The short answer is no. Binance US does not provide tax documents.
The long answer is a bit more complicated.
When you make a trade on Binance US, you are technically not buying or selling cryptocurrency. Instead, you are buying or selling a contract for difference (CFD).
A CFD is a derivative instrument that allows you to speculate on the price of an asset without actually owning the asset.
Because CFDs are not actual cryptocurrency, Binance US is not required to provide tax documents for your trades. However, this does not mean that you are not responsible for paying taxes on your gains.
NOTE: WARNING: Binance US does not provide tax documents. It is the responsibility of the user to collect, report and pay taxes associated with their activities on Binance US. If you are unsure of your tax obligations, please consult a qualified tax professional.
You will still need to report your gains to the IRS and pay any applicable taxes.
There are a few ways to do this. One option is to use a cryptocurrency tax software like CoinTracking.
This software will track your trades and calculate your gains for you. You can then export this information to your tax preparer or the IRS.
Another option is to keep track of your trades yourself and calculate your own gains. This can be a bit more complicated, but it is doable if you are organized and keep good records.
Either way, it is important to remember that you are responsible for paying taxes on your cryptocurrency trading profits. Binance US does not provide tax documents, but that does not mean you don’t have to pay taxes.
Be sure to stay compliant and report your gains accordingly.
8 Related Question Answers Found
As one of the world’s largest cryptocurrency exchanges, Binance is no stranger to providing users with the necessary tools to help them comply with tax regulations. In fact, the company has even gone as far as to partner with a tax software provider in order to offer this service. So, does Binance US give tax documents?
Binance US is a digital asset exchange offering cryptocurrency trading services to users in the United States. The exchange is operated by Binance Ltd., a company based in Malta. Binance US is a separate entity from Binance Ltd., and is not subject to the same regulatory oversight.
Binance US is a digital asset exchange platform. The platform allows users to buy, sell, and trade digital assets such as Bitcoin, Ethereum, Litecoin, and more. The platform is designed for both individual and institutional investors.
Binance US, the American arm of the world’s largest cryptocurrency exchange, does not currently report to the IRS. However, this could change in the future if the exchange is required to do so by US regulators. Binance US is a relatively new exchange, having only launched in September of 2019.
Binance US, the American subsidiary of the world’s largest cryptocurrency exchange, will reportedly begin reporting to the Internal Revenue Service (IRS) later this year. According to a report from Bloomberg, Binance US will start sharing customer data with the IRS in September 2019. The move comes after the exchange received a “John Doe Summons” from the IRS earlier this year, which demanded that Binance US turn over information on all American customers who have traded on the platform since 2017.
Binance, one of the world’s largest cryptocurrency exchanges, does not currently report to the IRS. However, this could change in the future as the IRS has been increasing its efforts to clamp down on cryptocurrency tax evasion. Binance is not currently registered with the IRS as a Money Service Business, so it is not required to report transactions to the agency.
The United States Internal Revenue Service (IRS) has not yet released any official guidance on the taxation of cryptocurrencies. However, that doesn’t mean that crypto investors in the US don’t have to pay taxes on their digital assets. In fact, the IRS has been clear that it views cryptocurrencies as property, and that means they are subject to capital gains taxes.
If you are a US-based customer of Binance, the short answer is “no”. Binance is not required to send US customers a 1099 tax form. Binance is a cryptocurrency exchange that allows its users to trade digital assets such as Bitcoin, Ethereum, and Litecoin.
