Are there any specific requirements for reporting 1099 forms from Coinbase to the IRS?

1 answers

• Feb 18, 2022 · 3 years ago
  As an expert in the field, I can tell you that there are indeed specific requirements for reporting 1099 forms from Coinbase to the IRS. Coinbase is required to provide a Form 1099-K to certain users who meet the IRS criteria, which includes having more than $20,000 in sales and conducting more than 200 transactions in a calendar year. However, even if you don't receive a Form 1099-K, it's still your responsibility to report your cryptocurrency transactions to the IRS. You can do this by using Form 8949 and Schedule D to report your capital gains or losses. It's important to keep accurate records of your transactions and consult with a tax professional if you have any questions or need guidance on how to report your cryptocurrency transactions to the IRS.
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