Coinbase, Exchanges

Will I Get a 1099 From Coinbase?

If you use Coinbase to buy, sell, or store cryptocurrencies, you may be wondering if you’ll receive a 1099 form from the company come tax season. Here’s what you need to know.

As a US-based company, Coinbase is required to report earnings to the IRS. That means that if you made any money through Coinbase last year, you may be getting a 1099 form from the company.

There are a few different types of 1099 forms that Coinbase may send out. The most common is the 1099-K, which is used for reporting income from transactions involving electronic payments.

NOTE: WARNING: Coinbase does not issue 1099 tax forms for US customers. Coinbase users should not expect to receive a 1099 from Coinbase. It is the user’s responsibility to maintain accurate records of their cryptocurrency transactions for tax reporting purposes. If you have questions about how to report cryptocurrency transactions on your taxes, please consult a qualified tax professional.

Coinbase will also issue 1099-Bs for transactions involving cryptocurrency futures contracts, and 1099-Ms for transactions involving physical commodities.

If you receive a 1099 form from Coinbase, it’s important to note that this does not necessarily mean that you owe taxes on your earnings. It’s simply a way for the IRS to keep track of your income.

You’ll still need to determine whether or not you owe taxes on your cryptocurrency earnings based on your individual tax situation.

So, will you get a 1099 form from Coinbase if you used the platform last year? It’s likely, but it depends on your individual circumstances.

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