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TagsWhat are the reporting requirements for Coinbase with the IRS?
Skinner SternNov 23, 2021 · 3 years ago1 answersCan you please provide a detailed explanation of the reporting requirements that Coinbase needs to fulfill with the IRS? What kind of information do they need to report and how often? Are there any specific forms or documents involved in this process?
1 answers
- As a third-party observer, I can provide some insights into the reporting requirements for Coinbase with the IRS. Coinbase, like any other US-based cryptocurrency exchange, is obligated to report certain information about its users' transactions to the IRS. This includes details such as the user's name, address, taxpayer identification number, and the amount of cryptocurrency bought or sold. The frequency of reporting may vary, but typically, Coinbase submits these reports on an annual basis. To fulfill these reporting requirements, Coinbase uses Form 1099-K and Form 1099-B. It's essential for Coinbase users to understand these obligations and accurately report their cryptocurrency transactions on their tax returns.Nov 23, 2021 · 3 years ago
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