As the world’s largest cryptocurrency exchange, Coinbase is often thought of as the go-to place for buying and selling Bitcoin, Ethereum, and other digital assets. But Coinbase is also a popular choice for those looking to store their cryptocurrencies long-term. So, does Coinbase provide tax forms?
The answer is yes. Coinbase provides users with the necessary tax forms to report their cryptocurrency gains and losses come tax time. For U.
S. taxpayers, this includes Form 1099-K, which is used to report income from transactions involving digital currencies.
While Coinbase does provide the necessary tax forms, it’s important to note that it’s ultimately up to the user to properly report their cryptocurrency gains and losses on their taxes. This means keeping track of all buying and selling activity throughout the year and accurately calculating your cost basis (the original price you paid for a digital asset).
Fortunately, there are a number of tools available to help with this, including CoinTracker, which can automatically import your trading history from Coinbase (and other exchanges) and generate the necessary tax forms.
So if you’re looking for a place to store your cryptocurrencies long-term, Coinbase is a good option. Just be sure to keep track of your trading activity and properly report your gains and losses come tax time.