Coinbase to Issue 1099-MISC Tax Forms, Hopefully Eliminating a Common Tax Problem

By issuing the 1099-MISC instead, Coinbase is taking an important step toward making tax reporting easier for its users.

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[grandson]

I only have 5$ in miscellaneous income from rewards would I need to pay taxes on that ?? And iv'e only put it 20$ in crypto and haven"t sold anything

[stevecramer]

So I'm a tax preparer and a 1099-Misc will be worthless for reporting gains and losses. As you mentioned, there is no reporting of of basis or holding period to determine short or long term gain, among other things. 1099-Misc will work if you get paid in crypto. But until main players like Coinbase start issuing 1099-B, determining gains and losses will continue to be a cluster.

[bloodCount]

people may rip on Robinhood crypto but at least they send 1099 B for crypto sells

[whatwouldgdonowgvkpierce]

Where do i get my tax info from coinbase? Plz help

[xGxAxBxBxO]

Where do I get tax documents for coinbase pro?

[Sephious_VII]

Does coinebase allow users to download their 1099 MISC, or is it only mailed out?

[Chuck-tqkq]

Do I have to pay taxes even thou I haven cashed out a dime but did some conversion here and there sold some to buy other but haven’t cashed out?

[Trishafuninthesun]

How does CB give you a form. I haven't received anything!

[geraldine]

Hey I am a costumer of Coinbase and I can not be able to get my 1099 that my tax accountant requires to me. I only was able to download the report. Can I make my Tax declaration with only my report history of transactions of Coinbase?. How can I get my 1099?.

[noahyouheewon]

What if I bought crypto at $3000 on coinbase and didn't sell any but I transferred my coinbase btc increased in value to $9000 to binance exchange? I never sold but just transferred. Do I report this on tax report as a profit?

[DavidEVogel]

The 1099-MISC isn’t very helpful. No cost basis. No short or longterm annotation, no covered - not covered designation. A 1099-MISC is helpful, but falls way short of form 1099B.

[iiPlayMuch]

Say My regular income is 30 thousand so I am in the 12% tax bracket and I sold a long term capital gain crypto and made 20 grand so now My total income is 50 grand and I have to pay 15% for that 20 grand. Do I also have to pay an extra percentage for my 30 thousand ? or does it stay at 12% ?

[valeenoi]

If you didn't make $600 in 1099-MISC. As a matter of fact, Coinbase only shows a single number for, say, rewards.
A) Do we need to file 1099-MISC, and B) Which box does this number go into? Box 3: Other Income?

[luisgregoryhinojosa]

Hi Gordon law I’m invested in coinbase. However, I haven’t sold or traded anything since I opened my account. This is for long term. I haven’t received any paperwork for taxes. Should I be receiving anything? I haven’t filed my taxes just making sure I got everything properly handle before filing. Still waiting for coinbase to reply to my emails.

[jonpeterson]

do you answer "yes" to the question on form 1040 regarding virtual currency if you only bought virtual currency and left it in an account?? in the irs instruction book it states "a transaction involving virtual currency does not include the holding of virtual currency in a wallet or account" page 16 2020 1040 book

[pilyotuts]

hello, i fill up taxes form on pro coinbase but i dont use it i dont trade or buy, still i will get tax? thankyou

[j]

What if I sold my xrp for a loss ? Do I still need to report this

[cretbo]

Hi ... Started trading Bitcoin and ETH with coin base Pro in 2020 (live in US) Have done about 100 trades in 2020. Will Coinbase send a form that I need to give my Tax Person? Did not do any rewards or stakes ... just some swing and Day trades. Will I need to do anything else or is the Form that Coinbase / Coin base Pro will send be enough?? Bob Have only traded in BTCUSD ETHUSD and only on the Coinbase / Coinbase Pro exchange

[MrSolvaring]

So let me get this straight:

1) Paypal sends me a 1099-K that has my transactions from Coinbase (Sold crypto for USD) and other entities.
2) Coinbase doesn't send me any forms, but I still have to report the crypto as income, which drops into double reporting if not done correctly.
3) I took the amount from Paypal that only came from Coinbase as an expense on my tax return for self employment.
4) Form 8949 will report that "expense", which I believe, will prevent me from double reporting on my return. That way, the IRS won't come back and be like, "why does he have this as an expense when this came from Coinbase? Surely, he must have a form 8949 with this return to reflect this "expense". Oh wait, he doesn't?? OFF WITH HIS HEAD via angry IRS notice."

I am not a tax advisor, but that seems to be the only logical way to deal with the absolute nightmare of double reporting on my return.

[thuvu]

Hi can you do a video how to get this form on Coinbase?