For the 2020 US tax season, Coinbase will issue the IRS Form 1099-MISC for rewards and/or fees through Coinbase.com, Coinbase Pro, and Coinbase Prime.
Non-US customers will not receive any forms from Coinbase and must utilize their transaction history to fulfil their local tax obligations.
What are my crypto tax obligations for the 2020 tax year?
If you have sold or converted crypto in the year 2020 and are subject to US taxes, you are required to report your gains/losses to the IRS.
To learn more about how US taxes and crypto work, please visit http://coinbase.com/bitcoin-taxes.
Where can I download my transaction history?
To calculate your gains/losses for the year and to establish a cost basis for your transactions, we recommend connecting your account to CoinTracker. Click here for more information.
1099-MISC for rewards and/or fees
You may receive a 1099-MISC if:
- You are a Coinbase customer AND
- You are a US person for tax purposes AND
- You have earned $600 or more in rewards or fees from Coinbase Earn, USDC Rewards, and/or Staking in 2020.
Does Coinbase provide 1099-Ks?
As of the 2020 tax year, we will not be issuing Form 1099-Ks for trades on Coinbase.
Does Coinbase provide 1099-Bs?
We do not issue Form 1099-Bs.
At this time, we do not provide tax forms for international customers. Please utilize your transaction history to fulfil any local tax filing obligations.
What is a B-Notice and why did I receive one from the IRS?
You may receive an IRS B-Notice if there are any discrepancies with your tax identification number (TIN) and legal name used by Coinbase to file Forms 1099 with the IRS. The B-Notice will:
Prescribe what information is needed to resolve the B-Notice
Inform you if you are required to provide any additional information beyond updating or correcting your name or TIN
To correct your TIN and/or name, please contact Coinbase support. For more information about the IRS B-Notice, please go here.
Are my crypto donations tax deductible?
Charitable contributions of cryptocurrency may be tax deductible. Please consult your tax advisor regarding your personal tax circumstances.
Where can I donate cryptocurrency?
GiveCrypto is a nonprofit that distributes cryptocurrency to people living in poverty by connecting them to an open financial system.
Important: Coinbase does not provide tax advice. This material has been prepared for general informational purposes only and should not be considered an individualized recommendation or advice. The information contained herein is not intended to be relied on for tax advice. Please consult with a tax advisor regarding your personal tax circumstances.
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