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Does Coinbase report to IRS?
Coinbase provides a tax resource center to help users understand their tax obligations. If you’re a US customer, Coinbase will help you determine what activity is taxable, calculate your gains or losses, and understand earned income on Coinbase. Currently, Coinbase issues Form 1099-MISC toRead more
Coinbase provides a tax resource center to help users understand their tax obligations. If you’re a US customer, Coinbase will help you determine what activity is taxable, calculate your gains or losses, and understand earned income on Coinbase.
Currently, Coinbase issues Form 1099-MISC to customers who’ve earned $600 or more of income through staking, interest rewards, and Coinbase Learn and Earn rewards. However, starting in the 2025 tax year, Coinbase will be required to report all capital gains and losses to the IRS through Form 1099-DA.
In the past, Coinbase has complied with IRS requests for customer information via a John Doe Summons, which led to the disclosure of data on millions of transactions. It’s important to note that the IRS may use the information from 1099 forms to send warning letters or audit taxpayers if there are discrepancies between the reported information and a taxpayer’s return.
So, it’s crucial to report your transactions accurately on your tax return to avoid any issues with the IRS. Coinbase’s tools and resources can assist you in this process, but consulting with a tax professional is also advisable to ensure compliance with tax laws. Remember, being proactive and informed about your tax obligations can alleviate much of the anxiety associated with them..
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