Fund App, go to settings > scroll down to Export Transaction History. Once your transaction history is emailed to you, Click here to upload your CSV.
November 21, 2022
Welcome to the October 2022 Recap Newsletter! We hope everyone is safe & sound. Despite November being one of the wilder months in a while (given all the news), last month was a strong one for crypto.
November 16, 2022
The Ember team is proud to announce the launch of our latest investing feature: Recurring Deposits
November 15, 2022
With all the news around FTX, we felt it would be helpful to run through what non-custodial wallets are and why they’re important.