Coinbase gives the IRS the go-ahead to audit the user if necessary after tax season is over. Ultimately, it provides a pathway to investigate traders and miners who might be under-reporting or failing to report their crypto earnings. Coinbase users can use CoinTracker to calculate taxes.
Does Coinbase report to the IRS?
When this form is sent to you and the IRS, Coinbase will only report your total income from transactions you’ve made over the past tax year. Besides your total income, Coinbase itself won’t report your individual transactions to the IRS. Your total income will be compiled from all of your taxable transactions including:
Does Coinbase send a 1099?
Currently, Coinbase sends Form 1099-MISC to customers who are based in the United States and earned at least $600 of income on the platform. Do all crypto exchanges report to the IRS?
What is Coinbase tax portal?
In order to let you submit a complete summary of your crypto transactions, Coinbase offers you a Coinbase Taxes portal where you can view all of your crypto activity on Coinbase.com, learn which transactions are taxable, know your total income, and understand your capital gains and losses.
