If you’re a US taxpayer, you may be wondering how to know if Coinbase reported your earnings to the IRS. The short answer is: it depends.
If you only made simple purchases and sales of cryptocurrencies on Coinbase, and none of your transactions were for more than $20,000, then it’s unlikely that Coinbase would have filed a report with the IRS. However, if you made more complicated transactions – such as buying or selling crypto for other forms of currency, or using crypto to purchase goods or services – then Coinbase may have filed a report with the IRS.
The best way to find out if Coinbase reported your earnings to the IRS is to check your tax records. If you see any unexplained crypto-related income on your tax return, it’s likely that Coinbase reported it.
You can also contact Coinbase customer support and ask them directly whether or not they filed a report with the IRS on your behalf.
In general, it’s a good idea to keep track of all your crypto-related transactions and report them accurately on your tax return, even if you don’t think Coinbase will have filed a report with the IRS. This way, you can avoid any potential penalties or fines for under-reporting your income.
If you’re not sure how to report your crypto-related income on your tax return, you can consult with a tax professional or use a specialized software like CryptoTaxCalculator.com to help you figure it out.
No matter what, it’s always better to be safe than sorry when it comes to taxes – so if in doubt, make sure to speak with a tax expert before filing your return.