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does coinbase provide tax forms

Coinbase provides Form 1099-MISC to users who earned $600 or more in cryptocurrency rewards from the Coinbase Card or staking rewards by the end of January each year.

Nov 04, 2024 at 09:58 am

Does Coinbase Provide Tax Forms?

  1. Yes, Coinbase provides tax forms to its users.
  • Coinbase provides Forms 1099-MISC to users who meet certain criteria.
  1. Form 1099-MISC
  • Form 1099-MISC reports income received from non-employment-related sources, such as self-employment, prizes, and awards.
  1. Who Receives Form 1099-MISC from Coinbase?
  • Users who have earned $600 or more in cryptocurrency rewards from Coinbase Card.
  • Users who have earned $600 or more in staking rewards from Coinbase.
  1. Deadline for Receiving Form 1099-MISC
  • Coinbase typically issues Form 1099-MISC by the end of January for the previous tax year.
  1. How to Access Form 1099-MISC from Coinbase
  • Log in to your Coinbase account.
  • Click on the "Tax Center" tab.
  • Select the tax year for which you need the form.
  • Download your Form 1099-MISC.
  1. Additional Tax Considerations
  • It is important to note that Coinbase does not report all crypto-related income to the IRS.
  • Users are responsible for reporting any cryptocurrency income they earned from sources other than Coinbase.
  • It is advisable to consult with a tax professional for guidance on reporting cryptocurrency taxes.

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